History
January
The MICEX Stock Exchange launched trading in corporate, sub-federal, and municipal securities that were previously circulated in MICEX’s stock market section.
The NDC, together with the Securities Market Publishing House, renewed issue of the journal “Depositarium,” a publication providing information and analysis on the infrastructure of the Russian securities market.
February
The regular general meeting of members of the National Depositary Center Non-Commercial Partnership was held, during which the modernization of its technological platform in accordance with the requirements for central clearing depositaries was approved.
Amended texts of the provision on the MICEX CJSC Arbitration Commission and the Arbitration Commission’s arbitration trial regulations were put into effect.
MICEX SE offered shares of Gazprom OJSC.
March
The new version of the MICEX Group’s internet resources for foreign investors was introduced.
MICEX and the NASDAQ signed a memorandum of cooperation regarding the development of informational cooperation.
The MICEX SE made a successful initial public offering of shares of Khleb Altaya APC OJSC.
The MICEX Exchange Council decided to create a specialized clearing organization within the MICEX Group.
The NDC introduced a new complex of technological services, providing professional participants and investors in the securities market with the ability to cooperate with registrars using electronic document circulation technology.
April
The NDC reduced its fees for security custody services.
Amendments to MICEX’s currency trading regulations went into effect, modernizing the risk management system under new conditions for establishing rates.
MICEX hosted the “Implementing the EU Order on Market Corruption: Recent Experience and Applicability to the Russian Financial Market” round table organized by the ЕU/TACIS Project for Corporate Management with the assistance of the FSSM.
MICEX received a “Financial Elite of Russia – 2005” award in the “Best Exchange Traditions” category.
The MICEX Stock Exchange CJSC meeting took place, during which the new Board of Directors was elected and amendments to the Articles of Association of the Exchange were approved, reducing the limits on organizing trading in derivative instruments on stock assets.
The National Currency Association began calculating a new indicator — the indicative rate of granting ruble credits (deposits) in the Moscow market — MosPrime Rate.
As a result of the working visit of members of the Board of Directors of the Association of National Numbering Agencies and representatives of Wertpapier-Mitteilungen to Russia, the protocol on the NDC’s compliance with the requirements of the National Numbering Agency of Russia was signed.
The NDC increased its share in the capital of DCC CJSC to 36.9%. The FAS of Russia approved the NDC’s purchase trades of shares of DCC CJSC.
A new version of the NDC’s website was introduced for Russian and English-speaking users.
May
MICEX held a round table on the topic: “Conceptual Approaches to the Legal Regulation of Clearing Activities in Russia.”
The regular general meeting of members of the National Depositary Center Non-Commercial Partnership took place, where it was decided to accept ING Bank (Eurasia) CJSC, Deutsche Bank LLC, and Gasprombank JSB (CJSC) as members of the Partnership. The first membership of the NDC’s Board of Directors was elected.
The NDC joined the capital of RDK CJSC (29%)
The NDC opened an account with the leading international settlement-clearing organization — Clearstream Banking S.A.
MICEX held a round table on the topic: “Euro — Ruble: a New Stage of Development in the Russian Currency Market”.
Shareholders of MICEX CJSC reviewed the activities of 2004 and made the decision to increase the exchange’s authorized capital to 807.9 million RUR and pay dividends.
Shareholders of the MICEX CH reviewed the activities of 2004 and made the decision to increase the authorized capital to 255 million RUR.
The MICEX CH obtained an unlimited professional securities market participant license for performing clearing activities.
The meeting of the National Commodities Exchange CJSC shareholders took place.
MICEX introduced a new procedure for charging its commission fee on swap trades in the currency market.
June
The grand presentation of the joint cultural project of MICEX and Yusuposkiy Palace — the opening of the Coronation Hall — took place in St. Petersburg.
The Listing Department was founded at the MICEX SE.
MICEX introduced amendments to the currency trading regulations, which were intended to aid the development of the EUR-RUR exchange market. The differentiated commission scale for Euro trades was implemented.
The MICEX SE began secondary circulation of EBRD ruble bonds.
The MICEX CH implemented technology allowing clients using TurboSwift software to connect to S.W.I.F.T. services through the MICEX CH’s terminal.
The NCD acted as the major sponsor of the “Russian Securities — Infrastructure and Operations” forum.
The value of securities served by the NCD exceeded 1.5 trillion RUR.
July
The MICEX SE created the Stock Market Committee and the Technical Policy Committee.
MICEX was acknowledged as one of the best financial institutions among correspondents of JP Morgan Chase Bank in terms of the quality of payments made in USD.
The general meeting of members of the National Depositary Center Non-Commercial Partnership made the decision to reduce its fees for service payment.
The presentation of the book “The History of Money in Russia: the 350th Anniversary of the Russian Ruble Coin,” published with MICEX’s assistance, took place in the Moscow Kremlin.
