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May 18, 2008 |
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Market Profile
The subject of MICEX’ activity in foreign exchange market is to arrange and hold trading in foreign currencies and also to carry out settlements on transactions made. Transactions are concluded in correspondence with the order stipulated in The Rules of holding foreign currency purchase and sale operations on unified trading session (UTS) of interbank currency exchanges and in The Rules of holding foreign currency purchase and sale operations at MICEX approved by the Exchange Council and agreed with the Bank of Russia.
MICEX performs as Administrator of UTS and guaranties execution of trades on UTS and also calculates total obligations and claims of interbank currency exchanges and trading participants in Russian roubles and foreign currency.
The MICEX trading participants on unified trading session in the system of electronic trading (SELT) are credit organisations admitted to the FX market Section membership (hereinafter – Section’s members) and allowed to the MICEX trading in accordance with the Rules of membership in the MICEX’ FX market Section. The MICEX’ FX market Section is a form of FX market participants association not provided with the rights of a legal body. The main task of the Section is to set up conditions providing trading in foreign currency for all foreign exchange market participants.
The Statute of the foreign exchange market Section at MICEX regulates the work of the FX market Section. The FX market Section Council manages the Section.
The trading system provides to all members of FX market Section equal opportunities in placing and fulfilling bid and offer orders for purchase and sale of foreign currency and also in receiving information about the trading. The trading participants may execute transactions on their own behalf and on their clients order and also on their own behalf and on their own account.
Orders entered by Section’s members are displayed on the trading terminal screen anonymously. Deals are made automatically as matching orders entered into the system. Section’s members may conclude deals on UTS in SELT and also have a possibility to register off-system deals indicating counter party on these deals. Trading on UTS is hold in the mode and order stipulated in Part 5 of The Rules of holding foreign currency purchase and sale operations on unified trading session (UTS) of interbank currency exchanges and in Part 6 of The Rules of holding foreign currency purchase and sale operations at MICEX.
Ones transaction is executed Section’s member is responsible for all the obligations connected with fulfilment of the deal and MICEX secures obligation fulfilment on this deal. The Section’s members who have indebtedness to MICEX on deals concluded are not admitted to the trading. Constant monitoring of the current financial standing of banks — members of the Section allows to solve the problem operatively in case of sharp deterioration of their standing on discharge of such members of the Section from participation in trading.
The net-operation limits to each Section’s member for operations with foreign currencies are set in accordance with Part 4 of the Rules of holding foreign currency purchase and sale operations on unified trading session (UTS) of interbank currency exchanges.
There are two categories of membership in FX market Section. «A» category FX market Section’s members should meet strict requirements for financial standing of the candidacies for entering into the FX market Section. They are provided with a possibility to participate in risk covering fund. The entry fee paid by each trading participant is 20000 US dollars. If a trading participant leaves from the fund’s membership MICEX reimburses the fee and interest on it in full.
MICEX quarterly sets net-operation limits to risk covering fund’s members. The net-operation limit should not exceed member’s own capital more then 1.5 times. Moreover the limit should not exceed 70 million dollars for each member.
For transactions on USD/RUB_UTS_TOD and USD/RUB_UTS_TOM instruments advance payments effected in US dollars and Russian roubles are taken in account when setting trading limits to Section’s members with 1.8% ratio for USD/RUB_UTS_TOD and 2.7% ratio for USD/RUB_UTS_TOM instrument.
For transactions on EUR/RUB_UTS_TOD and EUR/RUB_UTS_TOM instruments advance payments effected in Euro and Russian roubles are taken in account when setting trading limits to Section’s members with 4% ratio for EUR/RUB_UTS_TOD and 6% ratio for EUR/RUB_UTS_TOM instrument.
For operations in Ukrainian hryvnas, Byelorussian roubles and Kazakh tenges for Russian roubles Section’s members provide money funds in currency and amount, which they plan to offer on UTS.
Section’s members implement settlements with MICEX rather than directly with each other. MICEX executes settlements basing on “payment against payment” rule on all foreign currencies according to which MICEX effects payments only after Section’s member fulfilled his obligations. When figuring out obligations of Section’s members in each currency there is final netting made for each current date and each transaction executed during given trading session.
The Bank of Russia considering UTS trading results establishes the official exchange rate of Russian rouble to US dollar.
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«Moscow Interbank Currency Exchange»
Phone: +7 (095) 234-4811
E-mail:  |
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Copyright © 1998-2007 MICEX
It is prohibited to reproduce, disseminate or use in any other unauthorized way the information displayed on the MICEX web site or any part of it, unless authorized in written by the MICEX.
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Currency Market
