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MICEX Currency Market : latest developments

MICEX Currency Market : latest developments. Igor Marich, Vice-president, MICEX. April 201 1. Behavior of the MICEX Group’s markets and key financial indicators. 2. Ranking of world exchanges by volumes of trading in stocks. 3. MICEX currency market volumes and shares. 4.

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MICEX Currency Market : latest developments

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  1. MICEX Currency Market: latest developments Igor Marich, Vice-president,MICEX April 2011

  2. Behavior of the MICEX Group’s markets and key financial indicators 2

  3. Ranking of world exchanges by volumes of trading in stocks 3

  4. MICEX currency market volumes and shares 4

  5. MICEX currency market clearing service development New risk-management system: • Singlecollateralfor allinstruments. • Portfolio approach to risk evaluation of all instruments. • Single positionforevery currency and settlement date. • Adaptive rate of collateral may change during and after trading, considering changes in the volatility. 5

  6. MICEX currency market liquidity increasing Two-tier membership: • Direct Market Access (DMA) to MICEX currency market via market participants. New fee structure: • Reduced fee for liquidity providers. • Flexible fee structure. • Penalties for breaking the fill-ratio. 6

  7. New MICEX currency market instruments • Basket for rub/currency pairs (BKT = 55% USD & 45% EUR);value datesT+0 andT+1. • FX Swaps with fix period: T+1week, T+1month, T+3month. • NewCNY/RUB currency pair instruments:T+1, T+2, swap. • UAH/RUB, BYR/RUBandKZT/RUB value datesT+0. 7

  8. Contacts Address: 13, B. Kislovsky Per., Moscow, 125009 Telephone: (495) 234-48-23 (495) 234-24-70 www.micex.ru 8

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