Moscow Interbank Currency Exchange (MICEX)

History of the Moscow Interbank Currency Exchange :

The early 1990s reforms in the market encouraged a group of leading Russian banks and the Bank of Russia to launch the Moscow Interbank Currency Exchange (MICEX). After a few days, the MICEX foreign exchange market started trading the US currency.

After a year, the MICEX government bonds market was opened, where over 270 authorized dealers trade government securities today. In 1996, the market of derivatives began trading the US Dollar and Euro futures. The MICEX is planning to launch in indexes and futures on stocks and bonds of Russia's leading companies in the near future.

In 1997, the MICEX started forming the market for securities. The MICEX Stock Market trading began in the bonds of the Republic of Tatarstan, Moscow Region and 'agribonds,' debt liabilities of the entities of the Russian Federation. From the very beginning the Stock Exchange has been developing significantly reaching the daily average turnover reached the sum of over 8.5 million dollars at the end on 1997.

In 1999, the market for corporate and regional bonds was established. Recently corporate bonds have become the main source of attracting investments for Russian companies. Today over 210 Russian companies and banks trade their corporate bonds on the MICEX. And finally, the money market was launched in 2004.