DOCSLIB.ORG

International Projects

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
International Projects Monthly Issue 7/2012 July 2012 YOUR GUIDE TO THE RUSSIAN STOCK AND DERIVATIVES MARKET International Projects In this Issue: MICEX–RTS announced the launch of trading in futures Valuable information for your business including: on BRICS Indices • The latest news from the With the launch of futures on (Johannesburg Stock Exchange) Russian market BRICS benchmark equity indices from South Africa. on June 6, 2012, all Russian The first stage of the BRICS • Market data for June 2012 investors, for the first time, got exchanges’ cooperation is cross- • MICEX–RTS International an opportunity for easy exposure listing of benchmark equity index projects to these fast-growing markets. derivatives on all the participating • Professional opinion of market This became possible thanks trading venues. As a result, all specialists to the joint efforts of the BRICS MICEX–RTS clients have been exchanges alliance that was provided access to the following formed on 12 October 2011. financial instruments: This is a unique project that opens The initiative brings together • futures contract up new opportunities for economic the BM&FBOVESPA from Brazil, on the BOVESPA Index; cooperation in the BRICS region. MICEX–RTS Exchange from • futures contract The initiative provides more investors Russia, the BSE Ltd (formerly on the Sensex Index; with an easy access to the dynamic known as Bombay Stock • futures contract BRICS economies which will facilitate Exchange) from India, Hong Kong on the Hang Seng Index; liquidity growth in these markets Exchanges and Clearing Limited • futures contract on the and considerably strengthen the (HKEx), and the JSE Limited FTSE/JSE Top40 Index international position of the BRICS alliance in the global economy. At the second stage of the project members of the alliance plan to jointly develop a single index tracking performance of the BRICS markets and create a futures on this indicator. The third stage may include further cooperation in joint products design and new services development. “The exchanges alliance is a true- to-life reflection of the growing economic power of the BRICS countries. These economies account for over 50% of the global GDP increase. Without any doubts, the BRICS exchanges alliance has Continues on Page 2 NEWS IN BRIEF... CREDIT SUISSE: functioning in National Settlement Depository New provisions of the Moscow Russia’s evolving derivatives market to offer the opportunity to Exchange Rules for listing to Read the interview with Anis deposit securities as collateral take effect AKL, Managing Director, CREDIT For more information please For more information please SUISSE, Equity Derivatives Trading, visit the website visit the website on page 17 Moscow Exchange Group | Tel +7 (495) 363 32 32 | E-mail: [email protected] 1 Continues from Page 1 a great future,” comments Vadim advantages of the Russian indicators will enable both Russian Lukov, Ambassador-at-Large of the securities market,” says Ruben investors and our international Russian Ministry of Foreign Affairs, Aganbegyan, President, at MICEX– partners to extend their investment Russia’s sous-sherpa in G8, Russian RTS. “The underlying indices of the opportunities in the global financial Ministry of Foreign Affairs Coordinator newly launch futures contracts are markets.” for G20 and BRIC Affairs. well established benchmarks tracking During the first hour of trading market “Today marks a milestone in development of BRICS markets, and participants executed 15 trades in the development of competitive the availability of derivatives on these newly launched contracts. Inside the Market Moscow Exchange launches options on the EUR/RUB futures On June 29, 2012 the derivatives RUB FX and EUR/USD FX options. «We expect that the options will arm of Moscow Exchange MICEX– Hedging instruments attract more be mainly used by hedgers and RTS will start trading in options on interest during the periods of high companies producing structured the EUR/RUB FX futures contract. market volatility. Trading members products based on currency In accordance with the contract increasingly prefer using options along instruments that for obvious reasons specifications a contract size with futures to hedge their positions have been in demand on the market equals one futures with a value that is confirmed by a consistent recently. These market participants of EUR1,000. The options will be growth of open interest volume on had the numerous appeals to launched with a strike price tick of the options on USD/RUB FX futures implement the instrument», RUB500 and expiration in March, contract. On June 13, 2012 the open said Sergey Kalinin, Head of June, September and December. interest on this instrument reached Derivatives Market Organization and The instrument will be the third FX a record high of USD349.5 million or Development at Moscow Exchange options on FORTS joining the USD/ 363,236 contracts. MICEX–RTS. Corporate News Results of the Annual General Meeting of OJSC MICEX–RTS shareholders On June 20, 2012 the Annual acts as the CEO of the company. participation of Moscow Exchange General Meeting of OJSC MICEX– Alexander Afanasiev, Deputy CEO in the Association of Russian Banks, RTS shareholders took place. 