THIS
POST WAS ORIGINALLY PUBLISHED JULY 11, 2007
MICEX – Stunning Success Story - Going On
A few days ago the MICEX
announced its operational results for H1 2007, that show substantial
growth on the year to year basis. I am taking the liberty to reproduce
part of this report with some illustrations.
Graphs from Investing in Russian Stocks and Bonds. A Guide Published by Institutional Investor Magazine & MICEX Stock Exchange
The MICEX Group (www.micex.com)
integrates the trading and the settlement systems on a single platform
and plays the main role in the exchange infrastructure of the Russian
capital market. The MICEX Group includes the MICEX, the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, the National Depository Center, the National Clearing Center, regional exchanges and some other organizations. They provide trading, settlement, clearing and depository services to about 1700 leading Russian banks and brokerages located in Moscow and other large financial and industrial centers of Russia.
In H1 2007 the total volume of exchange-based trading on all markets of the MICEX Group amounted to 37.14 trillion RUR ($1.43 trillion), 1.7 times more than in the same period of 2006. The average daily volume of exchange-based trades on the MICEX Group’s markets grew to 312 billion rubles (about $ 12 billion).
By total turnover, the MICEX is the largest exchange in Russia, the CIS, Central and Eastern Europe.
In 2006 the exchange-based corporate securities market demonstrated the largest volume of operations and the fastest growth. Its share in the total exchange-based turnover for the MICEX Group grew by 48% (in 2006 by 37%). In
H1 2007, on the MICEX Stock Exchange the total volume of transactions
in non-government securities, including stocks, bonds, shares of
investment funds and repos, reached 17.84 trillion rubles ($685.0
billion ), 2.2 times more as compared with the same period of 2006. At present the MICEX Stock Exchange organizes trading in 1,089 securities of 662 issuers. Out of them, 295 securities of 181 issuers are listed. Since
the beginning of 2007, the number of securities traded on the MICEX SE
has grown by 12.6%, while the number of issuers whose securities are
admitted to exchange-based trading has grown by 12.8%.
The MICEX Stock Exchange plays an important role in IPOs of Russian issuers. In the first six months of 2007, 8 companies made their IPOs, using the services of the MICEX SE, including Sberbank (RTC:SBER), VTB Bank (RTD:VTBR) and other issuers. Altogether they attracted 565 billion RUR ($21.8 billion). This places the MICEX No.2 after LSE (over $ 26 billion).
Today there are 616 entities participating in trading; 503 are admitted
to trading, including 288 credit institutions and 215 non-credit
institutions. They serve over 460,000 registered clients, including
425,000 individual investors (as of January 1, 2007 231,000).
Source: MICEX
In H1 2007 the volume of trades in stock amounted
to 12.58 trillion RUR ($ 482.6 billion ), 2 times more than in the same
period of 2006. On June 30, 2007, the capitalization of the market for
shares traded on the MICEX reached 24.86 trillion RUR ($963.6 billion),
1.5 times more than in the previous year.
Source: MICEX
The MICEX Group is implementing a program to establish regional exchange centers
and provide settlement services of all regional exchange-based market.
In the first six months of 2007 APICEX and RCSEX changed their names for
“The MICEX - Far East” and “The MICEX –
South” correspondingly. The MICEX is the main shareholder in these
exchanges. Regional affiliate companies of the MICEX must change their
business model from that of a regional currency exchange representing
the MICEX in certain areas of business to that of a full-fledged front
office of the MICEX Group in the region. Regional exchange centers must
emphasize interaction with regional issuers, participants in trading and
investors.
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