October 10, 2003

MOSCOW, 10 October 2003 ≈ The Moscow Interbank Currency Exchange (MICEX) has been recognized as one of the best correspondents of JP Morgan Chase Bank in terms of the quality of payments in US dollars. The MICEX has been awarded the Quality Recognition Award. Each year, JP Morgan Chase Bank names the world's best financial institutions among 6000 correspondents which effect settlements through this bank.

Receiving the Quality Recognition Award means that the MICEX's quality of settlements surpasses the average level of the bank's correspondents. According to the bank's report on the quality of making payments with the use of S.W.I.F.T. system, the MICEX has reached the level of 99,9% of error-free payments (payments which do not require additional manual processing). The average level of this measure for all banks- correspondents of JP Morgan Chase Bank is 92%.

The award of JP Morgan Chase Bank proves the high quality of the MICEX's settlements for the results of trades and demonstrates the reliability of its current system of operational risk management.

According to Alexei Osenmuk, deputy MICEX CEO, the award confirms the reputation of the MICEX as one of the most reliable Russian financial institutions and the high technological level that the MICEX provides in controlling the observance of the delivery against payment principle, which is one of the main elements of the whole system of risk management, implemented in the MICEX currency market.

Since 2001, JP Morgan Chase Bank has been the MICEX's settlement bank in settlements for operations involving the US dollar.

MICEX Public Relations Service
Telephone: (095) 705-9609