According to the release, the bonus issue is part of the 29 June 2011 MICEX-RTS integration agreement.

In August, Moscow Exchange President Ruben Aganbegyan said that IPO volume is the only indicator. "It is set in the RTS-MICEX integration shareholder agreement: the minimum IPO volume is RUB 9bn. This volume determines the bonus issue amount of 200mn", he said.

He says that the exchange plans to float the bonus issue as a private offering and register the report in time for the exchange shares to become tradeable by the time of the IPO.

A source said that the offering price is likely to be set by the Board of Directors in January 2013, and the bonus issue will take place in February.

Trading infrastructure, Project Group №1, Ruben Aganbegyan