RTS Stock Exchange, one of the two largest exchanges in Russia, is considering whether to join a pact with rival Moscow Interbank Currency Exchange and the London Stock Exchange.

An RTS spokesman said: "We met the LSE and it told us it was not an exclusive agreement with Micex. We will do anything for the good of the Russian markets but will wait on how the project turns out before we make any decisions." The joint venture is for work on possible flotations by Russian companies.