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Market History
1992
January 9
Moscow Interbank Currency Exchange was founded.
January 14
The first US dollar exchange trading was executed.
May 21
Saint Petersburg Currency Exchange was founded.
July 3
Transition to unified market rate. The official exchange rate of Russian rouble to US dollar is determined at MICEX on the basis of Tuesday and Thursday trading results.
The order of export proceeds sale was changed: 50 % of export proceeds remains at the disposal of the enterprises, 30 % is the subject to sale to the Central Bank of the Russian Federation for its currency reserve formation, 20 % is the subject to obligatory sale in the foreign exchange market.
July 25
Ural Regional Currency Exchange was founded in Ekaterinburg.
September 11
Asian-Pacific Interbank Currency Exchange was founded in Vladivostok.
September 15
Siberian Interbank Currency Exchange was founded in Novosibirsk.
November 12
Rostov Currency-Stock Exchange was founded.
1993
February 10
MICEX conducted first trading in Deutsch marks for Russian roubles. The trading takes place weekly.
March 4
MICEX started auctions in Ukrainian hryvnas for Russian roubles in experimental mode.
May 31
MICEX began holding US dollar for Russian rouble trading 4 times a week.
June 10
MICEX conducted first trading in Ukrainian hryvnas (weekly).
June 16
MICEX began trading in US dollars for Russian roubles in daily mode.
July 1
The order of export proceeds sale was changed: 50 % of export proceeds remains at the order of the enterprises and 50 % is subject to obligatory sale in the foreign exchange market.
October 1
MICEX began trading in Deutsch marks for Russian roubles in daily mode.
December 9
MICEX began auctions in Kazakh tenges and Byelorussian roubles for Russian roubles in experimental mode.
1994
January 24
Nizhny Novgorod Currency-Stock Exchange was founded.
March 1
MICEX began trading in Ukrainian currency for Russian roubles in daily mode.
March 1
MICEX conducted first trading in Kazakh tenges for Russian roubles. Trading takes place 2 times a week.
April 29
Samarian Currency Interbank Exchange was founded.
May 17
MICEX conducted first trading in Byelorussian roubles for Russian roubles. Trading takes place 2 times a week.
July 1
MICEX started trading in Kazakh tenges for Russian roubles in daily mode.
October 11
"Black Tuesday" on foreign exchange market. The US dollar exchange rate has grown 27% up during a trading session.
December 5
MICEX started trading in Byelorussian roubles for Russian roubles in daily mode.
December 14
MICEX conducted first trading in French francs for Russian roubles.
1995
March 1
Trading in Kazakh tenges and Byelorussian roubles for Russian roubles took place at MICEX using new scheme — lot trading.
March 20
New trading mechanism implemented at MICEX in Deutsch marks for Russian roubles — modernised Frankfurt fixing which is based on Frankfurt Stock Exchange principle.
June 19
New Rules of holding transactions in US dollars were introduced at MICEX, which stipulate settlements based on "delivery against payment" principle.
June 27
Abrogated requirements of 50% obligatory sale of export proceeds exclusively through authorised system of Currency Exchanges.
July 6
The currency corridor was introduced for 3 months and prolonged for 3 more months until the end of 1995.
August 1
Trading in French francs for Russian roubles at MICEX began to hold in daily mode.
August 1
New Rules of holding FX transactions in US dollars came into power according to which net-operation limits were set for each bank-participant.
September 11
MICEX switched to new rules of purchase and sale operations in French francs, Kazakh tenges and Byelorussian roubles (Frankfurt fixing).
October 9
First trading in British pounds took place at MICEX.
November 13
The joint activity Contract on covering possible risks and losses emerging in relation with exercising US dollars transactions at MCEX' trading, and the mutual shared responsibility of trading participants has come into force.
1996
January 1
New boarders of the currency corridor introduced for the period until 1 July 1996.
May 16
Established boarders of fluctuating of the official rouble exchange rate on interbank market and FX market for the period from 1 July till 31 December 1996.
August 19
New order of the trading and settlements in US dollars was introduced at MICEX which stipulates cancellation of previous depositing in roubles and adapting new mechanism — "modernised Frankfurt fixing".
November 1
Rules of holding purchase and sale operations in foreign currency at MICEX came into force which allow banks-participants of the FX market Section at MICEX to use remote access to the exchange trading via "Reuters" information-dealing system.
1997
January 27
First trading in Swiss franks for Russian roubles took place at MICEX.
February 3
Firs trading in Italian liras for Russian roubles took place at MICEX.
March 11
First trading in Japanese yens for Russian roubles took place at MICEX.
May 19
Market-maker institute was introduced in US dollar trading in SELT.
June 2
The System of Electronic Trading (SELT) started at MICEX. This event has started new age in foreign exchange market evolution.
1998
February 2
First trading in Finish marks for Russian roubles took place at MICEX.
