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Market History
1993
January
In accordance with the Decree of the Supreme Soviet No. 4526-1 dated February 19, 1993 "On Issue of Government Short-Term Zero Coupon Bonds of the Russian Federation" the Government of the Russian Federation was granted a permission to obtain a loan for the sum of 650 billion RUR in 1993 via the mechanism of GKO issue.
May
CB RF by its Order No. 02-78 approved "Provisions on Servicing and Circulation of GKO Issues", and on May 17, 1993 signed the Contract with MICEX, authorizing it to act as a trading, clearing and depository system on GKO market.
The first auction for GKO allocation with circulation period of three month was held, On MICEX organizational and technical basis, where bonds for the sum of 0.88 million RUR were distributed. This day was declared a birthday for the national government securities market.
June
Regular secondary trading sessions started, where 24 banks and financial institutions, granted the status of official market dealer by CB RF, took part. In October the Ministry of Finance made the market accessible for private individuals.
In 1993 nine auctions were conducted for initial GKO allocation, where 2.3 million bonds was sold, while turnover of deals on secondary market reached 110 billion RUR, turning GKO into security with the highest liquidity rate on the Russian stock market.
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Government Securities & Money Market
