JPMorgan raises indirect stake in Moscow bourse to 5 percent

JP Morgan Chase & Co sign outside headquarters in New York

(Reuters) – Moscow Exchange <MOEX.MM> said on Thursday one of JPMorgan Chase’s <JPM.N> companies had increased its stake to 5 percent in the Micex owner.

JPMorgan’s companies own 114.4 million shares in Moscow Exchange worth 11.43 billion rubles ($202 million) based on Wednesday closing price.

“One fund from the JPMorgan Chase family increased its stake in Moscow Exchange, having crossed the threshold of 5 percent. This demonstrates a high level of confidence in the company and is a signal for other investors,” the stock exchange’s representative told Reuters.

The Central Bank of Russia is the largest shareholder of Moscow Exchange with a 11.8 percent stake.

(Reporting by Anna Pruchnicka in Gdynia, additional reporting Zlata Garasyuta in Moscow, editing by David Evans)