The trading volume for the reported period exceeded considerably the yearly result of the whole 2002 (117,3 bln dollars). In the trading structure, the share of operations in securities reached 50,8%, having exceeded, for the first time since 1999, the share of transactions in foreign exchange (49,2%).
In 2003, the MICEX market of corporate and regional securities has grown 2,2 times. In the first 9 months, the total volume of transactions in non-government securities, including operations in stocks, bonds and repo, reached 67,8 bln dollars (in the same period of 2002 - 30,1 bln dollars). In January-September 2003, the volume of secondary trades in stocks grew more than 2 times to 55,8 bln dollars (as compared with 27,2 bln dollars in the same period of 2002.) As a result of the first nine months, the MICEX Index reached the record level of 515,17 points, having shown a 61,4% growth since the beginning of the year (318,91 points as of 1.01.2003).
The corporate bonds market grew 3,8 times, which exceeded the overall growth of the stock market. The volume of transactions in corporate bonds reached 8,56 bln dollars, secondary trades accounting for 5,47 bln dollars. This instrument's share in the exchange turnover grew from 2,8 to 4,3%.
Especially noteworthy is the turnover dynamics in the segment of subfederal (regional) and municipal bonds. These instruments' turnover grew 5 times and 6,8 times respectively.
In the market of government securities, turnovers grew 6,7 times. In the first 9 months, the total volume of transactions in these instruments reached 32,1 bln U.S. dollars (in January-September 2002 - 4,8 bln dollars). This figure was achieved as a result of the development of such segments of the government securities market as modified exchange repo operations and repo operations against the Bank of Russia. The volume of these operations reached 21,6 bln dollars. The volume of primary placement of GKO/OFZ at auctions grew 2,5 times. The share of the government securities market in the total exchange turnover grew from 5,9 to 16,3%.
In January-September 2003, the volume of transactions in foreign currencies reached 96,8 bln dollars, which is 2,1 times more than in the same period of 2002. The bulk of operations - 55,6 bln dollars or 57,5% - was accounted for by the afternoon session in SELT system. The largest share of transactions was accounted for by "dollar-ruble" operations (94,6 bln dollars) and "euro-ruble" operations (2 bln dollars).
In the total trading volume, 81,1% was accounted for by cash transactions and 18,9% - by SWAP operations. As of October 1, 2003, the number of members of the MICEX Currency Market Section was 508 credit institutions.