48 at MICEX–RTS, was elected to this approval of related-party transactions shareholders and their representatives post at the AGM. A. Afanasiev was and election of members of the Board owning together 99.27% of the proposed as the company’s CEO by of Directors. company’s voting shares participated the Board of Directors. The following persons were elected in the meeting. The participants of the By the resolution made at the AGM to the Board of Directors of OJSC meeting evaluated the MICEX–RTS’s the new version of the Charter «Moscow Exchange MICEX–RTS»: performance for the year, reviewed will come into force after its state 1. Ruben Aganbegyan financial and economic activity of registration by the tax authority. 2. Nicola Jane Beattie the company, i.e. approved the Ruben Aganbegyan as the President 3. Mikhail Bratanov MICEX–RTS Annual report, financial of the company will focus on 4. Andrey Golikov statements, profit distribution, promoting Exchange’s legislative 5. Martin Paul Graham including payment (declaring) of initiatives, interacting with government 6. Oleg Jelezko dividends for the financial year. agencies, investors, issuers as well 7. Bella Zlatkis The dividends will be paid in cash at as preparing to an IPO. Alexander 8. Nadezhda Ivanova the rate of RUB0.31 per share within Afanasiev, the CEO, will be 9. Anatoly Karachinsky 60 days after the Annual General responsible for business organizational 10. Sergey Lykov Meeting of shareholders takes place. and development arrangements 11. Jacque Der Megredichyan The AGM considered changing the and operation administration of business name of OJSC MICEX–RTS the company. The President and 12. Alexander Perchovsky and approving a new version of the CEO will share the responsibility for 13. Viktor Remsha Charter of Open Joint Stock Company the company’s development and 14. Alexander Sapozhnikov «Moscow Exchange MICEX–RTS». implementation of its Strategy. 15. Vladimir Sokolov The new version of the Charter implies Moreover, the shareholders made 16. Tatiana Fomina separation of power between the resolutions related to determination 17. Sergey Shvetsov President and Chief Executive Officer. of remuneration amounts for 18. Andrey Shemetov The Chairman of the Executive Board independent directors of the company, 19. Kirill Shershun. Moscow Exchange Group | Tel +7 (495) 363 32 32 | E-mail: [email protected] 2 News The Moscow Exchange Currency Market Committee holds a meeting On June 28, 2012 the Moscow It is assumed that during the the additional fee for excess orders Exchange Currency Market evening session the currency pairs on the FX market, change of the Committee held a meeting. By the (USD/RUB, EUR/RUB and EUR/ procedure for managing the Risk end of the meeting the participants USD) with settlement on T+1 as Coverage Fund of the FX market recommended that the Exchange well as forwards and swaps will be in order to bring it into compliance managers introduce the evening traded. with the provisions of the Clearing trading session from 7.00pm to In addition, the Committee Law, and launch of the 9-month 11.50pm MSK on the FX market. members approved introduction of and 1-year FX swaps. 21.06.2012 The Board of Directors of OJSC Moscow Exchange MICEX–RTS held a meeting On June 20, 2012 the new OSJC At the meeting Sergey Shvetsov Deputy Chairman of the Board of Moscow Exchange MICEX–RTS was elected the Chairman of the Directors. Board of Directors held its first Board of Directors. after the AGM meeting. Sergey Lykov was voted the 21.06.2012 Volume of open interest on OFZ basket futures exceeds RUB8.1 billion On June 20, 2012 open interest that is the most urgent need during settlement price of the contract is volume on the Russian Federation circumstances of current markets calculated as an average value of Government bonds (OFZ) futures instability”, said Evgeny Serdyukov, the USDRUB_TOM on the MICEX– contract exceeded RUB8.1 billion, Derivatives Market Managing RTS FX market between 12.00pm a trading record since its launch. Director at OJSC MICEX–RTS. MSK and 12.30pm MSK multiplied The volume on the six-year OFZ 18.06.2012 by 1,000 US dollars and rounded futures amounted to RUB4.4 Settlement price for the USD/RUB off to integer value in accordance billion, the four-year OFZ futures – FX futures to be calculated on the with the rules of mathematical RUB2 billion and two-year OFZ basis of USDRUB_TOM rounding. futures – RUB1.7 billion. In accordance with In addition, a range of the FORTS’s “The growth of open interest on recommendations of the USD/RUB FX futures contracts is the OFZ futures proves that the MICEX–RTS Derivatives Market to be extended in terms of their instrument is in demand on the Committee, new specifications for expiration period.
