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die Präsentation laden

  1. 1. MICEX Group
  2. 2. MICEX Group: history <ul><li>MICEX was established in 1992 as a currency exchange in the form of a closed-end joint-stock company </li></ul><ul><li>Shareholders: </li></ul><ul><ul><li>Central Bank of the Russian Federation </li></ul></ul><ul><ul><li>Association of Russian Banks </li></ul></ul><ul><ul><li>Sberbank RF </li></ul></ul><ul><ul><li>Vneshtorgbank </li></ul></ul><ul><ul><li>Rosbank </li></ul></ul><ul><ul><li>International Moscow Bank </li></ul></ul><ul><ul><li>Bank of Moscow </li></ul></ul><ul><ul><li>9 other leading commercial banks of Russia </li></ul></ul><ul><li>In 2004 on the base of the MICEX stock market the MICEX Stock Exchange was formed </li></ul>
  3. 3. MICEX Group: financial supermarket <ul><li>The MICEX Group offers trade and settlement services on the 5 markets: </li></ul><ul><ul><li>currency market (since 1992) </li></ul></ul><ul><ul><li>federal bonds market (since 1993) </li></ul></ul><ul><ul><li>market of derivative financial instruments (since 1996) </li></ul></ul><ul><ul><li>equities market (since 1997) </li></ul></ul><ul><ul><li>market of corporate and regional bonds (since 1999) </li></ul></ul><ul><li>Operates under the licenses of: </li></ul><ul><ul><li>Central Bank of Russian Federation (currency market) </li></ul></ul><ul><ul><li>Federal Service for the Financial Markets (securities market) </li></ul></ul><ul><ul><li>Ministry of the Antimonopoly Policy (derivative market) </li></ul></ul>
  4. 4. MICEX Group: structure MICEX Settlement House MICEX National Depositary Center E-Stock <ul><li>Cash Settlements </li></ul><ul><li>Depositing and settlements in the securities </li></ul><ul><li>The technological support of the MICEX projects </li></ul><ul><li>Trades in the currency, derivatives, federal bonds markets </li></ul><ul><li>Clearing in the exchange markets </li></ul>Regional currency and stock exchanges MICEX Stock Exchange National Mercantile Exchange <ul><li>Listing. Trades </li></ul><ul><li>Trades in the commodities </li></ul><ul><li>The State commodity interventions in the grain market </li></ul>National Clearing Center St.-Petersburg Yekaterinburg Samara N. Novgorod Novosibirsk Rostov-on-Don Vladivostok
  5. 5. MICEX Group: the national financial infrastructure St.-Petersburg Moscow N. Novgorod Novosibirsk Rostov-on-Don Yekaterinburg Vladivostok Samara
  6. 6. MICEX Group: structure of the volume of transactions 246.0 133.8 26.5 Derivatives market 10890.3 7792.7 3745.5 Total 1368.8 827.9 339.1 Market of corporate and regional bonds 3846.8 2227.4 574.0 Equities market 957.9 662.7 408.9 Federal bonds market 4468.9 3870.2 2396.8 Currency market Jan—Mar 2007 2006 2005 Structure of the daily average volume of transactions on the MICEX and MICEX SE, mln USD
  7. 7. MICEX: the currency market <ul><li>Trading is held in five currencies: the US dollar, the Euro, the Ukrainian hrivna, the Kazakhstan tenge, the Byelorussian ruble </li></ul><ul><li>Settlements on the currency market are effected today and tomorrow </li></ul><ul><li>As a result of trading on the MICEX. the Russian Central Bank fixes the official exchange rate of the US dollar </li></ul><ul><li>The volume of transactions in 2006 has reached 955.9 bln USD, which is 1.6 times more than in 2005 </li></ul><ul><li>The volume of transactions in January—March 2007 has reached 254.7 bln USD, which is 1.4 times more than in January—March 2006 </li></ul>
