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Market History
2001
January
New reduced rates for commissioning fee of MICEX as Trading System were introduced on GScs market Commissioning fee rates at GScs allocation auctions dropped to 0.035%. For secondary trading operations they were set depending on remaining maturity period of bonds: for deals with GScs with maturity period up to 90 days — 0.035%, from 90 days to 365 days — 0.08%, more than 365 days — 0.1%.
July
An important step in increasing GScs market transparency was publishing of a monthly list of 30 most active dealers on GScs market in collaboration with the Bank of Russia . This list included dealers with the biggest turnover on the secondary market for the end of reporting period (own operations and transactions on behalf of dealer's clients were summed-up), provided such dealers gave their written consent to be included into the list of most active market operators.
In order to provide new opportunities for GScs market players and to increase flexibility of cash management, the new schedule of secondary trading on GKO-OFZ market was introduced: from 11:00 a.m. till 12:30 p.m. — the first part of the trading session
September
In accordance with Instruction of Bank of Russia "On Enactment of Ordnance of Federal Commission for Securities and Stock Market dated September 22.2000 No.18» dated March 01, 2001 No. 34-Т, division of cash positions by own and clients' monetary assets for Dealers without crediting institution status, was implemented on GScs market.
Bank of Russia resumed the issue of its bonds. On September, 6 two new issues of such instruments were successfully allocated on the market.
November
For the first time the Ministry of Finance of the Russian Federation exchanged innovation bond SU25030RMFS6 for two other issues of OFZ-FD and GKO. Exchange operations are widely used for government debt management by developed countries (Germany, UK, Italy, and France). They can be used as a tool for adjustment of the issuer's payment schedule and as means to exchange 'old" non-liquid issues for new ones with higher liquidity. These operations also provide market players with the opportunity to improve the quality of their portfolios.
December
For the first time in the history of GScs market Bank of Russia used a new sales method of selling GScs from Bank of Russia portfolio with reverse repurchase obligation (reverse REPO vs Bank of Russia operation) . Planned allocation periods for GScs at such transactions were form several weeks up to 6 months. Due to the fact that government bonds from Bank of Russia portfolio circulated free on the secondary market, reverse REPO vs Bank of Russia operations provided GScs dealers and their clients with additional tools to increase management effectiveness of their Rouble assets and created favorable conditions for liquidity growth of GScs market in general.
In order to stimulate activity of the market players with respect to reverse REPO vs Bank of Russia operations and other operations with Bank of Russia bonds, MICEX set lower rates of commissioning fees for deals with these instruments.
In the second half of December a new system of digital documentary workflow was implemented on GScs market, completing another step in advanced IT implementation by MICEX. This system organized circulation of digital documentation, minimized risks and provided extra protection for dealers, which joined it.
Year Outcome: total turnover of the market reached its minimum level since 1996 — 169.77 billion RUR. Auction turnover accounted for 45.36 billion RUR, secondary trading turnover accounted for 203.79 billion RUR.
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Government Securities & Money Market