Load more

Recommended publications
  • Conducting Business in Ukraine Brochure
    Conducting Business 2017 in Ukraine All of the information included in this document is for informational purposes only, and may not reflect the most current legal developments, judgments, or settlements. This information is not offered as legal or any other advice on any particular matter. The Firm and the contributing authors expressly disclaim all liability to any person in respect of anything, and in respect of the consequences of anything, done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of Baker McKenzie’s Conducting Business in Ukraine brochure. No client or other reader should act or refrain from acting on the basis of any matter contained in this document without first seeking the appropriate legal or other professional advice on the particular facts and circumstances. Conducting Business in Ukraine 2017 Baker McKenzie Renaissance Business Center 24 Bulvarno-Kudriavska St. Kyiv 01601, Ukraine Tel.: +380 44 590 0101 Fax: +380 44 590 0110 [email protected] www.bakermckenzie.com\ukraine Conducting Business in Ukraine Table of Contents Preface ................................................................................................... i 1. Ukraine – An Overview .......................................................... 1 1.1 Geography, Topography and Population .................... 1 1.2 Government, Political and Legal Systems .................. 1 1.3 Regional Structure ...................................................... 6 1.4 Economy ....................................................................
    [Show full text]
  • Evaluation of the Modern Tendencies in the Ukrainian
    Baltic Journal of Economic Studies Vol. 1, No. 2, 2015 EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT Oleksandr TROFIMCHUK1, Mykhailo TROFIMCHUK2, International Economics and Humanities University named after S. Demyanchuk, Ukraine Abstract. The purpose of the article is to research and critically evaluate the features of functioning and develop- ment the stock market in Ukraine. The main point is to substantiate modern tendencies and to find ways of more efficient development of the Ukrainian stock market. Methodology. The research is based on the analysis of the important aspects which characterize stock market development. They are the volume of trading activity that was done on stock exchanges, level of market capitalization, economic concentration, price policy on market services, and control over the insider information use and manipulation identification. Results. On the basis of volume of trading activity that was done on stock exchanges, features of stock market structure are determined. Comparative analysis between the stock market capitalization level of Ukraine and average world index of stock market capi- talization is done. The level and dynamic of economic concentration is defined. Features of competition between Ukrainian stock exchanges are analyzed. Great attention in research is paid to problems of control over the insider information use and principles of manipulation identification by stock exchanges. Value/originality. The research showed that main amount of trading operations was done in “shadow” stock market, capitalization level decreased and stock market in Ukraine does not meet international standards of transparency. Further research should be focused on problems of ensuring the effective implementation of the basic principles of competition between market participants.
    [Show full text]
  • Markit Index Standard Treatment Index Manual / 7 May 2021
    Markit Index Standard Treatment Index Manual / 7 May 2021 Copyright © 2021 IHS Markit Ltd T180614 Markit Index Standard Treatment | CA003 1 Introduction..................................................................................................4 2 Terminology and Notation........................................................................... 5 3 Divisor Methodology....................................................................................8 4 Dividend Points Calculation........................................................................ 9 5 Indices Conversion to Different Currencies.............................................. 10 6 Corporate Actions Treatment Specifications............................................. 11 6.1 General rules of corporate actions treatment....................................11 6.1.1 Price Return, Net Return and Gross Return index adjustments................................................................................... 11 6.1.2 Corporate actions implementation date.................................... 11 6.2 Cash Dividends ................................................................................ 11 6.2.1 Regular Cash Dividend.............................................................11 6.2.1.1 Definition .......................................................................... 11 6.2.1.2 Treatment ......................................................................... 12 6.2.2 Special Cash Dividend..............................................................13 6.2.2.1
    [Show full text]
  • 2020 Market Highlights
    2020 Market Highlights Summary 2020 was an extraordinary year for everyone, perhaps rather too eventful. The Covid-19 pandemic, the US presidential election, Brexit, the resignation of Japan’s prime minister Shinzo Abe and increased tension between the US and China created vast economic uncertainty and a flood of pessimistic forecasts. In March we saw market volatility levels comparable only to those of the Great Financial Crisis of 2008 and for months on end, normal working, travel, and leisure arrangements were severely disrupted. When we look at the data, the magnitude of the shock is evident, particularly in March. But what is remarkable is that despite the exceptional circumstances and even during the worst days of the crisis, markets remained open and functioning. In addition, after the peak in uncertainty observed in March, markets quickly recovered. By the end of July, most indicators registered a quick reversal to the activity levels seen before the pandemic, reflecting a strong confidence in the markets and in their role in supporting the economy. Towards the end of the year, the news of the development and approval of several Covid-19 vaccines, the final agreement between the UK and the EU, and the outcome of the US elections seemed to have boosted the confidence of investors and issuers, driving markets to end the year on a high note. Key Indicators Equities • After a sharp drop (20.7%) in Q1, domestic market capitalisation quickly recovered, reaching pre-pandemic levels by the end of Q2. • In November 2020, global market capitalisation passed the 100 USD trillion mark for the first time, ending the year at 109.21 USD trillion, up 19.7% when compared with the end of 2019.
