History
January
The MICEX Group reviewed the results of 2006, during which the amount of trading doubled, reaching 52 trillion RUR (1.9 trillion USD). The MICEX Stock Exchange became one of the top 20 stock exchanges in the world.
Based on the results of 2006, the National Depositary Center (NDC) NCP confirmed its position as the leading Russian clearing depositary. The value of securities in NDC depositors’ depo accounts grew 86% from the beginning of the year – from 1.77 trillion RUR to 3.3 trillion RUR (124.9 billion USD).
A new system of collecting information about off-exchange trades in the securities market was implemented at the MICEX SE.
A working conference of the Russian Ministry of Finances, MICEX, and participants in the government-backed securities market was held on the topic: “The Plan for State Domestic Loans in 2007”.
The MICEX SE started trading shares of OGK-2 OJSC, OGK-4 OJSC, TGK-1 OJSC, and TGK-14 OJSC.
February
MICEX became an affiliated member of the World Association of Exchanges (WAE) — the leading exchange industry association, uniting more than 100 exchanges worldwide.
The NDC became a member of the National Stock Association SRO and the NAPSM SRO, which was the result of long-term cooperation in developing the securities market’s infrastructure.
The Bank of Russia signed a cooperation agreement on granting Bank of Russia loans to lending organizations with the MICEX Clearing House CJSC NCO (MICEX CH) as the authorized settlement NCO.
The results of the Best Share Broker Contest, which was organized by the MICEX Stock Exchange, Uralsib Management Company, and Kommersant Publishing House, were announced.
The NCE, in cooperation with the Administration of Krasnodar Krai, held the “Exchange Trading in Delivery Contracts for Grain” seminar in Krasnodar.
The MICEX – Far East (Vladivostok) and MICEX-South (Rostov-on-Don) regional exchange centers were founded on the basis of the АТICEX and RICEX regional exchange areas.
The President of MICEX was a Person of the Year 2006 laureate in the “Business Manager of the Year” category.
MICEX completed the reconstruction of Russia’s only Museum of Exchange History in honor of the 15th anniversary of the exchange.
The IPO of Polymetall OJSC took place and shares of the company were admitted to trading on the MICEX SE.
The MICEX Stock Exchange offered bonds of Lenenergo OJSC, Financebank CJSC, AIZK OJSC, Complex Finance LLC, Transmashholding CJSC, Ust-Luga Company OJSC, Rusfinance-Bank LLC, Viktoria-Finance LLC, Mitland Food Group CJSC, Moscommerzbank CB, Rus-Bank CJSC, Gasprom OJSC, Kopeyka TH OJSC, SU-155 Capital LLC, Rosselkhozbank OJSC, OIZK OJSC, TGK-6 Invest LLC, and Radionet LLC.
March
Congratulating MICEX on its 15th anniversary, the President of Russia, V.V. Putin, said: “The history of the exchange is inseparably connected with the history of the Russian stock market and the formation of modern market institutions. Today, MICEX is the center of the Russian financial system, admirably representing the country on the international level”.
The amended MICEX CJSC regulations on clearing activities in the securities market went into effect, providing for the close of stock exchange market trading at 18:00.
Regulations on trading and specifying futures for the MICEX Index were approved by the MICEX SE.
MICEX presented the results of the National Corporate Management Rating (NRCM), conducted by the Russian Institute of Directors and the Expert RА Rating Agency.
The MICEX Clearing House opened a branch in Rostov-on-Don.
The Standard Contracts for Grain, Legumes, and Industrial Crops Section Council was formed in the NCB CJSC, which included representatives of grain traders, the Russian Ministry of Agriculture, the Russian Grain Union, Rosselkhozbank, MICEX CJSC, and the NCB CJSC.
The SPO of MMK OJSC took place and shares of the company circulated on the MICEX SE.
The IPO of Nutrinvestholding OJSC took place and shares of the company were accepted to trading on the MICEX SE.
