Moscow Interbank Currency Exchange

The MICEX was established in January 1992 instead of the State Bank's foreign exchange (where Vnesheconombank’s currency-dollar auctions were held since 1989). Since July 1992, the exchange rate prevailing in the auction has been used by the Central Bank to establish the official exchange rate of the ruble against foreign currencies. Soon trading on government short-term bonds was organized on the stock exchange, which turned the currency exchange into a universal trading platform. In the second half of the 1990s, trading in financial instruments of the stock and derivatives market , in particular, corporate securities and futures , was organized.

In recent years, the share of the stock exchange in the global exchange volume of trading in stocks (including depositary receipts ) of Russian issuers was about 60%.

On December 19, 2011, the Moscow Exchange was formed as a result of the merger of MICEX and RTS.

Currency

In the period from 1992 to 1998, trading in foreign currency on the MICEX was held in the mode of auctions, during which uniform fixed rates of the Russian ruble against the US dollar and the German mark were established for all bidders. In 1997, an electronic lot trading system (SELT) was created, which until the 1998 crisis operated in parallel with the main trading (auction), and then became the main trading currency platform. In the 2000s, trading through SELT united eight interbank currency exchanges in a single trading session. Among the currencies traded are the US dollar , the euro , the Ukrainian hryvnia , the tenge , the Belarusian ruble, and the Chinese yuan (from 2010 ^[1] ), as well as transactions with currency swaps . The total volume of exchange transactions in foreign currency in 2006 amounted to 25.9 trillion rubles, or $ 956 billion US dollars (about half of the total stock exchange turnover of the exchange).

Stock Market

The stock market occupied over 90% in the Russian stock exchange trading in stocks and almost 100% in bonds . Bidding was conducted in electronic form. The bidding mechanism was based on the principle of competing bids ( order-driven market ), in which a transaction is made automatically when the conditions in the counter orders are crossed, transactions were carried out according to the “delivery versus payment” (DVP) principle with 100% pre-depositing of assets and execution of transactions for the date of their conclusion (T + 0). All trade was conducted in rubles.

The volume of trading in 2009 amounted to $ 1 304.2 billion (41 trillion rubles), which is 1.5 times less than the volume of trading in 2008, including the turnover of shares - $ 836.3 billion (26 trillion rubles), which is 1 , 7 times less than the volume of trades in 2008. The average daily turnover of the stock site reached $ 5 billion (163 billion rubles)

In recent years, trading has been conducted on securities of about 750 Russian issuers, including over 230 companies with a total capitalization of up to 17 trillion rubles. (about $ 542 billion).

Since 2003, there were trading in shares of mutual investment funds (UIF) on the stock exchange, all in all, about 300 shares of 135 management companies were admitted to the secondary circulation on the stock exchange.

The MICEX index is the main indicator of the stock exchange, calculated since 1997 and includes the 50 most liquid stocks of the largest Russian issuers representing the main sectors of the economy. The minimum value of the index at around 18.53 points was recorded on October 5, 1998 (at the height of the 1998 crisis ). As of 2014, the index is preserved and is calculated by the Moscow Exchange (along with the RTS index ). In addition, industry, instrumental and sectoral indices (such as MICEX INNOV ) were calculated .

Government securities and money market

The exchange traded government securities , including GKO , OFZ , other government bonds and bonds of the Bank of Russia (OBR). Among the tools available to market participants is the opportunity - direct repo , reverse repo with the Bank of Russia , inter-dealer repo .

In recent years, about 280 dealers performed transactions with government securities, the total volume of transactions in 2006 amounted to 4.87 trillion rubles ($ 181 billion).

Urgent and commodity market

As part of the derivatives market, futures on the US dollar and the euro , as well as on the euro / dollar rate, were traded on the stock exchange. In 2006, the volume of transactions in the derivatives market section amounted to about 900 billion rubles ($ 33 ​​billion), the volume of open positions reached $ 2 billion.

As of September 2008, among shareholders exchanges were the Central Bank (about 30%), Unicredit Bank (12.7%), Vnesheconombank (11.8%), VTB Bank (7.6%), Sberbank (7.5% ), Rosbank (5%), CentroCredit (4.3%), International Bank for Economic Cooperation (3.4%), Avtovazbank (3.4%), Bank Saint Petersburg (3, 4%), Gazprombank (3.4%).

• Listed companies on MICEX
• MICEX 10

• moex.com - the official website of the Moscow Interbank Currency Exchange