Participants in the government securities market are:

• the Finance Ministry of the Russian Federation (Issuer),
• the Bank of Russia (Issuer's General Agent),
• dealers (Primary Dealers),
• Investors.

The market has about 300 Dealers and over 7 thousand Investors.

Dealers are professional participants in the securities market, who have concluded an agreement with the Bank of Russia about performing dealer's functions in the GKO/OFZ market. They can carry out transactions in bonds on their own behalf and at their own expense or on their own behalf but at the expense and on the instructions of the Investor.

Dealers, who meet the Bank of Russia's Primary Dealers' requirements and have signed an appropriate agreement with the Bank of Russia, are Primary Dealers. As compared with Dealers, they have more rights and responsibilities. At present, the institution of Primary Dealers is suspended by the Bank of Russia.

Investors are legal entities and individuals, who are not Dealers and who purchase bonds by right of property or by right of trust management. Both residents and nonresidents are investors in the GKO/OFZ market.

Participants in the money market are:

• in REPO vs Bank of Russia: Dealers of the government securities market, which are credit institutions and which have concluded appropriate agreements with the Bank of Russia

• General information
• Financial instruments
• Market participants