MICEX SE offered bonds of Belon – Finance LLC, Amurmetall OJSC, Municipal Investment Company OJSC, Vekha-Invest LLC, Iskrasoft CJSC, MIAN-Development CJSC, Renaissance Capital CB, Rybinskkabel LLC, OSMO Capital LLC, OGK-3 OJSC, KIT Finance IB OJSC, Yakutskenergo OJSC, KMPO-Finance LLC, TGK-1 OJSC, Vostochniy CB OJSC, Koks OJSC, Razgulay-Finance LLC, Mosobltransinvest OJSC, Element Leasing LLC, Kirovskiy Plant OJSC, Civil Planes of Sukhoy CJSC, and Magnit Finance LLC.
April
The 2nd joint conference of the MICEX Stock Exchange and the London Stock Exchange: “IPO and Beyond: New Financial Instruments on the Horizon” took place in Moscow.
The MICEX SE started trading shares of Sberbank of Russia, which made an offering of shares (SPO).
The international settlement-clearing company Euroclear SA/NV and the NDC signed a memorandum of mutual understanding, opening opportunities for exchanging information and developing a long-term relationship.
The MICEX Stock Exchange introduced new regulations for calculating the MICEX Index, providing for the expansion of the index and the publication of expectation lists and began publishing indices of the oil-and-gas, energy, and telecommunication industries.
The NDC and the Central Depositary of the Republic of Belarus signed a memorandum of cooperation.
The first market-maker for investment payments began working at the MICEX Stock Exchange.
Market-makers were introduced in the MICEX term market.
The NDC and STATUS CJSC switched to paperless document circulation.
The general meeting of the MICEX Stock Exchange CJSC shareholders took place, during which it was decided to pay dividends in the sum of about 17.8 million RUR. A.I. Potemkin was re-elected as the Chairman of the Board of Directors.
MICEX founded a commission for creating measures to increase the reliability of the MICEX technical complex.
Market-makers for the “futures for accumulated one-day MosIBOR interest rate” instrument were introduced in the MICEX term market.
The NDC Board of Directors approved the annual statement and the membership of committees and considered reorganizing the non-commercial partnership into a joint stock company.
The NCE, in cooperation with the Administration of the Rostov region, conducted the “Exchange Trading in Delivery Contracts for Grain” seminar in Rostov-on-Don.
The MICEX SE offered state bonds of the Yaroslavl region, the Chuvash Republic, and the Sakha Republic (Yakutia) and bonds of Sevkabel-Finance LLC, ASPEC OJSC, Zenit Bank OJSC, MairInvest LLC, Arcada APK LLC, Russian Oils TH LLC, Parquet-Hall-Service LLC, Tumenenergo OJSC, Holiday Finance LLC, AutoVAZBank OJSC, RMK-Finance LLC, Amazonit CJSC, AIZK OJSC, NC Financial Company LLC, Uniastrum Bank CB, Zavody Gross GK LLC, Zhilsocipoteka-Finance LLC, Mosmart Finance LLC, Ufaoil-Optan CJSC, Russian Standard Bank CJSC, Topprom-Invest LLC, Solidarity CB OJSC, Vivat-Finance LLC, Lenenergo OJSC, KD Avia-Finances LLC, ULK-Finance LLC, Pivdom LLC, Tomsk-Invest OJSC, Svyaz-Bank JSCB OJSC, and started trading shares of TGK-10 OJSC, Yeniseyskaya TGK OJSC, and ТМK OJSC.
May
The general meeting of members of the National Depositary Center Non-Commercial Partnership took place, during which the organization’s activity statement, accounting report, and the findings of the auditing committee for 2006 were approved. Vnesheconombank was accepted as a member of the partnership.
The MICEX CJSC shareholders’ meeting reviewed the results of 2006 and decided to pay dividends in the amount of about 185 million RUR.
The Annual General Meeting of the National Clearing Center (NCC) JSCB CJSC took place, during which the annual statement for 2006 and accounting report were approved.
The “Russian Derivatives Market: Waiting for a Breakthrough” conference, organized in cooperation with MICEX and the NCA, took place.
The NCC opened correspondent accounts with foreign banks.
The first international REPO operation contest, organized in cooperation with the National Stock Association (NSA) and the International Capital and Markets Association (ICMA) with assistance of MICEX, was held in Moscow.
The MICEX Stock Exchange started trading shares of VTB Bank OJSC, which made its initial public offering of shares (IPO).
Market-makers for futures contracts on interest rates were introduced in the MICEX term market.
The MICEX Clearing House opened a branch in Vladivostok.
