Russia will create its own central depositary by April after the merger of the country's two main bourses last month, Economy Development Minister Elvira Nabiullina said at a government meeting Tuesday.

The National Depositary Center, which settles trades on the MICEX exchange, and the Depositary Clearing Company, which represents the smaller RTS, will be combined to help improve settlement and clearing procedures for investors.

The move is part of the bid to turn Moscow into an international financial hub.

(Bloomberg)