The listing is the exchange's first with Russian securities and adds depositary receipts to the list of innovative products listed on The BSX.
"We are delighted to have a well-respected organisation like ING Barings listing their RDC Programme on The BSX. The ING Barings' RDC Programme represents the first depositary receipt instruments to be listed in Bermuda," commented William Woods CEO of the BSX. Woods added, "The BSX offers a very competitive alternative to existing onshore exchanges for all international capital market products such as these innovative depositary certificates, Mutual Funds and Eurobonds and we expect many more such listings on The BSX."
Graham Marshall, Assistant Director Eastern Europe & Russia at ING Barings stated, "A listing on The BSX will further raise the visibility and accessibility of the RDC Programme amongst international institutional investors. Since very few Russian shares are listed at present, the BSX listing will also assist those investors facing local regulatory constraints over the portion of unlisted securities they may hold within their portfolio."
Daily pricing information on the RDC's is available on Reuters at INGB46 and INGB47 and will soon be available on Bloomberg.
Since January 1996, the BSX has increased its market capitatisation by more than $35 billion, or almost twenty-five times its year-end 1995 capitalisation of $1.5 billion; listed innovative investment vehicles like depositary receipts, emerging market funds and hi-tech companies; and moved closer to its goal of becoming a 24-hour international electronic securities market.
The ING Barings' RDC Programme commenced in February 1995 and is intended to facilitate investment in Russian equity securities by foreign portfolio investors by simplifying many of the registration, settlement and custody issues present in this market.
The listing of the RDC Programme has been sponsored by Bermuda International Securities Limited, a subsidiary of the Bank of Bermuda and a Trading Member of The BSX.
The BSX was established in 1971 and is now the world's premiere offshore electronic securities market. With a total market capitalisation in excess of $37 billion and a total of 115 equities, bonds, Mutual Funds and warrants listed on the exchange, the BSX is now the one of the fastest growing exchanges in the world.
The BSX is recognised as a Designated Offshore Securities Market by the US SEC and has applied for recognition as a Designated Investment Exchange from the UK SIB.
The following 19 shares are currently available through the RDC Programme:
- AvtoVAZ
- Chernogorneft
- Far Eastern Shipping Company (FESCO)
- Irkutsk Elektrosviaz Norilsk Nickel (ordinary)
- Irkutskenergo Norilsk Nickel (preferred)
- Lenenergo
- LOMO
- LUKoil Holding
- Megionneftegaz (ordinary)
- Megionneftegaz (preferred)
- Moscow City Telephone Network (MGTS)
- Mosenergo
- Nizhny Novgorod Sviazinform
- Red October
- Rostelecom
- Trading House (GUM)
- Volgotanker
Enquiries to:
Whit Clay
Edelman Public Relations
US on Tel-(1-212) 704 4559
Graham Marshall
ING Barings
London on Tel - (+44 171) 767 5379
W. William A. Woods
The BSX
Bermuda on Tel - (1-441) 292 7212