The IPO of Dixi Group OJSC took place and shares of the company were accepted to trading on the MICEX SE.
The MICEX SE offered bonds of Polesie Trading House LLC, Sibakademstroy JV OJSC, Rusfinance Bank LLC, Chelyabenergo OJSC, Mosoblgas OJSC, TGK-8 UGK OJSC, Settlement Group LLC, Development-South SIC LLC, First Mortgage Agent AIZK CJSC, Bakhetle-1 LLC, United Confectioners-Finance LLC, Promsvyazbank JSCB CJSC, Spezstoy-2 BC LLC, EnergoStroy-Finance LLC, Sportmaster Finance LLC, AutoVAZ OJSC, Atomstroyexport-Finance LLC, Permenergo OJSC, Svobodniy Sokol LMZ OJSC, UK SPK CJSC, DeltaCredit CB CJSC, Metallservice-Finance LLC.
June
NDC representatives joined the Clearing-Depositary Company CJSC and Central Moscow Depositary OJSC Boards of Directors.
The general meeting of the MICEX CH NCO CJSC reviewed the results of 2006.
The first market-maker for investment payments of CUIF real estate began working at the MICEX Stock Exchange.
The NDC and CMD switched to paperless document circulation.
The Innovative and Growing Companies (IGC) sector opened at the MICEX Stock Exchange with the debut offering of payments of the Finam – Information Technology Fund.
The annual general meeting of the National Commodities Exchange (NCE) CJSC shareholders took place, during which the results of the exchange’s financial activities were reviewed.
The new medical department, pool, and hydropathic room were opened at the Moscow Regional Psychoneurological Hospital for Children with Central Nervous System Disorders with the assistance of MICEX.
Deloit and Touche CIS CJSC conducted an independent operational audit of the NDC and offered recommendations for reducing the operational risks of the clearing depositary.
The National Clearing Center opened its website.
The grand opening of the Saint Nicolas the Miracle-Worker (Nikola Velikoretskiy) church, one of ten churches of the Pokrovskiy Cathedral, took place in St. Basil’s Cathedral (Pokrovskiy Cathedral) in the Red Square. The restoration was made possible by charity support from MICEX.
The MICEX Stock Exchange launched the term market and started trading in MICEX Index futures.
MICEX SE offered bonds of Rubezh-Plus-Region LLC, Konditer-Kursk CJSC, YTK OJSC, TGK-4 OJSC, Makheev Finance LLC, Spurt JSCB OJSC, Saturn SPC OJSC, IzhAuto OJSC, KMZ-Finance LLC, PC UOMZ FSUE, Almazniy Dom Grace LLC, Eurocommerz FC CJSC, Incom-Lada LLC, MOIA OJSC, Sudostroitelniy Bank CB, TransCreditBank OJSC, Proton-Finance LLC, Moscow Credit Bank OJSC, Moscommerzbank CB LLC, TechnoNICOL-Finance LLC, Ruskoye More CJSC, Cosmos-Finance LLC, Seventh Continent OJSC, SKB-Bank OJSC, TGK-10 OJSC, SB-Finance LLC, Mosoblgas-Finance LLC, DiPOS PKF LLC, Automir-Finance LLC, Alliance Finance LLC, GES OJSC.
July
MICEX reduced the commission fee on government-backed securities trades.
MICEX and Hong Kong Holding HKEx (Hong Kong Exchanges and Clearing Ltd.), comprised of the Hong Kong Stock Exchange, Hong Kong Futures Exchange and Hong Kong Clearing House, signed a memorandum of mutual understanding and cooperation in the sphere of exchange market development.
The NDC Board of Directors established new fees for serving issuers of bonds.
The general meeting of members of the NDC NCP took place, during which the new membership of the Board of Directors was established and an independent director was included in the NDC management bodies for the first time.
The NDC obtained the right to act as the substitute numbering agency, assigning ISIN and CFI international identification codes to financial instruments of CIS countries.
Leading banks and currency market operators, the Bank of Russia, MICEX, and the NCC signed a Trade Agreement regulating the procedure and conditions for making trades to buy and sell foreign currency at MICEX using centralized clearing.
The MICEX Stock Exchange started publishing the Technical Index of Investment Payments.
