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Market History
1995
GScs market became one of the major instruments of the Government of the Russian Federation and the Bank of Russia to perform centralized government borrowings of available funds from commercial banks, enterprises and population for the purpose of non-inflation financing of the state budget, as well as for conducting monetary and credit policy by controlling the money stock in circulation and creating reliable assets with high liquidity for the banking system.
June
The first auction was conducted for allocation of the new type of GScs — federal bond with variable coupon (OFZ-PK), with circulation period of more than a year and coupon disbursement, defined by weighted average GKO yield. Basic legal act for OFZ-PK circulation was Ordnance of the Government of the Russian Federation No. dated May 15, 1995 "On General Terms of Issue and Circulation of Federal Bonds".
July
MICEX launched a new version of automated TDS, which provided organizational and technical support for regional Trading Places (RTP). The latter formed the basis of a unified national trading system, covering all leading industrial and financial centers of Russia.
October, 10
The first inter-regional trading session in GKO-OFZ was conducted in real-time mode with participation of Siberian Interbank Currency Exchange (SICEX).
December
St.Petersburg Currency Exchange (SPCEX) started to take part in trading sessions on GScs market. Number of dealers on the market rose to 137 legal entities (MICEX — 108, SICEX — 16, SPCEX — 13), including 92 dealers, which participated in trading via remote access means.
Year Outcome: total turnover of the market reached 76.6 trillion RUR. Auction turnover accounted for 105.8 trillion RUR, secondary trading turnover accounted for 178.4 trillion RUR.
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Government Securities & Money Market
