The sum of $150 million was derived from the RTS' total worth of $750 million, the sources told the paper.

"In exchange for their stock, RTS shareholders were offered 17-20 percent of MICEX shares, proceeding from MICEX's $3.5 billion market capitalization. If a shareholder refuses to accept cash and swaps his shareholding for shares, the MICEX is prepared to pay a premium," a member of the RTS board of directors told the paper.

Experts polled by the paper said that MICEX had made the offer after the RTS announced plans to hold an initial public offering (IPO) in 2011 to raise funds to increase capitalization and expand the volume of trading.

Another RTS board member told the paper that after the deal was finalized, the two exchanges were expected to operate independently for several years, but declined to give any specific details.

The government's strategy for development of the financial market until 2020 envisages consolidation of the stock exchange infrastructure, the paper said.

RTS shareholders have reacted to the MICEX's offer with some restraint. One RTS shareholder told the paper that the offer needed further discussion.

(RIA Novosti)

The Entrance to Micex