MICEX held an analysts’ round table on the topic: “Telecommunication Companies: Market Perspectives”.
The Interfax Group and the MICEX SE began a joint project intended to expand the spectrum of informational services for exchange trading participants, create more effective channels of information disclosure for issuing companies, and increase the awareness of investors during the initial offering of securities using the SPARK-Emitent database.
Thomas Murray gave the central depositary at the NDC an A+ rating.
The MICEX Stock Exchange started publishing indices of the metallurgy and machinery industries.
Shares of the Farmstandard Company OJSC, which made its IPO in May, were accepted to trading at MICEX SE.
Trading in shares of PIC SC OJSC, which made its IPO in May, began on the MICEX SE’s Quote List “B”.
Armada OJSC made its exchange IPO in the IGC Sector of the MICEX Stock Exchange.
The MICEX SE offered state bonds of the Yaroslavl region, the Lipetsk region, municipal bonds of Cheboksary, bonds of OGK-2 OJSC, OGO APC OJSC, X 5 Finance LLC, Macromir-Finance LLC, DomoCenter HC LLC, RosТ-Line LLC, EnergoCenter OJSC, Miel-Finance LLC, LSR-Invest LLC, Russia AB OJSC, Monostroitel-Finance LLC, Stroytransgas OJSC, Sibir Airline Company OJSC, LR-Invest LLC, Kubanenergo OJSC, Severstal-Auto OJSC, Rosskat-Capital LLC, Magnolia MPM LLC, Synergy OJSC, URSA Bank OJSC.
August
The National Rating Agency (NRA) created a new solvency rating for Russian issuers whose bonds are included on MICEX SE quote lists.
The general meeting of members of the International Association of Exchanges of CIS Countries (IAE of CIS) took place, during which the results of the association’s work in 2006–2007 were approved.
The MICEX Stock Exchange started publishing new capitalization indexes of the Russian stock market and the new industrial indices MICEX M&M and MICEX MNF.
The NDC and Central United Registrar CJSC switched to paperless document circulation.
The debut issue of exchange bonds was accepted for offering on the MICEX SE.
The NDC and Register А-Plus CJSC switched to paperless document circulation.
The NCE submitted an application to participate in the tender for choosing the exchange for allocating orders for oil and oil products delivery.
The MICEX Stock Exchange CJSC received an unlimited stock exchange license from the FSSM.
The Bank of Russia started making collateral loan trades with lending organizations using the MICEX Electronic Trading System.
The MICEX SE offered bonds of IntechBank CB LLC, Sibakademinvest CJSC, М.О.R.Е.-Plaza CJSC, DVTG-Finance LLC, Miratorg Finance LLC, TransTechService PF CJSC, Banana-Mama LLC, and TransFin-М LLC.
September
The authorized capital of the National Clearing Center JSCB CJSC was increased to 700 million RUR.
The Prime Minister of Russia, Mikhail Fradkov, visited MICEX to learn about their exchange trading technology.
The NCE, in cooperation with MICEX, held the “NCE CJSC Standard Contracts for Grain Market” seminar in Moscow.
The NDC (Russia) and the National Depositary Center (Azerbaijan) signed a memorandum of cooperation and agreement on correspondent relations.
New recommendations for trading participants using remote access to the MICEX technical complex in the MICEX Stock Exchange were approved.
The NDC’s responsibility limit for each insurance event was increased to 50 million USD.
The MICEX SE offered bonds of Ladya-Finance LLC and Sitronix OJSC.
The capital (owned assets) of the MICEX Clearing House reached 1.0 billion RUR.
October
The NDC opened an account with Euroclear Bank.
The 3rd “Investments for Russians” publication contest was held, organized by the MICEX SE, Zerich Capital Management IC, NAPSM, NFA and the Regional Journalism Club.
MICEX signed a memorandum of cooperation with the Shanghai Stock Exchange.
The President of MICEX, Alexander Potemkin, was an “Aristos-2007” laureate in the “special achievements in developing the Russian business community” category.
The NDC and ING Wholesale Banking launched a quick settlement pattern.
The NCE launched exchange trading in state commodity interventions in the grain market.
The MICEX SE offered bonds of VTB Bank 24 CJSC, Rosselkhozbank OJSC, Moscow Mortgage Agency JSB, Khanty-Mansiysk StroyResource LLC, Tinkoff Credit Systems CJSC.