  8. 8. MICEX: the federal bonds market <ul><li>The MICEX organizes the primary placement and the secondary circulation of federal bonds, Bank Of Russia bonds (OBRs) </li></ul><ul><li>The volume of transactions in 2006 has reached 163.7 bln USD, which is 1.6 times more than in 2005 </li></ul><ul><li>The RGBI Index has decreased in 2006 by 0.6% to 117.25 points </li></ul><ul><li>The volume of transactions in January—March 2007 has reached 54.6 bln USD, which is 1.9 times more than in January—March 2006 </li></ul><ul><li>The RGBI Index has decreased in January—March 2007 by 0.3% to 116.86 points </li></ul>
  9. 9. MICEX SE : the stock market <ul><li>The MICEX Stock Exchange — the leading stock exchange in Russia </li></ul><ul><li>In 2006 the MICEX’s share in the Russian stock market turnover has reached 90% </li></ul><ul><li>The volume of transactions in 2006 has reached 754.9 bln USD, which is 3.3 times more than in 2005 </li></ul><ul><li>The volume of transactions in January—March 2007 has reached 626.2 bln USD, which is 1.9 times more than in January—March 2006 </li></ul>*) MICEX 4.2 61.2 3 8 26.1 RTS 626.2 754.9 225.6 151.2 MICEX SE Jan—Mar 2007 2006 2005 2004 * The turnover of the Russian exchanges in 2004—2007, bln USD
  10. 10. MICEX SE : the stock market 398 190 613 March 30, 200 7 Issuers on the MICEX SE stock market 364 245 179 Issuers of bonds 193 161 81 Issuers of equities 530 385 241 Total number of issuers January 1, 200 7 January 1, 2006 January 1, 2005
  11. 11. MICEX SE: the equities market <ul><li>288 equities of 190 issuers are traded on MICEX SE </li></ul><ul><li>66 equities of 52 issuers listed on MICEX SE, including such companies as Gazprom, RAO UES, LUKoil, Rostelecom and Sberbank </li></ul><ul><li>The volume of transactions with equities in 2006 has reached 550.2 bln USD, which is 3.9 times more than in 2005 </li></ul><ul><li>The volume of transactions with equities in January—March 2007 has reached 219.3 bln USD, which is 2.7 times more than in January—March 2006 </li></ul><ul><li>The MICEX Index has reached 1698.08 points by the March 30, 2007 (from the beginning of 2007 the increase is 0.3%) </li></ul>
  12. 12. MICEX SE : the equities market capitalization <ul><li>Equities market capitalization has grown 6.5 times during 2003—2006 </li></ul><ul><li>Equities market capitalization in January—March 2007 has increased by 2.6% to 908.1 bln USD </li></ul><ul><li>The most capitalized companies are: </li></ul><ul><ul><li>Gazprom — 249.5 bln USD </li></ul></ul><ul><ul><li>Rosneft — 77.6 bln USD </li></ul></ul><ul><ul><li>Lukoil — 73.8 bln USD </li></ul></ul><ul><li>Turnover velocity of the equities market in January—March 2007 was 65.1%, which is 18.1 percentage points more than in January—March 2006 </li></ul>
  13. 13. MICEX SE: the Internet-based trading <ul><li>The development of the Internet-based trading has allowed: </li></ul><ul><ul><li>to cover the all-Russia territory </li></ul></ul><ul><ul><li>to connect about 100 thousands minor private investors </li></ul></ul><ul><li>The number of trades’ participants. using Internet in brokerage systems has grown to 365 since 2000 </li></ul><ul><li>Above 6 0 % of daily turnover at the MICEX stock market is made with the use of Internet technologies </li></ul>
  14. 14. MICEX: the derivatives market <ul><li>September 2004 — largest Russian banks set up a pool of liquidity providers </li></ul><ul><li>Total trading volume in April 2006 — March 2007 — 41.4 bln USD </li></ul><ul><li>End-of-January open interest — 2.71 bln USD </li></ul><ul><li>Record daily volume — 910.8 mln USD </li></ul>
