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History

2007   2006   2005   2004   2003   2002   2001   2000   1999   1998   1997   1996   1995   1994   1993   1992

April

Due to the growing popularity of inter-dealer REPO trades and to further enhance the transparency of this segment of the market, the list of 5 leading operators in the inter-dealer REPO market, published monthly on the MICEX website, was extended to 10 positions.

July

Due to changes in the currency legislation of the Russian Federation, market participants were given the opportunity to use both “C” and “O” special broker accounts or special “C” and “O” sections of depo accounts as well as standard cash accounts and sections of depo accounts for accounting non-resident investors’ cash and securities.

October

A new segment of the money market – Bank of Russia collateral credit operations – was introduced. Collateral crediting consists of credit trades made by the Bank of Russia with a credit organization with collateral in the form of securities owned by the credit organization and included on the Bank of Russia’s Lombard List. The Bank of Russia can perform credit operations both at auction and on standard terms with fixed interest rates.

The list of Bank of Russia deposit operations on MICEX was extended by adding deposit trades made “on demand” and the demand of those deposits. Demand deposit trades were made in accordance with the procedure for making deposit trades with fixed interest rates. Return of demand deposits was only possible on trades made through the MICEX Trading System.

The schedule for trading, clearing, and settlements was changed. A new schedule extended the main trading session by 45 minutes (until 5:30) and established an additional clearing-and-settlements session at 4:00 Moscow time. The extension of trading and the changes in the number and duration of clearing-and-settlement sessions enabled market participants to use cash delivered on the results of processing the third payment transportation in the Moscow region when making and executing their trades to improve the management of liquidity with due account for transportation-by-transportation processing of payments in the Moscow region, and to take into account information from other financial markets when performing their operations.

December

A new segment of the government-backed securities market – the government savings bonds (GSO) market – was introduced. GSO are bonds with a fixed interest rate intended for investing the funds of insurance companies, non-government pension funds, joint stock investment funds, the Pension Fund of the Russian Federation, other government extra-budgetary funds, and management companies performing trust management of retirement funds. GSO are a specific kind of government bonds similar to the non-marketable government-backed securities issued in a number of developed countries and intended for institutional investors. MICEX is the Organizer of Trade in GSO, with the Savings Bank of the Russian Federation acting as the Agent and Depository.

During 2006, the list of instruments traded in the government-backed securities market and the money market was expanded by admitting 25 issues of sub-federal and corporate bonds to trading, which considerably increased the opportunities for banks to refinance by making direct REPO trades against the Bank of Russia.