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MICEX Group

MICEX Group. MICEX Group: history. 1992 – 1995 Establishment of the MICEX Implementation of the MICEX electronic trading and depository system The MICEX is the main trading floor for currency and government securities 1995 – 1998

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MICEX Group

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  1. MICEX Group

  2. MICEX Group: history 1992–1995 • Establishment of the MICEX • Implementation of the MICEX electronic trading and depository system • The MICEX is the main trading floor for currency and government securities 1995–1998 • Integration of the MICEX and regional exchanges into a national exchange system based on a single platform • Organization of trading in corporate securities and derivative contracts • Establishment of the MICEX Settlement House and the NDC 1998–2008 • Emergence of the modern structure of the MICEX Group: establishment of the MICEX Stock Exchange, the National Mercantile Exchange,the National Clearing Centre and regional exchange centers • The MICEX is the largest exchange in Russia, the CIS, Easternand Central Europe. It is the main center of liquidity for Russian assets 2009–2010 • Formation of the system of auctions, to be held electronically, to place state and municipal orders • MICEX-IT: operator of the MICEX electronic trading floor Goszakupki (State Purchases) Shareholders of the MICEX Group companies: • Central Bank of the Russian Federation, Association of Russian Banks, VEB, Sberbank RF, VTB, Rosbank, UniCredit Bank, 8 other leading commercial banks of Russia, leading Russian brokers

  3. MICEX Group:financial supermarket • The MICEX Group provides trading and settlement services in the following segments of the financial market: • FX market (since 1992) • federal bonds market (since 1993) • market of derivative financial instruments (since 1996) • cash equities market (since 1997) • corporate and regional fixed income market (since 1999) • commodities market (since 2008) • market for state and municipal orders (since 2010) • Operates under the licenses of: • Central Bank of Russian Federation(FX market) • Federal Service for the Financial Markets(securities and derivatives markets) • Ministry of the Antimonopoly Policy(derivatives and commodities markets)

  4. MICEX Group: functional structure MICEX National Mercantile Exchange • Trading: federal bonds, USD–RUB, EUR–RUB, EUR–USD,FX and interest rates futures • Government securities and derivatives clearing • IT support of MICEX Group • The State commodity interventions in the grain market • Trading: grain futures National Clearing Centre MICEX– IT • FXclearing • Securities clearing • Soft- and hardware solutions • Electronic trading floor for state purchases MICEXStock Exchange National Settlement Depository • Safe custody and securities settlements • Cash Settlements • Trading: cash equities, corporate and regional bonds, mutual funds, stock market derivatives • Listing of securities Regional affiliatesand representative offices Rostov-na-Donu Vladivostok Yekaterinburg N. Novgorod Novosibirsk St.-Petersburg Krasnodar Krasnoyarsk Samara

  5. MICEX Group: the national financial infrastructure St.-Petersburg Novosibirsk N. Novgorod Vladivostok Moscow Samara Rostov-on-Don Yekaterinburg

  6. MICEX Group: structure of the volume of transactions

  7. MICEX: FX market • Trading is held in six currencies:the US dollar, the Euro, the Bi-currency basket, the China yuan, the Ukrainian hrivna, the Kazakhstan tenge,the Byelorussian ruble • Settlements on the currency market are effected on “today” and “tomorrow” basis • Based on the results of trading on the MICEX, the Russian Central Bank fixes the official CBR exchange rate of the US dollar • The volume of transactions in 2010 reached 2,616.3 bln USD, which is13% less than in 2009 • The volume of transactions in January–October 2011 reached 2,336.6 bln USD, which is9% more than in January–October 2010

  8. MICEX: the federal bonds market • The MICEX organizes the primary placement and the secondary circulation of federal bonds and Bank Of Russia bonds (OBRs) • The volume of transactions in 2010 reached 844.1 bln USD, which is 17% less than in 2009 • The RGBI Index increased in 2010by 2.5% to 130.67 points • The volume of transactions in January–October 2011 reached 1,219.0 bln USD, which is 87% more than in January–October 2010 • The RGBI Index decreased in January–October 2011 by 0.9% to 129.52 points

  9. MICEX: the nominal value of the federal bonds market • The nominal value of the federal bonds market grew 9 times during 2004—2011 to 2.81 trillion RUB • The share of OFZ-AD in the nominal value of the federal bonds market — 33.3%; OFZ-PD — 66.7% • The market value of the federal bonds market reached 2.79 trillion RUB (93.4 blnUSD) by the October 31, 2011 • Turnover velocity of the federal bonds market in January–October 2011 was 118.2%

  10. MICEX SE: the equities & bonds market • The MICEX Stock Exchange —the leading stock exchange in Russia • In 2010 the MICEX SE’s share in the Russian equities & bonds market turnover reached 95% • The volume of transactions in 2010 reached 2,108.4 bln USD, which is 62% more than in 2009 • The volume of transactions in January–October 2011 reached 2,548.9 bln USD, which is 51% more than in January–October 2010

  11. MICEX SE: the equities & bonds market

  12. MICEX SE: cash equities market • 307 equities of 254 issuers are tradedon MICEX SE • 90 equities of 95 issuers are listedon MICEX SE, including such companies as LUKOIL, Rostelecom, Sberbank and VTB • The volume of transactions with equities in 2010 reached 991.5 bln USD, which is 19% more than in 2009 • The volume of transactions with equities in January–October 2011 reached 1,293.5 bln USD, which is 61% more than in January–October 2010 • The MICEX Index reached 1,498.60 points by the October 31, 2011(from the beginning of 2011,а increase of 9.7%)