  15. 15. MICEX SE: listing requirements According to standards of FCSM Information disclosure — Compilation and disclosure the financial statements according to accounting standards IAS and US GAAP Financial statement The formalized requests on observance of the Corporate Governance norms with confirmation documents Issuer’s observance of the Corporate Governance norms for shares — 3 mln RUR for bonds — 1 mln RUR for mutual fund shares — 100 thousand RUR for shares — 5 mln RUR for bonds — 2.5 mln RUR for mutual fund shares — 300 thousand RUR for shares — 50 mln RUR for bonds — 25 mln RUR for mutual fund shares — 500 thousand RUR Monthly average volume for 6 months for shares — 1.5 mln RUR for bonds — 500 thousand RUR for shares — 2.5 mln RUR for bonds — 1 mln RUR for shares — 25 mln RUR for bonds — 10 mln RUR Monthly trading volume for last 3 years open/interval — 5 mln RUR closed — 10 mln RUR open/interval — 10 mln RUR closed — 50 mln RUR Net assets of mutual fund 300 mln RUR 500 mln RUR 1 bln RUR Volume of issue the bond — 2 our of 3 last years Break-even years 1 year 3 years Period of issuer’s existence not less than CS — 1.5 bln RUR PS — 500 mln RUR CS — 3 bln RUR PS — 1 bln RUR CS — 10 bln RUR PS — 3 bln RUR Market value of the issue No more than 90% One person and/or his affiliated persons can own no more than 75% of the issuer’s common registered equities (only for shares) B Listing A2 Listing A1 Listing Requirement
  16. 16. MICEX SE: development potential <ul><li>The MICEX SE development potential is determined by the high growth rate of the stock market </li></ul>+4.9% Germany (DAX) +1.4% United Kingdom (FT-SE) +0.4% Japan (Nikkei) +0.3% Russia (MICEX Index) -0.9% USA (DJIA) +19.0% China (SSEC) Growth of national stock index in Jan—Feb 2007 Country
  17. 17. MICEX: leader among exchanges of the CIS and CEE <ul><li>The capitalization of the Russian stock market is 100.5% of Russia’s GDP or 1.03 trillion USD (as of April 1, 2007) </li></ul><ul><li>The volume of trading in the Russian stock market is over 60% of the stock market of the countries of the CIS. Central and Eastern Europe </li></ul>195 129 . 7 MICEX SE 847 376 . 9 Shanghai SE 950 753 . 3 Euronext The volume of trades on the equities market in January-February 2007 and the number of issuers 278 13 . 1 Warsaw SE 97 19 . 0 Wiener Borse 463 51 . 9 Singapore Ex 1168 216 . 9 Hong Kong Ex&Cl 654 647 . 9 Deutsche Borse 2394 1069 . 8 Tokyo SE 2591 1663 . 5 London SE 2794 2192 . 5 NASDAQ 1792 3932 . 9 NYSE The number of issuers bln USD
  18. 18. MICEX Group: IT Infrastructure Regional Access Centers Market Information Dissemination Systems of Information Agencies Electronic Broker Systems connected to Regional Centers Trading Members connected to regional Centers Trading Members connected via Trading Network Clients of Electronic Brokers connected to Regional Centers Electronic Broker Systems Clients of Electronic Brokers Trading Members connected via MICEX Internet Access Systems Clients of Electronic Brokers connected via Internet Clients receiving Market Information via Internet Trading Halls Internet Access System Web-server Main Computer Center Back-up Computer Center Wide-area telecom infrastructure (“MICEX Trading Network”) MICEX Internet Telecom Providers Core Telecom Infrastructure
  19. 19. Contacts <ul><li>Address: </li></ul><ul><ul><li>13, B. Kislovskiy per., Moscow, 125009, Russia </li></ul></ul><ul><li>Telephone: </li></ul><ul><ul><li>+7 4 95 234 - 48 - 11 </li></ul></ul><ul><li>Fax: </li></ul><ul><ul><li>+7 4 95 705 - 96 - 22 </li></ul></ul><ul><li>E-mail: </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><li>Web-server: </li></ul><ul><ul><li>www.micex.com </li></ul></ul>Prepared by Information and Analysis Division of MICEX

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