Moscow Interbank Currency Exchange

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Moscow Interbank Currency Exchange
Micex-1-.jpg
Founded 1992
Headquarters Moscow, Russia
Key People Ruben Aganbegyan CEO


The Moscow Interbank Currency Exchange (MICEX) was the platform for currency, equity, and derivatives trading in Moscow and Russia's seven regional exchanges in St. Petersburg, Rostov-on-Don, Yekaterinburg, Samara, Nizhny Novgorod, Novosibirsk, and Vladivostok. It was established in 1992 to handle currency transactions from the former Gosbank of the Soviet Union.[1]

The Moscow Interbank Currency Exchange was ranked as the world's 33rd-largest derivatives exchange by volume in 2010, moving up one position from the previous year, according to the annual volume survey published by the Futures Industry Association (FIA).[3]The FIA report, published in March of 2011, notes that the exchange's total volume for 2010 jumped by 65.7% from the previous year, reaching almost 32 million contracts.

  • For the current merged exchange, see the MarketsWiki entry for Moscow Exchange.

Merger with RTS Stock Exchange

MICEX and RTS Stock Exchange received government approval in September 2011 to merge the two exchanges.[2] The merged entity was converted into a stock-owned corporation that would be able to go through an initial public offering.[3][4] The IPO is expected to raise at least $300 million.

The merger was designed to bring several improvements to the Russian capital market. First, it was part of Russian President Dmitry Medvedev's plan to make Moscow an international financial hub. MICEX CEO Ruben Aganbegyan told Reuters in September 2011 that the merger was aimed at boosting volumes on the exchange, which were about $2 billion daily in 2010. Augmenting that was the expected passage of a law that created a central depository system starting on January 1, 2012, aimed at creating more liquidity and luring more foreign investment in Russian IPOs and equity listings.

Products and Services

Key People

Annual Volumes

2010

The Moscow Interbank Currency Exchange was ranked as the world's 33rd-largest derivatives exchange by volume in 2010, moving up one position from the previous year, according to the annual volume survey published by the Futures Industry Association (FIA).[3]The FIA report, published in March of 2011, notes that the exchange's total volume for 2010 jumped by 65.7% from the previous year, reaching almost 32 million contracts.

2009

The Moscow Interbank Currency Exchange ranked number 34 in 2009 in the Futures Industry Association's global list of top 53 derivatives exchanges measured by volume but tumbled 85.4% on 2008's volume.[5] The FIA list, published in early April 2010, reports that that MICEX's total volume for 2009 dropped to 19.3 million from2008's figure of 131.9 million.

References

  1. Background and Structure. NationMaster.
  2. RTS, Micex woo investors with merger plans. Euroweek.
  3. FAS approves RTS – MICEX merger with conditions. RT.
  4. Moscow bourse takes on London for Russia listings. Reuters.
  5. 2009 Annual Volume Survey. FIA magazine.