Exchange is put in order – Kommersant FM
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The procedure for exchanging blocked papers should appear within two weeks. Deputy Minister of Finance Ivan Chebeskov spoke about this. According to him, the necessary government resolution can be prepared even earlier – in a week. The presidential decree on the exchange of blocked assets was published in early November. It says that the mechanism should be developed by a government commission, and the Central Bank will identify bidders. Investors whose portfolio does not exceed 100 thousand rubles will be allowed to join them. There are few other details of the mechanism yet.
“Kommersant FM” asked Finam board member Dmitry Lesnov what was known about the process: “Through the personal account of each broker, a client wishing to participate in such an exchange must place an appropriate application. The broker collects and checks them for compliance with all requirements, including the list of papers. The list of assets that will be able to participate in the process will be open. This is the first point.
Secondly, the broker must estimate the volume of assets on his side; the amount should not exceed 100 thousand rubles. And all orders verified by the broker go to the auction organizer. Who it will be is still unknown. Next, the auction organizer must check the amounts in applications from different brokers. One client can have accounts with several legal entities, and in order to prevent cases when the amount for all brokers turns out to be above 100 thousand rubles, the organizer will verify all these applications.
Then the price is determined at which some people want to sell and others want to buy. After this, a deal occurs. Funds are written off from the accounts of foreign participants of type “C”, whose assets are blocked in the Russian Federation, and securities are transferred to their account in the depository. The main difficulty is the consent of the regulators of unfriendly countries to be able to freely dispose of the received securities. But this has nothing to do with us.
What if demand exceeds supply? It’s a good question that doesn’t have an answer yet, but we hope to get one in the near future. There is a possibility that this will be a certain proportion. Relatively speaking, if there are three times more people willing to sell securities than to buy, then out of the 100 thousand rubles that the client submitted, a third will be satisfied. That is, everyone will receive 33 thousand rubles.”
The Ministry of Finance separately explained that, within the framework of the mechanism, assets of clients of the St. Petersburg Exchange can also be exchanged. It came under US blocking sanctions and has since stopped trading in foreign securities. According to Ivan Chebeskov, the authorities’ goal is to return at least a small part of the assets to as many players as possible. Independent expert on financial markets Alexey Bushuev believes that the current limits will be sufficient:
“They wanted to launch the mechanism back in November, but something went wrong. One gets the feeling that some kind of very big non-public game is going on in this regard, some big agreements. But it is quite natural that assets that are blocked on the St. Petersburg Exchange will definitely fall into this mechanism, in fact, like all others.
In this case, the authorities operate with the principle of giving at least something to the maximum possible number of people. For example, figures were published that for individual investment accounts the average funding was about 250 thousand rubles.
The average bill is taking into account zero, if without them, then about 350 thousand rubles. If we assume that half or a third of this money was sent to the St. Petersburg Exchange for foreign shares, it turns out that this figure is probably up to 100 thousand rubles. is becoming relevant, at least in the portfolio of many investors.”
The US authorities imposed sanctions against the St. Petersburg Exchange on November 2. Now transactions on the trading platform are carried out only with certain Russian securities. The exchange plans to obtain permission from the US Ministry of Finance to withdraw assets, but for now, as its CEO Evgeny Serdyukov explained, it will continue trading in rubles. Liquidation and bankruptcy are not part of the company’s plans, he said.
Everything is clear with us – Telegram channel “Kommersant FM”.
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