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Ex-FFMS Vyugin May Head Moscow Exchange

12.10.2012 10:12 / Interfax

Moscow Exchange MICEX-RTS could be managed by ex-FFMS Head Oleg Vyugin, current CEO at MDM Bank, Vedomosti reported Friday, citing sources close to exchange shareholders.

Negotiations are in the final stage, said a source. Other candidates are not actively contacted, however, Vyugin`s appointment is not yet final, another source told Vedomosti.

A source mentioned "unresolved issues" that are due to slight differences in strategy, and are unrelated to compensation. Vyugin thinks it unnecessary to speed up the exchange IPO, which should be preferably initiated when the market is up and the exchange is actually ready. However, IPO by July 2013 is an obligation to ex-RTS shareholders stipulated in the RTS-MICEX integration shareholder agreement.

Also, First Deputy Chairman of Central Bank Alexey Ulyukaev has opposed Vyugin as a candidate. "They have a rocky relationship, but the objections have been retracted", a source told Vedomosti. Ulyukaev could not be reached for comment.

Vyugin also declined comment, as did Moscow Exchange CEO and Central Bank Deputy Chairman Sergey Shvetsov and Moscow Exchange Chairman of the Board Alexander Afanasiev. According to the Exchange charter, the President is appointed by the Chairman of the Board (the vacancy may remain open).

The position of Moscow Exchange President was introduced early this summer with the separation of President-Chairman of the Board function, held by Ruben Aganbegyan. He became Moscow Exchange President, while his former deputy Alexander Afanasiev assumed the title of Chairman of the Board. Aganbegyan left the Exchange in end-September.

One of the key functions of the President is GR, IR and preparation for the Moscow Exchange IPO (scheduled for 1H 2013).

Trading infrastructureProject Group №1Ruben AganbegyanSergei ShvetsovOleg Vyugin