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.
VTB Bank said that in first quarter of 2011 it 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 is expected to enable the MICEX’s ETF customers to 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.
VTB Bank president and chairman of the Management Board Andrey Kostin said the bank can now offer its 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," Kostin said.
