The Moscow Interbank Stock Exchange forces down the prices of demandsthe Previous attempts of introduction of restrictions on unreasonable change of the prices at the stock exchange auctions (FB) the Moscow Interbank Stock Exchange have not brought success. As it became known, now the stock exchange is going to cut the demands, not satisfying to a certain price band, and thus, to prevent errors of investors at exhibiting of quotations. Participants of the market consider that the similar innovation is actual only for nizkolikvidnogo the market.
on plans of introduction of the new mechanism on regulation of exhibiting of quotations on FB the Moscow Interbank Stock Exchange were informed by the director of department of stock market of a stock exchange Michael Temnichenko. “ With growth of number of the physical persons trading through systems the Internet - trading, the quantity of errors which they make at exhibiting of demands " increases also; - mister Temnichenko has explained. He has noticed that the stock exchange plans to oblige investors to conclude the transaction within trading day within the limits of a uniform price range. By a tentative estimation, it will make plus - a minus of 40 % from the settlement price of a paper.
necessity of introduction of the next step “ protection against fools “ it was necessary after a scandalous case with actions VTB (see from May, 29th). In the first day of the exchange auctions the price for actions of the basic issue has flied up on 54 % in comparison with the price of opening and differed on 10 - 70 % from the prices of actions of additional release. After that VTB has removed from the auctions of the action of this release, and Federal Agency of the financial markets (FSFR) and FB the Moscow Interbank Stock Exchanges have begun investigation. In a recent history of a stock exchange there were some cases of unreasonable growth of the quotations which have led to public trials. One year ago in the first day of the auctions of the price for actions “ the Gold Pole “ on FB the Moscow Interbank Stock Exchanges differed five times from the prices of other market (see from May, 15th, 2006). In January, 2007 of the quotation of shares of the PIF “ PioGlobal - a Moscow Interbank Stock Exchange index “ in tens times exceeded their real cost (see From January, 19th). But there were still numerous cases when quotations of separate papers (mainly the power companies) flied up also drop on tens percent almost daily. And it occurred both on FB the Moscow Interbank Stock Exchange, and in the exchange market of RTS.
existing systems of restriction of quotations appear while inefficient. So, by rules of the auctions the stock exchange stops the auctions on a security included in kotirovalnyj sheet “ And “ at change of current quotations in comparison with closing on 15 - 25 % or in comparison with opening - on 10 - 15 %. After a case with “ the Pole Gold “ at the Russian stock exchanges the restrictions supposing only in advance stipulated deviations of the prices of demands from the starting price in the first day of trade have been entered. However both in that and in other case the stock exchange cannot stop possibility of sharp growth of quotations in advance. “ We the post factum while the system of a rigid price range will obviously warn giving of demands very different from the market " operates; - Michael Temnichenko considers. Does not rescue a situation and institute existing at stock exchanges marketmejkerov which expose rigid quotations only on a small number of securities.
participants of the market consider introduction on the Moscow Interbank Stock Exchange of the new mechanism justified. “ the broker cannot affect exhibiting of quotations by clients “ - the assistant to the general director " ascertains; finama “ Igor Stepanyan. However, participants of the market recognise that the new system demands essential completions and is actual not for all securities. “ to enter the unified system of limits for ` blue counters ` and papers of the second - the third echelon illogically in view of various level of their liquidity “ - the trader " considers; the Renaissance the Capital “ Andrey Smirnov. “ Exhibiting of the demands very different from market, is atypical for the investors trading ` in blue counters ` “ - the assistant to the general director " marks; Atona “ Sergey Rybakov. After all in this case the demand will be instantly executed, and the client risks to receive a loss. “ but for price control on nizkolikvidnye tools the new mechanism will be claimed “ - it continues.
as hope at a stock exchange, the system will be realised in August of this year. Thus, as mark on FB the Moscow Interbank Stock Exchange, the innovation does not demand registration in FSFR. “ the Technique of limits and control can be entered by the order of the general director of a stock exchange “ - have explained on the Moscow Interbank Stock Exchange. Meanwhile FSFR expects documents on the coordination. “ while documents to us did not arrive, but they will be considered “ - have declared in FSFR.