August
MICEX purchased the controlling stake in the Asian-Pacific Interbank Currency Exchange – the leading regional exchange in the Far East and Primorie Krai.
MICEX’s currency market section lengthened its trading session for USD.
The National Commodities Exchange CJSC began exchange trading within state purchasing interventions in the agricultural market.
A summit of representatives of management companies, specialized depositaries, and specialized registrars organized by The National League of Managers NCP SRО and the NDC was held in Moscow.
The NDC opened an inter-depositary account with the Central Depositary OJSC in the Republic of Kazakhstan.
September
MICEX reduced the fee for SWAP trades with USD and REPO bond trades on the stock market.
The Federal Financial Markets Service of Russia registered the results of the issue of ordinary nominal non-documentary bonds of MICEX CJSC in the total amount of RUR 807.905 million.
MICEX held the “Conducting, Executing, Accounting, and Taxing Derivatives in the Russian Financial Market” conference.
MICEX’s currency market section lengthened its trading session for EUR.
At the general meeting of the International Association of Exchanges of CIS Countries, which took place in the village of Borovoye (Kazakhstan), the IAE of CIS’s Program of Action for 2005–2010 was approved.
The Standard & Poor’s International Rating Company, with the assistance of MICEX, conducted a survey of the information transparency of the largest Russian companies (Transparency & Disclosure Survey).
The ARFEI, in cooperation with the MICEX SE, RTS FE, and IFEX, organized a basic approach for unifying the trading codes of Russian issuers.
MICEX began disclosing exchange information to subscribers of the cellular provider MTS using mobile phones with the i-mode service.
The NDC and Ingosstrakh OJSIC signed a complex insurance policy against crimes and professional irresponsibility.
The “Increasing the Effectiveness of Interactions between Participants in the Accounting System” round table, organized by the NDC and the Stock Market and Management Institute, was held.
A new agreement between the Bank of Russia and the MICEX CH on performing OMS Clearing Center functions was executed.
October
The amended MICEX CJSC Articles of Association, which provided for changing the names of MICEX CJSC managing bodies, went into effect.
The second conference of the Association of Central Depositaries of Eurasia, entitled “Interaction between Central Depositaries of CIS Countries: Problems and Perspectives”, which was organized by the NDC in cooperation with MICEX and the DCC, took place in Moscow.
The general meting of founders of the National Clearing Center Joint-Stock Commercial Bank, which would organize settlement-clearing services on trades made on the MICEX organized market, was held in Moscow.
MICEX held the “Back Office 2005” conference, which discussed issues of consolidating the Russian accounting-clearing infrastructure.
The NDC reduced fees for the custody and accounting of state, municipal, and corporate bonds and the subscription fee for transmitting electronic documents through the NDC’s SEDC.
November
The 5th Annual Student Trader Contest took place, which was organized by the Youth Center for Financial Operations Research with the assistance of MICEX.
MICEX and the Chicago Commodities Exchange signed a license agreement allowing MICEX to use the SPAN portfolio risk analysis system for both term instruments and basic assets.
Market-makers were introduced in the MICEX SE bonds market.
The Currency Market Department was founded at MICEX CJSC.
The National Clearing Center JSCB CJSC sent documents to the MCTD of the Bank of Russia for state registration and to obtain a license.
The new amended text of the method for calculating the MICEX Index went into effect.
The “Integrating Russian and International Financial Markets under Globalization” conference, organized with the assistance of MICEX and the NDC, took place in Moscow.
December
MICEX reduced the fee for swap trades with Euros.
The National Depositary Center and the MICEX Clearing House completed preparations for serving settlements on “delivery against payment” (DAP) terms in USD and EUR for sale trades of securities on the off-exchange market.
The Index Committee, made up of leading Russian financial market analysts and representatives of the professional community, was formed at the MICEX SE.
MICEX, the MICEX Stock Exchange, and the Tashkent Republic Stock Exchange signed a memorandum of cooperation aiming at integrating the exchange areas of Russia and Uzbekistan.
The MICEX SE started trading in the new “REPO with bonds” mode and introduced new opportunities for trading in the negotiated trades mode and REPO operations with shares. A new fee structure was put into effect, which provided for lower exchange fees on REPO trades with bonds.
The MICEX Stock Exchange CJSC obtained a license for organizing trading in the term instruments section.
Acting as the payment agent of issuers served in bonded loans, the NDC started transferring coupon income and the face value of bonds at their repayment using a settlement account with the MICEX CH opened especially for these purposes.
The general meeting of members of the National Depositary Center Non-Commercial Partnership decided to establish a price benchmark for increasing the owned capital of the NDC to 50 million UAD by 2010, which corresponds to the average capital level of European central depositaries, and also made the decision to reduce fees for service payment.
The Bank of Russia registered the results of the second additional stock issue of MICEX CH CJSC in the amount of 241.5 million RUR; as a result, the authorized capital of the MICEX CH CJSC grew to 255.0 million RUR.