WRAP Frankfurt stock exchange opens ADDS opening of MICEX exchanges

• published: 21 Jul 2015
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SHOTLIST Moscow, Russia 1. Interior of Moscow Interbank Currency Exchange (MICEX) trading floor 2. Traders 3. Television screen 4. Trader at desk 5. Wall mounted with clocks showing different time zones 6. Set up shot of public relations director of the MICEX, Alexei Gerasyuk 7. SOUNDBITE (English) Alexei Gerasyuk, Public Relations Director of MICEX: "Some of our clients had some problems finishing their REPO (repurchase agreement) operations. Now I hope today they will finish them. It is the first and the main target for this situation right now. After that we will have some negotiations with the Federal Service for Financial Markets, and I hope soon, maybe not today, maybe tomorrow, maybe on Monday, we will start our main regime of the trades." 8. Moscow street 9. Currency exchange office sign, people walking by 10. SOUNDBITE (Russian) Vox Pop, Anna, Moscow resident: "First of all I think it is incorrect to compare the current situation with what happened in 1998, this is not a default. And it has already had an effect, I know what is happening on our stock market now. I have some savings in the bank and I am worried. I have to decide today whether to take them out or not." 11. Wide of street 12. SOUNDBITE (Russian) Vox Pop, Nikolay, Moscow resident: "The economy is not developing. We had an incredible 'carte blanche' - the high oil price. But the economy was not developing. We've become hooked on oil, like it's a drug. Until we learn to do something ourselves and cure our oil addiction, we will keep having these crises." Frankfurt, Germany 14. Wide interior of Frankfurt Stock Exchange 15. Various of traders by computers 16. Trading board 17. SOUNDBITE: (German) Oliver Roth, Director Equities Trading, Close Brothers Seydler AG: "To me that is a normal procedure. The problem lies in the fact that at the moment the banks do not trust each other and are also not prepared to lend each other money and therefore the ECB (European Central Bank) steps in. In such phases of the world economy certainly a completely normal process for the ECB to help the banks a little more often and with a little bit more liquidity." 18. Traders 19. Wide of trading board STORYLINE Trading on Russian exchanges will not fully resume until Friday, as the government tried to stem a steep fall in share prices and restore confidence in the economy. ITAR-Tass and Interfax quoted Russian Finance Minister Alexei Kudrin also as saying that Russia's three largest banks will be getting an extra 60 (b) billion rubles (2.36 billion US dollars) to help bolster the financial markets. The move comes a day after financial regulators halted trading on Russia's MICEX and RTS exchanges as Russian stocks plummeted to their lowest point in nearly three years. MICEX opened for limited trading on Thursday, but RTS remained closed. In a statement, MICEX officials called the situation in Russian markets "extraordinary." Alexei Gerasyuk, the Public Relations Director of MICEX, said that the main problem for clients was finishing off their repurchase agreements to lenders. "Some of our clients had some problems finishing their REPO (repurchase agreement) operations. Now I hope today they will finish them. It is the first and the main target for this situation right now," Gerasyuk said. The Kremlin has struggled to restore confidence in the banking system with a wave of emergency loans, fearing a repeat of the 1998 economic crisis, which saw the ruble devalued, default on the country's sovereign debt, and widespread bank foreclosures. Some Moscow residents were contemplating whether to withdraw their savings from banks or not. "I think it is incorrect to compare the current situation with what happened in 1998, this is not a default," added Anna. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/38c6ebf9eb67996b319a35c0a70d2250 Find out more about AP Archive: http://www.aparchive.com/HowWeWork