Moscow Interbank Currency Exchange

Established in 1992 to handle currency transactions from the former Gosbank of the USSR, MICEX is the largest, most liquid and best-organized financial exchange in Russia. It is the model for the nationwide system of currency, equity, and derivatives trading spanning Russia's eight main financial centers. The MICEX Group includes the MICEX Stock Exchange, the MICEX Settlement House, the National Depositary Center, and regional exchanges. Since 1997, the MICEX has calculated the MICEX Index, which is the leading Russian stock market indicator. MICEX's electronic trading and depository system links more than 1,500 remote workstations installed in banks and other financial institutions in 50 cities in Russia and abroad to the exchange. More than 270 broker systems are connected to the MICEX trading system, which serves clients via the Internet; about 50% of securities transactions are conducted through the Internet. The year 2004 marked the completion of the formation of a unified national currency market in Russia, with the unification of the Russia Unified Trading Session (UTS) and the System of Electronic Lot Trades (SELT). Trading hours for listed and unlisted securities are 10:30 A.M. To 6:45 P.M., Monday through Friday. Trading for eurobonds is from 10:30 A.M. To 3 P.M. www.micex.com.

Moscow Interbank Currency Exchange

Traded securities and tools

shares

bonds

foreign currencies

futures

eurobonds

Currency = ruble

Capitalization of the share market

753.6 billion USD (October 2006)

The Largest companies by market capitalization:

Gazprom 255.6 billion USD

Rosneft 72.5 billion USD

Lukoil 64.8 billion USD

Volume of the shares = 14.9 trillion

The Moscow Interbank Currency Exchange (Russian: Московская межбанковская валютная биржа) or MICEX is one of the largest universal stock exchanges in the Russian Federation and East Europe. MICEX opened in 1992 and is the leading Russian stock exchange, consisting of shares and corporate bonds about 600 Russian companies with a total capitalization of nearly 24 trillion Rubles.^{[citation needed]}

MICEX consists of about 550 participating organizations and members, which do trading for their clients. In 2006 the volume of transactions on the MICEX reached 20.38 trillion rubles (754.9 billion USD), representing more than 90% of the total turnover of the leading stock exchanges in the Russian stock market.

History

MICEX started with currency auctions in November 1989 as an initiative by the Foreign trade and investment bank of the USSR. Thus, for the first time the market ruble exchange rate to dollar was established. In January 1992 it become by the main platform for carrying out currency transactions for banks and enterprises.

Since July 1992 the rate in the Moscow Interbank Stock Exchange is used by the Central Bank for the official quotation of ruble to foreign currencies.

In the mid 90's preparation for trading corporate securities and futures began. Despite the August crisis of 1998, the stock exchange continued to strengthen its position as a leading trading platform in Russia.

See also

• Russian Trading System (RTS) Stock Exchange

External links

• The official website

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