29 April 2004 03:29
Long-Serving Deputy Named RTS President
The board of the Russian Trading System has promoted an insider to head the dollar-denominated exchange as it
transforms itself into an open joint-stock company.
Sergei Rodionov, the bourse's vice president since 1997, will take over the duties of Vladislav Streltsov, who
left RTS earlier this month to become Oleg Vyugin's deputy at the new federal financial regulating agency.
"It's just good business practice to promote from within," said one RTS board member who asked not to
be identified. "We've got a good candidate inside the company who understands the issues and has the trust of
both the board and the senior management."
Press reports had indicated that Rodionov faced tough competition from Alexei Telyatnikov, the head of state insurer
Rosgosstrakh's IT department and one of the developers of the benchmark RTS Index.
One RTS board member said Telyatnikov chose not to seek the position.
Rodionov, 44, will oversee the RTS as it creates a subsidiary joint-stock company and sells 75 percent of its stock
in May to brokerages that trade on the floor. The nation's top 15 brokerages by volume were each offered a 4
percent stake in the new company. Another 15 percent will be distributed among market participants.
RTS management will get a 5 percent stake, with the remainder going to companies affiliated with the exchange,
according to RTS spokeswoman Zoya Konovkova.
Nearly $21 billion changed hands on the RTS last year, making it the nation's No. 2 bourse, after MICEX.
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[The Moscow Times] |
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