The currency market is in the lead by the volume of operations, its share in the total exchange turnover reaching 58,7%. Over the first three quarters of 2004, the volume of transactions in foreign currencies on the MICEX amounted to 205,2 bln dollars, exceeding 2,1 times the figures of 2003 (96,8 bln dollars). The volume of “currency swap” transactions showed an especially rapid growth, reaching 67,5 bln dollars (3,7 times more than in the same period of 2003).
In 2004, the volume of trading in corporate securities, including regional bonds, continued to grow rapidly. In January-September, 2004, the total volume of transactions in non-government securities, including stocks, bonds, shares of mutual funds and repos, grew 1,6 times and reached 107,0 bln dollars (67,8 bln dollars in the same period of 2003). The volume of secondary trading in stocks grew 1,5 times from 48,8 bln dollars in the first three quarters of 2003 to 71,0 bln dollars in 2004. At the end of the third quarter, the MICEX Index reached 611,03 points (30.09.04), having increased by 18,7% over the beginning of the quarter (on 31.12.2003 – 514,71 points). The MICEX Corporate Bonds Index (RCBI-?), calculated taking into account coupon payments, grew 6,96% and reached 124,14 points (30 September, 2004).
The turnover of trading in corporate bonds grew 1,9 times, outstripping the overall dynamics of the stock market. The volume of transactions in these instruments reached 16,0 bln dollars. The share of this instrument in the volume of exchange trading grew from 4,3 to 4,6%.
Subfederal (regional) and municipal bonds continued to demonstrate the rapid growth of turnovers: the volume of transactions in these instruments reached 10,93 bln dollars (growth - 3,2 times) and 0,24 bln dollars (growth - 2,4 times) correspondingly.
Over the first three quarters of 2004, the total volume of transactions in government securities reached 37,5 bln US dollars (32,1 bln dollars in the same period of 2003). The share of this segment in the total exchange turnover decreased from 16,3% to 10,7%. At the same time, turnovers of direct repo against the Bank of Russia and inter-dealer repo transactions in government securities demonstrated considerable growth: in the first nine months of 2004, their volume grew 2,1 times over the same period of 2003. The MICEX launched deposit operations of the Bank of Russia, using the government securities market’s trading and settlement systems (the volume of deposits has already reached 4 bln dollars), and resumed trading in the bonds of the Bank of Russia.
Over the first three quarters of 2004, the volume of trading in the derivatives market reached 141,7 mln dollars, which exceeds 1,7 times the results of the same period of 2003.
