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Head of the MICEX visits Azerbaijan, meets with heads of Azerbaijan’s financial institutions
October 31, 2007
On 29-30 October 2007, the MICEX delegation, headed by the MICEX President Alexander Potemkin, visited Azerbaijan. In Baku the MICEX representatives held talks with the heads of the National Bank of Azerbaijan, the State Securities Commission of Azerbaijan, the International Bank of Azerbaijan, the Baku Interbank Currency Exchange (BBVB) and the Baku Stock Exchange (BSE). The talks were focused on the issues of further cooperation between the MICEX and leading Azerbaijan exchanges as well as the general trends of development of the exchange industry, the formation of world exchange financial centers and the place of the CIS exchanges in this process. The parties also discussed the issues of inter-exchange interaction within the CIS and the role of exchanges in the minimization of the consequences of the mortgage crisis in the USA for national banking systems.
Brief information: The MICEX Group is an integrated exchange, providing trading, clearing, settlement, depository and information services. Since 1992 the MICEX has been the head company of a holding, which also includes the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, the National Depository Center, the National Clearing Center, regional exchanges and regional settlement centers and some other organizations. They serve over 1700 participants in the exchange-based market. Having implemented an up-to-date electronic trading and depository system, the MICEX became a universal financial exchange. By the total trade volume (in January-September 2007: 69.1 trillion rubles or 2.68 billion dollars, the average daily volume of transactions: 375 billion rubles or 14.6 billion dollars) the MICEX is the largest exchange in Russia, the CIS and Eastern Europe. In the first three quarters of 2007 the volume of transactions on the MICEX Stock Exchange reached 30.2 trillion rubles or 1.2 trillion dollars. This enabled the MICEX SE to join the list of the world’s top 20 leading stock exchanges. Today the MICEX Stock Exchange is the floor where liquidity for Russian assets is formed. It is the main floor for international investments in stocks and bonds of leading Russian companies. In view of the ongoing globalization processes the MICEX Group is implementing a strategy aimed at integrating into the infrastructure of the world capital market. Jointly with the International Association of Exchanges of the CIS Countries (IAE CIS) the MICEX Group implements projects aimed at forming an integrated financial market of the CIS Countries on the technological basis of national exchanges of the countries of the Commonwealth.
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