  13. MICEX SE: equities market capitalization • Equities market capitalization increased6.5 times during 2004—2011 • Equities market capitalization decreased in January–October 2011 by 9% to 864.7 bln USD • The most capitalized companies are: • Gazprom — 143.6 bln USD • Rosneft — 77.9 bln USD • Sberbank — 50.0 bln USD • Turnover velocity of the equities market in January–October 2011 was 63.7%, which is 9.2 percentage points more than in January–October 2010

  14. MICEX SE: the MICEX Index dynamics

  15. MICEX SE: corporate and regional fixed income market • 739 bonds of 342 issuers are traded on MICEX SE. The total nominal value of corporate and regional bonds in circulationis 122.2 bln USD (as of October 31, 2011) • 458 bonds of 216 issuers are listedon MICEX SE • The volume of transactions with corporate and regional bonds in 2010 reached 1,115.8 bln USD, which is 2.4 times more than in 2009 • The volume of transactions with corporate and regional bonds in January–October 2011 reached 1,253.4 bln USD, which is 41% more than in January–October 2010 • In June 2009, a record-high volume of corporate bonds was placed on the MICEX SE. The volume of placements amounted to 201.8 bln RUB

  16. MICEX SE: the nominal value of the corporate bonds market • The nominal value of the corporate bonds market grew 22 times during 2004—2011 to 100.7 bln USD • The market value of the corporate bonds market reached 58.8 blnUSD by the October 31, 2011 • The biggest issuers in terms of the nominal value of bonds issues: • RZD — 6.5 bln USD • Transneft — 4.5 bln USD • Rossekhozbank — 3.5 bln USD

  17. MICEX SE: the nominal value of the regional bonds market • The nominal value of the regional bonds market grew 9.2 times during 2004—2011 to 21.9 bln USD • The market value of the regional bonds market reached 8.8 blnUSD by the October 31, 2011 • The biggest issuers in terms of the nominal value of bonds issues: • City of Moscow — 14.4 bln USD • Moscow region — 1.4 bln USD • Samara region — 0.8 bln USD

  18. MICEX: the derivatives market • The instruments traded in MICEX derivatives market are: currency futures, futures on OFZ baskets, interest rates futures, Micex Index futures, single stock futures (Gazprom, Sberbank, Norilsk Nickel, LUKOIL) • Total trading volume in October 2010 — October 2011—42.2 bln USD • End-of-October open interest — 681.5 mln USD • Record daily volume — 2.1 bln USD

  19. MICEX Group: clearing and settlement Federal bonds market Securities market Currency market Derivatives market Depositing of funds National Settlement Depository rubles securities J.P.Morgan Chase Bank;VTB BANK (Deutschland) AGand others hard currency NSD(eurobonds) Registration of transactions MICEX SE(stock assets) MICEX MICEX SE MICEX Multilateralclearing with netting MICEX(non-centralized) MICEX(centralized) National Clearing Centre(centralized) MICEX(centralized) Settlements for rubles NSD NCCvia accounts with NSD NSD for securities NCCvia accounts with J.P.Morgan Chase Bank; VTB BANK (Deutschland) AGand others NSD(eurobonds) for currency

  20. MICEX SE: listing requirements 20

  21. MICEX: leader among exchanges of the CIS and CEE • The capitalization of the Russian stock market is 56% of Russia’s GDPin 2010 or 864.7 trillion USD(as of November 1, 2011) • The volume of trading in the Russian stock market is over 63% of the stock market of the countries of the CIS, Central and Eastern Europe combined • The MICEX SE is among the world’s 20 largest stock exchanges

  22. MICEX Group: advanced information technologies • The base of the structure of the global MICEX trading network are the two data centers: main and reserve center • The hard- and software complex is built on the Hewlett-Packard UNIX-servers (about 100) • About 700 000 clients are connected to the trading system • MICEX trading complex currently processes : • up to 2 000 000 orders a day • up to 850 000 transactions a day • The trading infrastructure is supported by 6 providers of telecom services. More than 1500 workplaces and more than 300 electronic broker systems (via the Internet gateway provided by the MICEX) have access to the trading network

  23. MICEX Group: IT Infrastructure Wide-area telecom infrastructure (“MICEX Trading Network”) MICEX Trading Members connected via Trading Network MainComputer Center Back-upComputer Center Core Telecom Infrastructure Telecom Providers Market Information Dissemination Systems of Information Agencies Trading Halls Internet Access System Web-server Regional Access Centers Electronic Broker Systems Clients of Electronic Brokers Internet Clients receiving Market Information via Internet Electronic Broker Systems connected to Regional Centers Trading Members connected to regional Centers Trading Members connected via MICEX Internet Access Systems Clients of Electronic Brokers connected via Internet Clients of Electronic Brokers connected to Regional Centers

  24. Contacts • Address: • 13, B.Kislovskiy per., Moscow, 125009, Russia • Telephone: • +7 495 234-48-11 • Fax: • +7 495705-96-22 • E-mail: • info@micex.com • Web-server: • www.micex.com Prepared byInformation and Analysis Division of MICEX

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