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Russian Stock Market: Tested by Crisis. E. Ellinski, MICEX Vice-President. The Russian stock market and the world financial crisis. D . Medvedev wins presidential election. Bear Stearns announces losses on bonds backed by subprime mortgage.

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russian stock market tested by crisis

Russian Stock Market: Tested by Crisis

E. Ellinski, MICEX Vice-President

the russian stock market and the world financial crisis
The Russian stock market and the world financial crisis

D.Medvedev wins presidential election

Bear Stearns announces losses onbondsbacked by subprime mortgage

Maximum drop in the Chinese stockmarket over the last 10 years

Liquidity crisis in the world market, ECB, Federal Reserveand Asian CBs increase volumes of refinancing

Liberalization of the market for Gazprom shares

US largest banks and investment companies (in particular, Citigroup and Merrill Lynch) announce record-high losses

Fall of stocks of Fannie Maeand Freddie Mac; US Treasury and Federal Reservepromise them assistance

For the first time since 2001,Federal Reserveurgentlycutsbase interest rate

Bear Stearns: shortage of liquidity, appeal to Federal Reservefor urgent financing

S&P upgrades Russia’s rating to investment-grade level

2

behavior of world stock market indices
Behavior of world stock market indices

(29 December 2006=100%)

* — January–July. Changes are calculated based on values of indices in USD.

3

attraction of long term foreign investors
Attraction of long-termforeigninvestors

11

*Source: Interfax Business Service (materials from Thomson One for IR)

project micex discovery
Project MICEX Discovery

MICEX Discovery — selection criteria:

  • Service in the NDC
  • Liquidity
  • Transparency
  • Expert opinion(interest of the market)

* —according to data fromquarterly reports for the 1st quarter of 2008

13

improvement of the infrastructure and development of instruments
Improvementof the infrastructure and development ofinstruments
  • International financial hub:
  • Considerable number offoreign investors
  • Ruble is a currency of international settlements
  • Trading in foreign securities
  • Financial and banking services satisfying best world standards

MICEX Discovery

  • Concentration of liquidity for Russian assets
  • Creation of IPO market
  • Advent of foreign investors
  • IGC Sector
  • Commercial papers
  • Simple clearing

New instruments (RDRs, foreign securities, infrastructure bonds)

Implementation of CCP in the stock market

Transition to partial preliminary deposition of funds in the stock market

T+3 settlements

Creation of integrated financialmarketcovering CIS

2005

2006

2007

2008

2009

2010

2011

2012

14

moscow an international financial hub
Moscow: an international financial hub

 MOSCOW

LONDON

FRANKFURT

PARIS 

NEW YORK

 TOKYO

HONG KONG

SYNGAPORE

15

contacts
Contacts
  • Address:
    • 13 B.Kislovskiy Per., Moscow,125009, Russia
  • Telephone:
    • (495) 234-48-11
  • Fax:
    • (495) 705-96-22
  • E-mail:
  • Web site:
    • www.micex.ru

Prepared by Information and Analysis Division of MICEX

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