After the termination index MICEX opened decline, losing 1.4% per minute on an external negative background. But by noon the Russian stock indices showed positive dynamics, following the ensuing quotations steel and oil companies. Oil again broke the $ 70 level per barrel. Leaders of growth by the end of the day was Rostelecom (8.67%) MMC Norilsk Nickel (5.82%), NLMK (10.53%) Just follow these grew and other quotes, nearing the end of the quarter, the high probability of growth. In our opinion the Russian market will be traded in the corridor 900-1000 points on MICEX.

At the end of the day MICEX index added 3.03% to 989.3, while the RTS index fell by 0.42% due to weakening of the ruble to the major currencies, rising trend in the stock market still in force, the truth of this EPRF , arrived at the end of the period of positive inflows into emerging markets funds, which could adversely affect future growth. Worse thanthe market behaved in the financial sector shares bank has grown on 0,35%, VTB 0.87% after news that the banks will have to increase the total loan portfolio at 400-500 billion rubles.

Check the mixed statistics on the Russian market, the Ministry of Economic Development has lowered inflation in Russia in 2009 to 12-12.5%, while aggravated the fall in GDP in 2009 to 8.5% from 6% in the same outlook has worsened in the fall promproizvodstva 2009 to 12.5% to 9.3%.

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The market shares of the Russian Federation began trading on Monday, a moderate decline in the prices of most fallen under the pressure of world stock and commodity platforms.

Futures on the RTS index decreases by 6.6 point to the underlying asset, reflecting a moderately negative expectations of speculators. Indeed the major indices last week showed an increase after correction for 30% drop from the highs, and there is no evidence that the indicators have stabilized and are ready to form the lateral trend prior to the new wave of growth.

Rather, now formed the preconditions for quotes by the end of the quarter, and then we can see a new drop. The main restrictive zone when moving up now is the level of 1000-1010 points on the MICEX index, coinciding with the 14-periodnoy moving average. At the same time, even at current levels is visible weakness buyers - the index could not gain a higher mark of 970 points (ie, above 200-day Moving Average).

The increase, which is observed on individual securities, there is no trading volume and a correction or a character, or similar to the formation of a certain price for the closure of half of the year.

At the same time down the road almost free - is the first major support stands 870 points mark for the MICEX index - the bottom of April of this year, coincided with the lower Bollinger on a weekly schedule.

In fact, this decline can be done quickly - the lack of buyers in the previous fall, but also allowed a short position freeing the market for the deep failures.

The main negative in this period can be a negative image in foreign markets. In particular, the volume of liquidity in the U.S. stock market fell again, not allowing the Dow Jones pass mark 8500 items. Recall that in the range of 8500-9500 constituted a significant amount of sales from those who redeem this range in the fall of last year and now seeks to withdraw from the securities with zero loss.

In addition, a weak show quotes in oil prices - increasing the supply at prices above $ 60 as well as currency fluctuations are the cause for a local correction for the Petroleum quotes.

internal negative is the negative dynamics of the macroeconomic data, as well as the banking sector.

Thus, reasons for optimism are not yet there. We continue to maintain the share of the cache in the portfolio at least 70%, suggesting that any purchases now can be extremely risky.

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decided

During the III scientific-practical conference Topical issues of regulation in the telecommunications industry and the use of radio frequency resource of Ukraine, held last week, the National Commission for Communications Regulation of Communications (NCRC) has publicly outlined the main directions of its activities at the earliest possible time. First, Natskomissiya intends to mitigate the state regulation, which will work on the facilitation of market access.

According to the decision of the conference, one of the major tasks to improve the regulation of the market - a shift from licensing frameworks to operate in the telecommunications industry to the registry, which will significantly simplify the access of economic entities in the market of telecommunication services. Secondly, it is to tighten state regulation, at least with respect to the core activities telekommunikatorov. In particular, as is evident from the decision of the conference, special attention will be paid to the quality of telecommunications services: Tackling quality telecommunications services to institutional and legislative levels will help to safeguard the rights of consumers.

To perform this task properly, Natskomissiya decided to lay the material and even the scientific basis for a mechanism to regulate the quality telekomuslug. This deals with another item from the decision of the conference: To realize the full potential of professionals and scientists of great importance is the establishment of scientific and analytical laboratories to regulate telecommunications. It would be useful to draw attention telekomoperatorov the need for financial support for such a laboratory.

So, in the regulation of telecommunications sector, according to a member of NCRC Vladimir Zverev, the transition period begins: Our goal - to come to market self-regulation. This laboratory, believed to operators, as well as possible should reflect the meaning and philosophy of the self: the finansiruesh creation of laboratories, to pay its operation and then have to pay fines, if the laboratory identified certain violations of your hand. With this self-view telekommunikatory, and government regulation is not necessary.

So far, so good

However, NCRC believes that the transition to full self-regulation in the market too early. To begin with, according to Mr. Zverev, should facilitate access to the telecommunications market and introduce a registration system. That is, the operator wishing to enter the market, do not need to be, as now, to get two licenses (for radio frequency resource and the types of services) and to apply for the use of number resource, if it is needed. According to the director of the department of licensing and radio NCRC Vladimir Smolyar, will be revised licensing terms for the activities, and although the license for the use of radio frequency resource will remain, it will be only a technical permits.

As a result of following the imposition of the registration form entry into the market potential operators will need to apply much less zayavitelnyh documents, and they will be treated much faster. During the registration you will need to just get a license for radio frequency resource and the authorization to use the license resource, then the applicant will be included in a single register of operators and providers, as noted by Mr. Smolyar, already has drafted a detailed inventory of telecommunications services. And when the operator is registered, it will need to go to this inventory and note what types of services it intends to provide. Interestingly, if all of a sudden the registered operator violates the conditions of use of frequencies, they take it, but registration will remain, and he can again receive frequency.

Although in general the idea of simplifying access to telekomrynok is certainly pleased with the operators, the prospect of licensing the replacement for the registration is still somewhat concerned about the present at the discussion of players telekomrynka. There retorts: What is already working for operators? Restart will have to pay for registration? . But Vladimir Zverev hastened to reassure a fuss, that is already working to re-operators do not need, they will do so only after the expiry of their existing licenses, if you want them transferred. Besides telekomschiki began to be interested in, what happens when marketing them Not to any new service is not registered in the registration. To do this, Zverev said, would be capable of providing new services without being registered for the half year, during which the operator will need to apply early in their submission to the NCRC, and thus pay for it.

Another know-how, which is still hesitate NCRC may be the emergence of such concepts as the guarantor of the operator. That is, when newly registering the operator can specify a guarantor, which in case of liquidation will take the registrant to its network of subscribers. Click to continue »