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Market Profile

General Information   Financial Instruments   Market Participants

The range of financial instruments in the SS market is determined by the Russian Ministry of Finances and the Bank of Russia. Basic types of instruments are:

  • State short-term non-coupon bonds (SSB);
  • Federal loan bonds with permanent coupon income (BFL-PC);
  • Federal loan bonds with fixed coupon income (BFL-FC);
  • Federal loan bonds with debt amortization (BFL-АD);
  • Federal loan bonds with variable coupon income (BFL-VC).

Besides the above-mentioned instruments, this market also features securities included in the Bank of Russia’s Collateral List that circulate in the SS market according to the MICEX Regulations on Circulating Securities with which Trades are Executed in the Trading System in the Government-Backed Securities Market with Settlements on Trades in Russian Currency in the OMS Sector for Settlements on Federal Securities.

The REPO market instruments are:

  • Direct REPO with the Bank of Russia;
  • Inter-dealer REPO;
  • Exchange modified REPO – EMR (reverse REPO with the Bank of Russia).