The two bourses, which trade in roubles and dollars respectively, are being combined into a single Russian entity to improve efficiency and compete more effectively with international exchanges in London, New York and Hong Kong.

“In 2012, I think the structure will be ready for an IPO,” Shvetsov said. He said the main purposes of the float would be to attract funds for a central clearing unit, to increase transparency and improve corporate governance.

“We will insist that a substantial portion of shares in the IPO be new shares, i.e. the exchange should attract capital to fund the clearing entity,” Shvetsov said.

Russia’s IPO market has suffered in recent years as private issuers have by-passed the relatively under-developed domestic financial center in favor of foreign exchanges and capital.

The central bank holds a near 30 percent stake in MICEX, which under the terms of the state-backed merger will buy a controlling stake in RTS for cash and shares.

Shvetsov said the merger integration could begin after the signing of legal papers in April, while a leader of the combined group would not be officially appointed until at least the end of 2012.