Russia may have the kind of official corruption that would make a Sicilian blush, a fairly weak grasp on the rule of law, a pair of would-be czars trading its top two political posts and, now, more orphans than it can give away. It also may have a stock exchange worth as much as the big one with the columns down on Broad Street.
The Moscow Exchange is going public, and wants the share-buying public to pay between US$4 billion and US$4.6 billion for it. By contrast, the London Stock Exchange has a market cap of about US$5.3 billion, and the New York Stock Exchange is selling itself—and the stock markets in Amsterdam, Brussels, Lisbon and Paris, and the super-desirable Liffe futures exchange—for US$8.2 billion.
Of course, buying the Micex may be a bit riskier than buying NYSE Euronext, what with everyone’s favorite former KGB agent already weighing in. Read more »