General Information on Regional Exchanges

An interregional exchange network connecting MICEX to other regional exchanges was formed in the mid-1990s using a common technological platform. The regional exchange network currently includes the following units:

1. Regional exchange centers (RECs) that are MICEX subsidiaries:

MICEX – Far East Regional Exchange Center (MICEX Far East);
MICEX – SOUTH Regional Exchange Center (MICEX – SOUTH);
MICEX – Volga Region Regional Exchange Center (MICEX – Volga Region);
MICEX – Ural Region Regional Exchange Center (MICEX – Ural Region);

2. MICEX Representative offices in Krasnodar and Samara.

3. Regional currency exchanges (RCEs):

St. Petersburg Currency Exchange Closed Joint Stock Company (SPCEX);
Siberian Interbank Currency Exchange Closed Joint Stock Company (SICEX);

4. Branches of the MICEX SH and regional settlement centers;

5. Branches of the NDC.

By contract, RECs and RCEs are regional representatives of MICEX, the MICEX Stock Exchange (the MICEX SE), the National Depository Center (NDC), and the National Clearing Centre (NCC) and perform the following functions:

In the stock market:

providing technological access to securities trading on the MICEX SE;
acting as MICEX’s representative as a clearing organization and Technical Center;
acting as a MICEX SE representative;
interacting with regional issuers and local authorities;
providing consulting and information support for Participants;
training and consulting for Traders;
providing information services to Candidates;
executing contracts and providing document circulation to Participants;

In the government-backed securities and money markets:

providing technological access to trading in MICEX’s GKO-OFZ Sector;
providing technological access to depository and lending operations of the Bank of Russia;
providing consulting and information support for Participants;
providing training and consulting for traders;
providing information services to potential Participants in the government-backed securities market to help them achieve Dealer status;
executing contracts and providing document circulation to Participants.

In the FOREX:

providing technological access to trading on the Unified Trading Session in the US dollar and the Euro;
acting as the NCC’s representative;
providing consulting and information support for Participants;
collecting documents and information from credit organizations interested in joining the MICEX FOREX Section;
executing contracts and providing document circulation to Participants.

In the commodities market:

developing the exchange commodities market;

Depository services:

acting as the NDC’s representative (except for the SPCEX and the SICEX): providing depository services to depositors in the government, municipal, and corporate securities markets.

Acting as the MICEX Group’s regional representatives, RECs and RCEs work with regional participants in financial markets, ensure the introduction of new technologies and methods of executing timely settlements with exchange Participants located in different time zones, and provide a wide range of information and consulting services.

Micex representative offices are opened in order to perform the following tasks:

to represent and protect MICEX’s interests in Region;
to promote effective distribution of MICEX’s products and services;
to ensure MICEX’s effective interaction with issuer enterprises in Region;
to ensure effective interaction with participants in the securities market in Region;
to promote an effective exchange of information between Prticipants, issuers and investors in the Region and MICEX and the MICEX Group’s entities.