General Information

Participants in the Financial Markets

Among the participants in the MICEX Group’s financial markets are Russia’s leading financial organizations: 100 of the largest banks in terms of capital and 87¹ of the largest investment companies in terms of exchange turnover in 2007, 30² of which are among the most reliable investment companies in the Russian stock market.

Among the MICEX Group’s traders are 57.6% of all Russia’s operating credit organizations; 78.6% of the banks entitled to perform operations in foreign currency are members of the Currency Market Section.

Implementing policy aimed at expanding the range of services offered and enhancing the attractiveness of traded financial instruments, as well as forming an effective system for interacting with the MICEX Group’s traders, contributed to an improvement in the quality of our services; developing the technological platform of the MICEX TS contributed to the expansion of the MICEX Group’s client base. In 2007, the MICEX Group’s client base was extended by including 76 professional participants and reached a total of 973 organizations.

¹ RBC – Rating

² National Rating Agency rating

Number of Members in the MICEX Group’s Markets as of January 1, 2008

	Currency Market	Government Securities Market	FX&STIR Derivatives Market	Money Market	Stock Market	Securities & Indexes Derivatives Market	Total number of Members
2000	401	260	214		372		1247
2001	431	277	212		459		1379
2002	538	280	194		470		1482
2003	559	298	196		500		1553
2004	560	303	197		517		1577
2005	534	286	156	113	555		1644
2006	536	273	164	123	546		1642
2007	534	282	178	143	586		1723
2008	593	287	190	172	636	128	2006

Clients of the MICEX Group are professional financial market participants, namely, banks and investment companies that have special licenses and meet specific requirements established by the Exchange. The foundation of the MICEX Group’s client base is formed by banks (67.3%), which, in accordance with the law, have the right to perform operations in all segments of the exchange-based financial market as universal financial intermediaries (51 banks perform operations in all of the MICEX Group’s markets.)

Structure of the MICEX Group’s Client Base by Types of Activities as of January 1, 2008

The MICEX Group’s regional policy, based on the extensive technical capabilities of the national trading system that provides equal access opportunities to remote users, contributes to the steady growth of both the quantity and unit weight of regional organizations, which now comprise over one third of all traders (36.5%).

Territorial Distribution of Members in the MICEX Group’s Markets as of January 1, 2008

The main operators of the exchange market are organizations with good capital bases and diversified business. Thus, 73.6% of the banks submitting reports to MICEX operate with capital exceeding 300 million rubles and 57.9% of them have capital exceeding 1 billion rubles. The main financial indicators of the section members who submitted reports demonstrate steady positive dynamics: in 2007, the aggregate capital grew by 73.3% and profit by 33.8%.

Dynamics of Traders’ Capital in the Period from January 1, 2007 to January 1, 2008