London Losing to Moscow as VTB Group Says Buy Local - Bloomberg

London Losing to Moscow as VTB Group Says Buy Local - Bloomberg:

"The Moscow exchange scored another victory in its bid to lure Russian equity trading from London when VTB Group recommended buying the local shares of the country’s biggest retailer and selling its offshore receipts.

VTB, which told investors to purchase OAO Magnit locally on Dec. 11, follows BCS Financial Group and TKB BNP Paribas in advising clients to shift into shares traded on OAO Moscow Exchange.

The firms’ recommendations stand to extend the inroads that Moscow bourse officials have made in taking Russian equity trading back from London and New York. Trading volumes in 10 of the biggest Russian companies were the same in Moscow and London yesterday. In the past year, London volume was about 50 percent greater. RTS index futures rose 0.2 percent to 139,440 in U.S. hours, and the Bloomberg Russia-US Equity Index added 0.2 percent."

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