The Moscow Stock Exchange does not want to quarrel with customers. The central bank has questions for the Moscow Stock Exchange. And not technical, but quite principled. Thus, the regulator does not like that the platform too often takes the side of the issuers in public discussions about changes in the exchange. Why would this happen all of a sudden, right? Bank of Russia First Deputy Chairman Vladimir Chistyukhin said the problem is that the Moscow stock exchange can be "very difficult to make quick and tough decisions" because it does not want to alienate customers. Is the customer always right? Theoretically, yes. Especially if he is a large issuer, placing securities and bringing money to the site. But the stock exchange has one more responsibility - to ensure the proper functioning of the market, and not to become a lawyer for the companies whose interests it serves. It turns out that the platform has to be an arbiter, but at the same time it doesn't want to spoil the relations with market participants that it has to value. In such a situation, neutrality becomes a matter not only of principles, but also of commercial profit. The Chairman of the Supervisory Board of the Moscow Stock Exchange, Sergey Shevtsov, responded by declaring his intention to reconsider relations with the Central Bank. According to him, the stock exchange should become an "independent player and market" operating within the legal framework. But independent from whom exactly? From the regulator or from the interests of your customers? Independence from the central bank in itself means nothing. And it certainly does not make the exchange independent of issuers. And if the website is afraid of upsetting those who bring it income, then maybe the problem is not a lack of independence. The stock market is not a club of interests where the main thing is for everyone to be satisfied. Here, investor confidence rests on uniform rules and a willingness to apply them regardless of commercial relations. And with that, judging by the Central Bank's claims, the Moscow Stock Exchange has questions.

The Moscow Stock Exchange does not want to quarrel with customers. The central bank has questions for the Moscow Stock Exchange. And not technical, but quite principled. Thus, the regulator does not like that the platform too often takes the side of the issuers in public discussions about changes in the exchange. Why would this happen all of a sudden, right? Bank of Russia First Deputy Chairman Vladimir Chistyukhin said the problem is that the Moscow stock exchange can be "very difficult to make quick and tough decisions" because it does not want to alienate customers. Is the customer always right? Theoretically, yes. Especially if he is a large issuer, placing securities and bringing money to the site. But the stock exchange has one more responsibility - to ensure the proper functioning of the market, and not to become a lawyer for the companies whose interests it serves. It turns out that the platform has to be an arbiter, but at the same time it doesn't want to spoil the relations with market participants that it has to value. In such a situation, neutrality becomes a matter not only of principles, but also of commercial profit. The Chairman of the Supervisory Board of the Moscow Stock Exchange, Sergey Shevtsov, responded by declaring his intention to reconsider relations with the Central Bank. According to him, the stock exchange should become an "independent player and market" operating within the legal framework. But independent from whom exactly? From the regulator or from the interests of your customers? Independence from the central bank in itself means nothing. And it certainly does not make the exchange independent of issuers. And if the website is afraid of upsetting those who bring it income, then maybe the problem is not a lack of independence. The stock market is not a club of interests where the main thing is for everyone to be satisfied. Here, investor confidence rests on uniform rules and a willingness to apply them regardless of commercial relations. And with that, judging by the Central Bank's claims, the Moscow Stock Exchange has questions.