 |
Market History
1998
February
MICEX Information and Analytical Terminal was installed in London by agreement with JP Morgan Securities Ltd.
March
Corporate Web-site was generated, and on September all Russian-speaking Internet users were offered a new service — display of trading session progress and results on MICEX segments.
During the first half year the inter-regional cash clearing & settlement network was completed in the format of ORCB Clearing Centers system. In March Nizhniy Novgorod Clearing Center started to settle accounts by GScs trading results for Nizhniy Novgorod dealers. In May Clearing Houses of Asian-Pacific Interbank Currency Exchange, Ural Regional Currency Exchange, Samara Currency Interbank Exchange started to provide services for their dealers. In June Clearing House of Rostov Interbank Currency exchange was linked to the network.
Regular servicing of GScs market in the first half year were accompanied with deployment of several new projects, among them: - Bank of Russia supported crediting operations with GScs as collateral (pawn, overnight and daily crediting) (April);
- Cash position management operations were introduced for money transfers, made by GScs market players between their accounts, opened at various ORCB Clearing Centers (June).
July
REPO "Dealer-Investor" operations were launched on GKO-OFZ market.
August
On August, 17 all trading sessions and transactions with GKO-OFZ were stopped. In such circumstances, when the mere existence of many Russian financial institutions was seriously jeopardized, MICEX managed not only to sustain its business, but proved its value for the national economy.
Technical and legal aspects of MICEX Trading System were redeveloped and finalized. Infrastructure of GScs market was successfully used for trading of new financial instruments — Bank of Russia bonds (OBR). Moreover, technological background for restructuring of internal government debt for GKO-OFZ with repayment terms till December 31, 1999, was deployed.
Year Outcome: total turnover of the market dropped to 272.91 billion RUR. Auction turnover accounted for 163.34 billion RUR, secondary trading turnover — for 511.79 billion RUR.
|
|
Government Securities & Money Market
