Press Release :: VTB Bank
VTB Bank and MICEX have signed a strategic partnership agreement aimed at developing the MICEX electronic trading floor Goszakupki (State Purchases), the national electronic auction marketplace for state and municipal orders.
Under the agreement, VTB Bank will act as a settlement agent for MICEX's Goszakupki project. The operator of the electronic trading floor, MICEX – Information Technologies CJSC, opens an account with the bank for these purposes.
Under the terms of partnership between VTB and MICEX, the bank will provide partnership funding to electronic traders admitted to MICEX’s ETF to deposit security amounts for participating in auctions.
In Q1 2011, VTB Bank intends to launch a specialized credit product featuring a special procedure for the borrower to submit documents with the use of an electronic document system. The terms for considering applications and decision-making related to this product will be linked to the terms of preparing and holding the relevant auction.
Utilization of the bank’s lending resources will enable the MICEX's ETF customers to significantly expand geography of participation in electronic auctions for orders, reducing the number of loans and the structure of lending procedures.
The joint plans of VTB and MICEX are also focused on expanding the product line to help the participants place orders in operating MICEX’s ETF.
Andrey Kostin, VTB Bank President and Chairman of the Management Board emphasized, "We can now offer our partners a convenient and leading edge method of participating in electronic trading. For VTB it is a further step in promoting electronic banking sales. We are really glad to have found, together with the MICEX, an innovative solution for the bank to participate in developing electronic auctions."
Citing Ruben Aganbegyan, MICEX President, cooperation with VTB Bank opens a window of opportunity for all auction participants in the MICEX ETF Goszakupki. Thanks to the borrowings offered by such a safe and customer-oriented bank as VTB, suppliers of goods and services can now simultaneously participate in several auctions, thus encouraging trading activity and free market competition.
MICEX ETF Goszakupki is an electronic trading floor for holding open electronic auctions in compliance with Chapter 3.1. of Federal Law No.94-FZ "On Placing Orders to Deliver Goods, Works and Services for State and Municipal Needs."
Source: VTB Bank
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