MICEX stock exchange to simplify IPO procedures in 2012

Russia's MICEX stock exchange plans to launch a simplified process for holding initial public offerings on the merged trading floor of the MICEX and RTS next year, President Ruben Aganbegyan said on Wednesday. "Some of the work is to change legislation, and we are cooperating with the Federal Financial Markets Service. Some of the work is to make changes on the exchange," Aganbegyan told an investment conference. The exchange plans to cancel the obligation to deposit all shares when placing them, he said. The merged exchange will also replace full predepositing of funds for trade by partial predepositing. In October, President Medvedev said Russia must simplify flotation rules, cut administrative barriers and reduce the time necessary for placement.