    [Show full text]
  • Doing Data Differently
    General Company Overview Doing data differently V.14.9. Company Overview Helping the global financial community make informed decisions through the provision of fast, accurate, timely and affordable reference data services With more than 20 years of experience, we offer comprehensive and complete securities reference and pricing data for equities, fixed income and derivative instruments around the globe. Our customers can rely on our successful track record to efficiently deliver high quality data sets including: § Worldwide Corporate Actions § Worldwide Fixed Income § Security Reference File § Worldwide End-of-Day Prices Exchange Data International has recently expanded its data coverage to include economic data. Currently it has three products: § African Economic Data www.africadata.com § Economic Indicator Service (EIS) § Global Economic Data Our professional sales, support and data/research teams deliver the lowest cost of ownership whilst at the same time being the most responsive to client requests. As a result of our on-going commitment to providing cost effective and innovative data solutions, whilst at the same time ensuring the highest standards, we have been awarded the internationally recognized symbol of quality ISO 9001. Headquartered in United Kingdom, we have staff in Canada, India, Morocco, South Africa and United States. www.exchange-data.com 2 Company Overview Contents Reference Data ............................................................................................................................................
    [Show full text]
  • Company Profile
    CSD Company Profile Organization Name: Public Joint-Stock Company “National Depository of Ukraine” (hereinafter – NDU) Country/ Region: Ukraine Name of CEO: Mindaugas Bakas Capital (US$): 4.3 mln. Number of Officers and Employees: 3 officers and 113 employees Ownership and Governance Ownership structure: (Main Shareholders) • National Bank of Ukraine (NBU) — 25 % • State represented by the National Securities and Stock Market Commission (NSSMC) — 25 % • Corporate non-state pension fund of NBU — 10.98 % • PJSC “State Savings Bank of Ukraine” — 24.99 % • Other stock market participants — 14.03 % Brief History 1997: Law of Ukraine “On National Depository System and Peculiarities of Electronic Circulation of Securities in Ukraine” defined a structure of the National Depository System, NDU role and place in the market 1998: December 18, NBU and NSSMC signed an Agreement on NDU establishment 1999: May 17, NDU was registered with the State NDU became a member of the Association of National Numbering Agencies and started to exercise functions of a National Numbering Agency 2004: NDU became a member of the Association of Eurasian Central Securities Depositories February 2017 1/6 CSD 2006: NDU connected to S.W.I.F.T. system 2008: NDU established a link with Oesterreichische Kontrollbank AG (Austrian CSD) 2009: NDU started on-exchange securities transactions settlement 2010: NDU became a member of the European Central Securities Depositories Association NDU established a link with Clearstream Banking Luxembourg (ICSD) 2012: NDU became a member of
    [Show full text]
  • Inside the Market in This Issue
    Monthly Issue 8/2012 August 2012 YOUR GUIDE TO THE RUSSIAN STOCK AND DERIVATIVES MARKET Inside the Market In this Issue: Valuable information for Moscow Exchange and RVC established Russian your business including: Innovation IPO Club • The latest news from the On July 04, 2012 the kick-off Club is aimed at promotion of Russian market meeting of Russian Innovation IPO Russian technological companies • Market data for July 2012 Club was held. Russian Innovation conducting IPOs, discussion of IPO Club is being established with common issues and sharing expe- • Moscow Exchange the support of the Moscow Ex- rience in a casual environment. International projects change Innovation and Investment Anatoly Chubais (RUSNANO), • Professional opinion of market Market (the IIM) and OJSC RVC. Alexander Afanasiev (Moscow specialists Ongoing development of the Rus- Exchange), Igor Agamirzian (RVC), sian economy innovation sector Ivan Rodionov (Higher School of experts of investment and innova- entails building the innovation Economics), Alexander Egorov tion community were among the sector of the Russian public stock (Reksoft), Alexey Kalinin (Baring meeting’s participants. market that is being formed also Vostok Capital Partners), and Ser- In his address to the meeting, within the Innovation and Invest- gey Nedoroslev (Kaskol) participat- Alexander Afanasiev, CEO of ment Market of Moscow Ex- ed in the meeting. In addition, top Moscow Exchange, stressed: “The change. However, at the moment managers and owners of innovative Innovation and Investment Market there is no any official or unofficial companies which have already embodies an opportunity to buy public association representing floated to the public market, first of the future.
