Moscow Interbank Currency Exchange

In this paper we will discuss about the Moscow Interbank Currency Exchange. It was founded in 1992. During the early 1990s Russia had adopted market reform which allowed many leading Russian banks to form Moscow Interbank Currency Exchange (MICEX).
It supervises several segments of the Russian financial market like, corporate as well as government bond market, derivatives market and share market. In 2006, the Moscow Interbank Currency Exchange managed a big transaction amount, 754.9 billion dollars.
The Moscow Interbank Currency Exchange (MICEX) is the biggest universal stock exchange in the Eastern European territory and, of course, in Russia.
The MICEX had been established in 1992. More than 600 companies currently are trading with the Moscow Interbank Currency Exchange. It is now a leading stock exchange in Russia with a capital value of 24 trillion rubbles.
Basically, the MICEX had been formed with market reforms in Russia in the early 90s. Many leading banks in Russia and the Bank of Russia itself founded this organization in 1992.
Almost 550 organizations have taken the membership of the Moscow Interbank Currency Exchange. It is now one of the main trading organizers in the derivatives market of Russia. In addition to that, MICEX holds almost 95% stake in the currency futures market.
In 2006, MICEX’s recorded a transaction worth 754.9 billion American dollars, which was over 90% of the net turnover claimed by all the other Russian stock exchanges.
The Central Bank of Russia has been using the rates set by the MCIEX for quoting rubles officially to foreign currencies since 1992.
From its very beginning, MICEX has been overseeing several important sections of the financial market, namely, the corporate and regional bonds market, the government bonds market, the share market, the currency market, and the derivatives market. The recent addition to that list was the money market, from 2004.
Trading in the Moscow Interbank Currency Exchange is usually done on a fully electronic trading platform.
This organization is now working as a national trading system for government securities (GS). It covers eight important regional financial centers in Russia.

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Last Updated on : 27th June 2013

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