Moscow exchange announced a meeting on the exchange of experience with the exchange of Iran

Moscow Exchange held a meeting with representatives of Iran. While we are talking about the "first exchange of experience", but Tehran has already "thrown the bait" about attracting Russian capital,

The management of the Moscow Exchange held the first talks with colleagues from Tehran, Kirill Pestov, Managing DIRECTOR of the Business Development Department of the Moscow Exchange, said at the conference "New Reality: Challenges and Opportunities for Russian Retail Investors", RBC correspondent reports.

“I can tell you that just a week ago I met with representatives of the exchange infrastructure of Iran. Representatives of the central depository came, which is also the central counterparty. In Iran, the largest exchange is the Tehran Stock Exchange, where the shares of Iranian companies are traded. Under the conditions of the 40-year sanctions, this market is completely self-contained. What this experience showed: more than 600 local companies apply there. In a country with a population of just over 80 million people, about 50 million Iranian citizens have brokerage accounts,” Pestov said.

In RUSSIA, the number of individuals with brokerage accounts on the Moscow Exchange at the end of March amounted to 18.9 million. But not all of them are active.

“This is rather the first exchange of experience, because, of course, there is a rather specific market, a closed economy, there is no conversion of the rial,” Pestov said in a conversation with RBC. He explained that now there are intergovernmental contacts between the two countries on trade relations, and the next step at the intergovernmental level with the participation of the Bank of Russia will be interaction at the level of foreign exchange markets to ensure payments.

“And after that, probably, it will be possible to talk about financial movements of capital and other things. So far, only a technical exchange of experience, no, there are no specific agreements,” Pestov said.

The Iranian side is interested in working with the Russian side in order to attract foreign capital: due to sanctions, there is a big risk for investment in the Iranian economy, but Russia is already under restrictions, he recalled.

“They were potentially throwing a bait: can Iranian companies place bonds with us, raise capital. They, like a sanctioned country, are looking for sources of capital, we are in the same position - we will look for a source of capital, ”concluded the top manager of the Moscow Exchange.

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Due to sanctions, Western trading floors have suspended trading in depositary receipts for shares of Russian companies. This was done at the New York Stock Exchange (NYSE), the American technology platform NASDAQ and the London Stock Exchange, where before that the prices for Russian securities dropped to almost zero levels.

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Restrictions appeared not only for companies with outstanding shares, but also for investors. The international depositories Clearstream and Euroclear have suspended interaction with the National Settlement Depository (NSD). Because of this, Russians often could not conduct transactions, as well as receive dividends on shares and coupon payments on bonds when trading through foreign platforms. However, foreign shares are now available on the SPB Exchange.

The Moscow Exchange is also discussing with the Central Bank “forcing the mechanism for attracting foreign investors from friendly countries to the market,” Pestov told RBC, primarily from Hong Kong and the United Arab Emirates. As RBC sources said, Russian business has already begun to look at alternative platforms for the placement of shares instead of Western ones. First of all, we are talking about the exchanges of Hong Kong and Abu Dhabi. However, while trading through them, investors may also have problems: some transactions there go through Clearstream and Euroclear depositories.