    [Show full text]
  • LCSH Section U
    U-2 (Reconnaissance aircraft) (Not Subd Geog) U.S. 29 U.S. Bank Stadium (Minneapolis, Minn.) [TL686.L (Manufacture)] USE United States Highway 29 BT Stadiums—Minnesota [UG1242.R4 (Military aeronautics)] U.S. 30 U.S. Bicycle Route System (May Subd Geog) UF Lockheed U-2 (Airplane) USE United States Highway 30 UF USBRS (U.S. Bicycle Route System) BT Lockheed aircraft U.S. 31 BT Bicycle trails—United States Reconnaissance aircraft USE United States Highway 31 U.S.-Canada Border Region U-2 (Training plane) U.S. 40 USE Canadian-American Border Region USE Polikarpov U-2 (Training plane) USE United States Highway 40 U.S. Capitol (Washington, D.C.) U-2 Incident, 1960 U.S. 41 USE United States Capitol (Washington, D.C.) BT Military intelligence USE United States Highway 41 U.S. Capitol Complex (Washington, D.C.) Military reconnaissance U.S. 44 USE United States Capitol Complex (Washington, U-Bahn-Station Kröpcke (Hannover, Germany) USE United States Highway 44 D.C.) USE U-Bahnhof Kröpcke (Hannover, Germany) U.S. 50 U.S. Cleveland Post Office Building (Punta Gorda, Fla.) U-Bahnhof Kröpcke (Hannover, Germany) USE United States Highway 50 UF Cleveland Post Office Building (Punta Gorda, UF Kröpcke, U-Bahnhof (Hannover, Germany) U.S. 51 Fla.) Station Kröpcke (Hannover, Germany) USE United States Highway 51 BT Post office buildings—Florida U-Bahn-Station Kröpcke (Hannover, Germany) U.S. 52 U.S. Coast Guard Light Station (Jupiter Inlet, Fla.) BT Subway stations—Germany USE United States Highway 52 USE Jupiter Inlet Light (Fla.) U-Bahnhof Lohring (Bochum, Germany) U.S.
    [Show full text]
  • MSCI Index Calculation Methodology Index Calculation Methodology for the MSCI Equity Indexes
    Index Methodology MSCI Index Calculation Methodology Index Calculation Methodology for the MSCI Equity Indexes February 2014 msci.com Index Methodology MSCI Index Calculation Methodology February 2014 Contents Contents ..................................................................................... 2 Introduction ............................................................................... 5 MSCI Equity Indexes .................................................................. 6 Section 1: MSCI Price Index Methodology ................................ 7 1.1. Price Index Level ............................................................................................... 7 1.1.1. Index Market Capitalization ...................................................................... 7 1.1.2. Example of calculation ............................................................................ 10 1.2. Price Index Level (Alternative Calculation Formula – Contribution Method) .................................................................................................................... 11 1.2.1. Security Contribution to the Index ......................................................... 11 1.2.2. Today’s Initial Security Weight ................................................................ 12 1.2.3. Security Daily Price Return ....................................................................... 13 1.2.4. Example of calculation using contribution ............................................ 15 1.3. Next Day Initial Security Weight ...............................................................
