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Market History
1996
January
Key market dealers, supported by Bank of Russia, incorporated National Association of Dealers on Government Securities Market (NAURaG), which on March 20, 1998 was reorganized into National Funds Association.
February
Rostov Interbank Currency Exchange (RCSE) and Ural Regional Currency Exchange (URCEX — Yekaterinburg) started to take part in trading on GScs market.
February, 7
Bank of Russia liberalized access rules for non-residents to GKO-OFZ market, so they were entitled to participate in OFZ auctions via authorized banks.
February, 15
MICEX in collaboration with large-size banks and regional currency exchanges founded MICEX Clearing House as a non-banking credit institution, intended for clearing and settlement of accounts of ORCB participants by results of trading transactions.
February, 29
On the basis of GKO-OFZ market the first auction was held for allocation of special corporate bonds — RAO VSM (RAO "High-Speed Trunk-Railways") with government guarantees, which later were actively traded on the secondary market. In March-July turnover of RAO VSM deals was app.380 billion RUR.
March
Asian-Pacific Interbank Currency Exchange (APICEX — Vladivostok) started to participate in trading on GScs market.
April
CB RF launched the system of pawn crediting for GKO-OFZ collateral, with MICEX acting as authorized depository of CB RF. On April 4 the first auction in pawn crediting under Dutch system was held, where six Moscow banks participated.
July
MICEX Clearing House was granted License of the Bank of Russia for executing banking transaction in Roubles and foreign currency (No. 3294).
After Samara Currency Interbank Exchange (SICEX) started to participate in trading on GScs market, the Interregional Network of GScs Trading was completed, linking Trading Places in eight cities — Moscow, Novosibirsk, St.Petersburg, Rostov-on-Don, Yekaterinburg, Vladivostok, Nizhniy Novgorod and Samara into a single Trading and Depository Integrated System. Total number of ORCB dealers reached 263.
October
In October CB RF completed implementation of two-level dealing system "dealers — primary dealers" on GScs market, so "primary dealers" enjoyed the right to operate without advanced payment under coverage of short cash positions via REPO against Bank of Russia mechanism.
Year Outcome: total turnover of the market reached 232.75 trillion RUR. Auction turnover accounted for 295.83 trillion RUR, secondary trading turnover accounted for 665.20 trillion RUR.
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Government Securities & Money Market
