Interbank Currency Exchange. Moscow Interbank Currency Exchange

The Moscow Interbank Currency Exchange (MICEX) was founded in 1992. Here daily trades in shares and bonds of 600 Russian issuers, including OAO Gazprom, Lukoil, Sberbank, OAO TATNEFT, etc. The total value of assets is 24 trillion rubles. The Interbank Currency Exchange includes 550 professional participants of the securities market. They serve 280 thousand investors. About what the Interbank Currency Exchange is doing, you will learn from this article.

History of development

In November 1989, Vnesheconombank of the USSR held currency auctions. For them, the ruble / dollar rate was fixed for the first time. After the creation of the MICEX, all currency trades between enterprises and banks were conducted at this site. Since July of the same year, its rate was used by the Central Bank to quote the ruble to foreign currency. Here, for the first time, GKO trades were held. In the mid-nineties preparations began for transactions with corporate securities and futures. In August 2006, the MICEX accounted for 95% of the trades of Russian companies and 69% of the world's volume. The volume of transactions reached 20.4 trillion rubles. Gradually the network of partners of the MICEX spread throughout the territory of the Russian Federation. One of them is the Siberian Interbank Currency Exchange. In January 2015, the Bank was nationalized in the ARC.

Priority objectives of the organization:

• Trading;

• Determining the exchange rate of monetary units;

• ensuring the turnover of the country's capital;

• formation of a large financial center;

• creation of a competitive market.

Main functions:

• Organization and conduct of bidding.

• Monitoring compliance with obligations.

• Provision of informative, settlement, clearing and other services.

Activities

On the MICEX are electronic trading in the US dollar, euro, hryvnia, tenge, Belarusian ruble, swaps. There is a risk management system that ensures timely fulfillment of obligations. One of its principles sounds like a "payment versus payment": the Interbank Currency Exchange makes settlements with the participant only after it has fulfilled its obligations.

Transactions are made in electronic form on modern depository systems, to which platforms and terminals are connected. All payments are made through the Clearing House of the Interbank Currency Exchange, and by the Central Bank through the Depository Center.

In 2006 - with the expansion of the customer base - the index grew by 68%. At the exchange, they began to trade shares of mutual funds, stimulating their development. An additional impetus was the accession to the institute's process of specialists in clearing services.

Moscow Interbank Currency Exchange - the institution in which the primary placement of the Central Bank. It has long been a leader in the number and volume of corporate bonds. Since 2006, on MICEX, investors have begun to place shares. The first clients were Rosneft, OGK-5, Severstal, etc. At the same time, the Sector of Innovative Companies began to operate. Its goal is to create conditions for effective investment. To improve the quality of service on the exchange, listing agencies have been established.

GS and money market

The Interbank Currency Exchange is a national system of trading with government securities. Market participants have access to all instruments: GKO, OFZ, OBR, etc. They can use the whole complex of operations: primary, secondary placement, conclusion, execution of transactions. To date, there are more than 280 dealers on GS. The share of this segment on the market exceeds 17%. To effectively invest temporarily free funds, the Moscow Interbank Currency Exchange provides a large number of tools for market analysis: publishes indicators, a curve of zero-coupon yield. The Central Bank of the Russian Federation uses this system to carry out deposit-credit operations. Their list was expanded due to "on-demand" transactions.

Futures market

Its share exceeds 97%. Trades on the currency interbank exchange futures contracts began in 2006. In order to ensure the execution of transactions, a reserve and guarantee funds were formed in the amount of 250 million rubles, the assortment of derivatives was expanded with the introduction of a portfolio SPAN. In this market futures on interest rates are traded, which the National Currency Association and the International Association of Swaps (ISDA) use as data for the ruble rate. In this segment there are market makers that support bilateral quotes and liquidity level. The total number of professional members of the section is 190 organizations, and the number of participants is 130 credit and financial companies.