    [Show full text]
  • List of Trading Floor Identifier for Emissions
    List of trading floor identifier for emissions Trading floor ID A price at which Eurobonds are accepted by the Central Bank of Russia for direct OTC REPO 24 deals Abu Dhabi Securities Exchange 97 AIAF - Mercado De Renta Fija 241 Albanian Secuities Exchange 395 Algerian exchange 291 American Stock Exchange 152 Amman Stock Exchange 311 Armenia Securities Exchange 15 Armenian OTC 331 Astana International Exchange 385 Athens Stock Exchange 53 Australian Stock Exchange 121 B3 S.A. - Brasil, Bolsa, Balcao 181 Bahrain Bourse 309 Baku Stock Exchange 11 Banja Luka Stock Exchange 179 Barcelona Stock Exchange 59 Beirut Stock Exchange 310 Belarus Currency and Stock Exchange 13 Belarus Currency and Stock Exchange. Forward transactions 501 Belgrade Stock Exchange 123 Berlin Exchange 71 Bermuda Stock Exchange 27 Bicentennial Public Securities Exchange 185 Boletin del Mercado de Deuda Publica 113 Bolsa Boliviana de Valores (BBV) 337 Bolsa de Valores de la Republica Dominicana 295 Bolsa de Valores de Lima (BVL) 213 Bolsa de Valores de Mozambique (BVM) 389 Bolsa de Valores y Productos de Asuncion (BVPASA) 313 Bolsa Electronica de Chile 321 Bolsa Electronica de Valores del Uruguay 361 Bolsa Mexicana de Valores 103 Bolsa Nacional de Valores de Costa Rica 31 Bolsas y Mercados Argentinos (trades settled in ARS in Argentina) 379 Bolsas y Mercados Argentinos (trades settled in USD in Argentina) 401 Bolsas y Mercados Argentinos (trades settled in USD through foreign accounts) 403 - 1 - ©Cbonds.ru Trading floor ID BondSpot 69 Borsa Istanbul (International Bonds
    [Show full text]
  • The Reit Statistical and Investment Returns Reporting Manual
    Securities Commission Malaysia (SCM) THE REIT STATISTICAL AND INVESTMENT RETURNS REPORTING MANUAL Page 1 Securities Commission Malaysia (SCM) DOCUMENT CONTROL Version Date Author Comments 1.0 31/03/2017 SC Updated as per 3.0.1 28/06/2021 SC tool release v3.0.1 Page 2 Securities Commission Malaysia (SCM) TABLE OF CONTENTS PART A: GENERAL ..................................................................................................................................... 4 1. INTRODUCTION ................................................................................................................................... 4 PART B: REPORTING INFORMATION .................................................................................................... 5 2. GENERAL INFORMATION ................................................................................................................. 5 3. REPORTING SUMMARY .................................................................................................................... 6 FM05.M.REIT ............................................................................................................................... 7 FM16.Q.REIT .............................................................................................................................. 19 APPENDIX .................................................................................................................................................... 21 APPENDIX A: ISO CODES .........................................................................................................
    [Show full text]
  • The Ukrainian Weekly 2003, No.35
    www.ukrweekly.com INSIDE:• Ukrainian Educational Council set to mark 50th jubilee — page 8. • The Ukrainian community alive and kicking in Austin, Texas — page 10. • Photo report: Soyuzivka summer season’s winding down — page 12. Published by the Ukrainian National Association Inc., a fraternal non-profit association Vol. LXXI HE KRAINIANNo. 35 THE UKRAINIAN WEEKLY SUNDAY, AUGUST 31, 2003 EEKLY$1/$2 in Ukraine T UUkraine celebrates 12th anniversary of independenceW with annual military parade Kuchma announces by Roman Woronowycz Kyiv Press Bureau support for a new package KYIV – Yevhen Marchuk became Ukraine’s first minister of defense not of Constitutional changes wearing the epaulets of rank and the uni- by Roman Woronowycz form of Ukraine’s top military com- Kyiv Press Bureau mander to take the kilometer drive down KYIV – Ukraine’s Leonid Kuchma the Khreschatyk to greet the troops under confirmed on August 26 that he could his command when he did so on August support a political system in which a 24 to kick off the annual Independence Day military parade. Ukrainian president was elected by its After a flyover by a squadron of MiG- Parliament. 29 fighter jets, nearly 5,000 troops from Mr. Kuchma’s comments came two all the various segments of Ukraine’s days after the president made a turn in extensive armed forces stood stiffly at his political reform push, when he attention as the former KGB general announced during an Independence reviewed them while standing in a Day speech on August 24 that he was 1970s-era convertible Zil limousine, the near agreement with a cross section of first of a series in events this day mark- parliamentary factions – including ing 12 years since Ukraine declared those in opposition – on a new package independence from Moscow as the of proposed constitutional changes.
    [Show full text]