Trading in non-government securities was launched on the MICEX in March 1997.

That year, the MICEX began to form, on the basis of its trading and depository complex, the national system of exchange trading in securities. The new phase in the history of the MICEX was marked by the beginning of trading in sub-federal (regional) bonds and stocks of leading Russian issuers, the number of which exceeded 20 by the end of 1997.

The MICEX obtained the RF Federal Securities Commission's License #1 to organize trading in securities for the period until 2007.

The MICEX began to calculate the Summary stock index following the results of transactions in stocks. The index reflected the slump of the securities market in Russia, caused by the international stock market crisis.

In the MICEX Stock Market Section trading began in the bonds of the Republic of Tatarstan, Moscow Region and debt liabilities of the entities of the Russian Federation, or "agribonds".

Following the example of the MICEX, regional currency and stock exchanges in Samara, Rostov-on-Don, St.Petersburg, Nizhni Novgorod and Yekaterinburg launched trading in the bonds of the entities of the RF and stocks. Settlements for exchange transactions were transferred to the MICEX Settlement House.

Trading was organized in the Stock Market Section. From the very beginning, the market demonstrated considerable growth both in terms of the trading volumes and in terms of the number of participants. Besides stocks, regional bonds began to circulate in the Stock Market Section. In December 1997, the daily average turnover in these instruments amounted to over 8,5 million dollars. Fifty stocks of 33 corporate issuers and 100 bonds of 40 entities of the RF were circulating on the MICEX.