Market Profile

Participants in the SS market are:

• The Russian Ministry of Finances (issuer of SSB-BFL);
• The Bank of Russia (General Agent of the Russian Ministry of Finances);
• Dealers;
• Investors.

Dealers are professional securities market participants who have executed an agreement with the Bank of Russia on performing Dealer functions in the SSB-BFL market. They can make bond trades both on their own behalf and on own their account and on the behalf of and on the orders of an Investor.

Investors are legal entities and individuals other than Dealers who buy bonds on the right of property or trust management. Investors can be either residents or non-residents.

Participants in the REPO market are:

• For direct REPO with the Bank of Russia — Dealers that are lending organizations and have executed the necessary agreement with the Bank of Russia;
• For inter-dealer REPO — Dealers and the Investors served by them;
• For exchange modified REPO — Dealers and Investors that are lending organizations.