The range of the financial instruments of the government securities market is determined by the RF Finance Ministry and the Bank of Russia. The main types of instruments are:

• government short-term zero coupon bonds (GKO);
• federal loan bonds with permanent coupon yield (OFZ-PD);
• federal loan bonds with fixed coupon yield (OFZ-FD);
• federal loan bonds with debt depreciation (OFZ-AD); and
• federal loan bonds with variable coupon yield (OFZ-PK).

Besides the instruments listed above, the government securities market offers securities which circulate in compliance with "The MICEX Rules regulating the circulation of securities, transactions in which are carried out in the Trading System in the government securities market with settlements for transactions effected in the currency of the Russian Federation in the Sector for settlements for government Federal securities in the organized securities market"

The money market instruments are:

• REPO vs Bank of Russia;
• inter-dealer REPO;
• reverse REPO vs Bank of Russia - BMR (reverse REPO);
• deposits of the Bank of Russia.

• General information
• Financial instruments
• Market participants