The international cooperation

In the context of globalization, the Interbank Currency Exchange of Russia will develop a strategy for integration into the world market. The number of foreign participants is increasing, the share of transactions of non-resident investors is 20%. The organization cooperates with NYSE, NASDAQ, Chicago, London, German, Vienna and other similar structures. Many have signed memoranda. Since 2002, the MICEX has been participating in the World Federation of Exchanges. In 2007, the level of her participation was raised to an affiliate.

Sector of innovative and growing companies

Since June 2006, the MIC sector has appeared on the MICEX. He admits to the market a company with a small capitalization. Such securities should comply with the liquidity requirement. To enter the sector, the revenue growth rate should exceed 20% per year.

Interbank Currency Exchange: Exchange Rates

One of the activities of the organization is the trade in money signs of different countries. Most of the courses are formed here. They demonstrate the state of the Russian economy. Although the word "currency" sounds in the title, over the years of its existence the scope of the stock exchange activity has greatly expanded. The MICEX has been providing access to trading via the Internet for more than 10 years.

Until 1998, the purchase and sale of monetary units from different countries of the world took the form of auctions. The seller sold dollars, marks, pounds and francs for the national currency through competitive bidding. Now they are online via SELT at 8 sites. Based on these transactions, the course of the Interbank Currency Exchange is being formed. With the increase in trading volume, a risk management system "payment versus payment" appeared.

Stock market

This is the largest trading platform on which securities are sold. 98% of transactions in the domestic stock market are held here. There are more than 1500 different securities in circulation. The total capitalization of issuers is 29 trillion rubles.

On the stock market, the companies conduct initial placement of the Central Bank in order to attract additional investments. Young and promising people who came up with an interesting and useful project may try to place it on the RII stock exchange. At the moment this is the only real way to attract the funds of all persons interested in the idea. The legal status of the company should be designated as an OJSC, and the capitalization should be at least 50 million rubles. A large number of companies and wealthy people are ready to invest in interesting projects. And behind ideas they address in RII. Young companies may be interested in the prospects for large growth. A similar organization in the US is called NASDAQ. It is traded: Apple, Microsoft, Amazon.com, Google, Dell, Intel, etc.

Indicators of development

We should also mention the MICEX index. It shows how 30 liquid Russian companies have changed in the price of the Central Bank: Lukoil, Gazprom, Sberbank, Rosneft, MTS, VTB, Aeroflot, etc. The stock index shows the general state of the market. If companies work in profit, then investors buy their shares, that is, the index grows. The family of indices of the domestic stock exchange includes 8 sectoral, three capitalization and two composite. For bonds, the municipal (MICEX MBI) and corporate (MICEX CBI) are calculated.

Suppose an individual has decided to invest temporarily available funds in shares, and after a while - check their value. CBA 3 out of 5 bought companies increased in price, and the remaining two - fell. But if you sell them all, then the investor will still remain in profit. The total yield will be, for example, + 20%. This is the indicator that signals the state of the market. On the MICEX there are 280 dealers traded in GS.

You can also place bonds on the stock market. In 2013, 400 issuers carried out 700 issues with a total value of 4 trillion rubles. For comparison: in 2010, 66 organizations were registered that traded bonds totaling 965 billion rubles. Not the least role in increasing the volumes played a developed infrastructure. In the stock market, participants can enter into transactions when placing and circulating, and qualified investors - carry out repurchases.

Clearing and depository services

These operations are performed by the Clearing House. Non-cash transactions are carried out through the site of the Interbank Currency Exchange. The Clearing Center is the first specific organization in Russia. It is the leader in terms of the volume and turnover of the assets held. Customers transfer them to the Central Bank, the depositary carries out all transactions and settlements.

Summary

The Moscow Interbank Currency Exchange is the largest structure in Russia, which provides information, depository, e-commerce services, clearing and settles transactions. All units of the MICEX are serviced by about one and a half thousand market participants - the largest banks and brokerage companies. The main task of the exchange is the development of market mechanisms to determine the exchange rate and the effective allocation of temporarily available funds.