The MICEX Clearing House became a direct participant in the Bank of Russia’s electronic term banking payments system (BETP).
November
MICEX recognized the Russian specialists that were ranked best at connecting with investors by the Extel Survey – Focus Russia 2007, conducted in cooperation with Interfax and Thomson Financial.
MICEX presented the results of the “Informational Transparency of the Largest Russian Companies in 2007 Survey: Significant Changes in the Top 10”, conducted by the Standard & Poor’s International Rating Company with the assistance of the MICEX Stock Exchange.
As part of the joint project between the MICEX SE and the Exmo Publishing House, the new book by Konstantin Zarikhin – “Investments in Shares Made Easy” was released.
The NDC and Surgutinvestneft CJSC switched to paperless document circulation.
The IPOs of М.Video, NMTP, St. Petersburg Bank, LSR, and Synergy, took place and shares of these companies were accepted to circulation on the MICEX SE.
The MICEX SE offered state bonds of the Irkutsk region and the Kaluga region and bonds of Tattelecom OJSC, VTB-Leasing Finance LLC, Russian Mediagroup CJSC, Gasprombank OJSC, and Itera Finance LLC.
December
MICEX CJSC founded the MICEX – Povolzhie (N. Novgorod) and MICEX – Ural (Yekaterinburg) Regional Exchange Centers on the basis of the NCSEX and URSEX regional areas as part of the MICEX Group’s regional development strategy.
The MICEX Group switched to a new clearing pattern in the exchange market with the National Clearing Center JSCB CJSC as the central counter-agent.
The MICEX SE held the “The Stock Market and Private Investors: a Step Forward” round table, which presented the results of the investment culture survey conducted by the Public Opinion Fund for the exchange.
The first stage of the new NDC technological platform was put into operation.
The NDC Board of directors established new fees for performing operations with ADR/GDR and UIF payments.
According to the Тop 30 Depositaries ranking of depositors’ securities accepted for service at market price on the results of the first half of 2007, the National Depositary Center Non-Commercial Partnership was named the largest Russian depositary with a total of 4.6 trillion RUR.
The MICEX Board of Directors decided to increase the capital of the NCC from 700 million RUR to 1.735 billion RUR through the additional issue of NCC shares.
The MICEX SE offered state bonds of the republic of Bashkortostan, the Nizhny Novgorod region, the Tomsk region, Krasnodar Krai, and the Novosibirsk region, and bonds of Zheldoripoteka CJSC, AIZK OJSC, RH Mortgage Agency for Housing Construction OJSC, Electronica JSCB OJSC, Holding Capital CJSC, LECstroy LLC, Proviant Finance LLC, NSH-Finance LLC, AirUnion RRG LLC, My Bank LLC, Mostransauto-Finance LLC, and the URALSIB Leasing Company LLC.
In 2007, the NDC became the largest Russian depositary in terms of the value of stored assets and turnover and the leading settlement depositary for shares. The NDC’s turnover doubled in 2007, reaching 60.5 trillion RUR (2.5 trillion USD). The value of securities in NDC depositors’ depo accounts grew to 4.31 trillion RUR (176.6 billion USD) from the beginning of the year. This rapid growth was the result of the successful implementation of the NDC’s service diversification strategy, the growth of liquidity in the MICEX Group, and lower expenses for securities custody.
At the end of the year, the MICEX Index, the leading indicator of the Russian Stock Market, grew by +11.54%, reaching 1888.86 points on the last working day of the year.
In 2007 the aggregate amount of trading in all MICEX Group markets totaled 106.9 trillion RUR (4.2 trillion USD), which was 2.1 more than in the previous year and was the highest in the history of exchange trading at MICEX. The annual average turnover grew to RUR 431 billion (USD 17 billion) during the year. In general, the MICEX Group consolidated its position as the largest exchange structure in Russia, the CIS countries, and Central and Eastern Europe. According to the exchange turnover of securities, the MICEX Group was included in the top 20 stock exchanges in the world (ranking 17th according to preliminary data). The MICEX Stock Exchange, having concentrated more than half of the global turnover of Russian securities, became the center of liquidity for Russian assets and the stock area for international investments in leading Russian companies.