Sources say, MDM Bank CEO Oleg Vyugin has been offered the position.

According to one source, Vyugin was offered the position earlier, when Alexander Afanasyev was appointed Chairman of the Board (this June). He replaced Aganbegyan, who remained President. "Vyugin declined at the time, but now with Aganbegyan leaving the situation has changed", said the source.

Vyugin told us that he "received no official job offer". He declined to comment whether negotiations are in progress.

A source says it is possible that the position of Exchange President could become redundant altogether.

Afanasyev has said earlier that the separation of functions between Chairman of the Board and President is necessary. When asked whether he plans to perform both functions after Aganbegyan`s leave, he said: "I have no intention of doing so right now".

Aganbegyan was in charge of the Exchange IPO, interaction with regulators and issuer relations.

Oleg Vyugin is a prominent figure in the Russian financial market. He headed Federal Financial Markets Service (FFMS) in 2004-2007, served as First Deputy Chairman of the Central Bank of Russia, worked at the Finance Ministry in 1993-1999. In 1999-2002 he was also Executive Director at Troika Dialog investment company (TROY).

Trading infrastructure, Project Group №1, Ruben Aganbegyan, Oleg Vyugin