March 2
Trading participants provided with a possibility to register off-system deals in SELT.
March 24
MICEX began trading in Ukrainian currency and Kazakh tenges for US dollars.
August 17
Introduced 100% deposit requirement of Russian roubles in trading with fixing in US dollars.
August 19
MICEX started trading in Deutsch marks for US dollars.
August 27
Suspended trading with fixing. Trading held only in SELT at MICEX.
October 6
Special Trading Session (STS) was introduced at MICEX for obligatory sale of 50% export proceeds. Introduced requirement of obligatory depositing of money funds in Russian roubles and US dollars when purchasing and selling currency on STS. The official Russian rouble exchange rate to US dollar is established considering STS results.
December 1
Trading in French francs, British pounds, Swiss francs, Italian lire, Japanese yens and Finnish marks resumed at MICEX in SELT framework.
1999
January 1
Export proceeds' sale norm increased from 50% to 75%.
January 19
In relation with Euro introduction trading in Euro for Russian roubles and in Euro for US dollars started at MICEX.
April 6
ЧThe FX market Section participants provided with a possibility to register off-system deals on USD/RUB_TOD instrument.
June 29
US dollars for Russian roubles trading on SELT basis started in the Unified Trading Session of interbank currency exchanges (UTS) mode. In relation with introduction of UTS the Special Trading Session was cancelled. Introduced settlement technology on trading results in UTS in US dollars.
These events put a start to a new phase of organised FX market evolution. The All-Russia interregional FX market was established.
September 1
Trading in Deutsch marks, Italian liras, French marks and Finnish marks has stopped at MICEX.
October 1
Euro trading for Russian roubles started at MICEX in UTS mode. A new settlement technology on trading results was introduced in Euro.
2000
August 14
The FX market risk management system was improved at MICEX. The unified limit principle for all trading instruments in FX market was introduced.
September 29
USD/RUB_TOD trading resumed in "over day" session (system deals).
October 30
UTS participants at MICEX provided with a right to participate in the "over day" session trading in all instruments.
2001
March 16
"Over day" session's trading participants at MICEX granted a possibility to conclude system "currency swap" deals and to register off-system "currency swap" deals in SELT.
July 18
MICEX and "Reuters" agency have launched a joint project for introduction of programme-device sluice RDT which automates FX market trading participants access from the Reuters Dealing system to MICEX' SELT.
August 10
Export proceeds' sale obligatory norm decreased from 75% to 50%.
November 14
MICEX provided to banks Internet access to FX trading by mean of MICEX i-Trading Client software.
November 14
MICEX resumed trading in Byelorussian roubles for Russian roubles in daily mode.
2002
March 4
MICEX' System of Providing Electronic Dealing Operations (SPREDO) became operational. This system provides automatic deal conclusion in foreign currency at interbank FX market.
August 19
A new edition of Rules of membership in MICEX' FX market Section became effective. The new redaction of the Rules simplified the Section's membership structure, which now consists of 2 categories.
December 1
New Rules of holding purchase and sale operations in foreign currency in UTS were introduced.
2003
April 15
New instrument with settlements "tomorrow" was introduced on the unified trading session of interbank currency exchanges — USD/RUB_UTS_TOM.
2004
May 31
Bringing together trading sessions and organization of trading in currencies only in framework of Unified trading session of interbank currency exchanges.
2005
June 20
A new milestone in the development of Euro trading at FX market:
- new instrument with settlements ⌠tomorrow■ was introduced on the unified trading session of interbank currency exchanges √ EUR/RUB_UTS_TOM;
- trading participants at MICEX granted an opportunity to conclude currency swap deals √ overnight;
- 100% deposit requirement at UTS trading is replaced by partial deposit requirement;
- MICEX changes the rate and the order of charging commission for Euro transactions on UTS.
FX market Section's participants and volume of their operations |
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Year |
FX market Section's participants and volume of their operations |
| 1992 |
2 790 |
| 1993 |
12 627 |
| 1994 |
23 564 |
| 1995 |
23 518 |
| 1996 |
5 020 |
| 1997 |
5 224 |
| 1998 |
30 550 |
| 1999 |
68 297 |
| 2000 |
124 027 |
| 2001 |
71 172 |
| 2002 |
63 178 |
| 2003 |
142 878 |
| 2004 |
347 450 |
| 2005 |
587 536 |
Annual trading volume in US dollars for Russian roubles (Million USD) |
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Year |
Number of FX market Section's participants (on 1 Jan) |
| 1993 |
77 |
| 1994 |
137 |
| 1995 |
179 |
| 1996 |
210 |
| 1997 |
207 |
| 1998 |
200 |
| 1999 |
322 |
| 2000 |
363 |
| 2001 |
374 |
| 2002 |
445 |
| 2003 |
495 |
| 2004 |
506 |
| 2005 |
534 |
| 2006 |
536 |
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Market History |
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Currency Market
