The trading volume, reached in the first six months of 2003, exceeds the trading volume of the whole year of 2002 (117,3 billion dollars). For the first time since 1999, the share of operations in securities in the structure of trades reached 51%, exceeding the share of transactions in foreign currency (48,9%).
The turnover of the government securities market grew more than 7 times. The total volume of transactions in government securities in the first six months amounted to 22 billion US dollars (in the first six months of 2002 - 3 billion dollars). The growth was the result of the development on the MICEX of such segments of the government securities market as exchange modified REPO operations and REPO against the Bank of Russia. The volume of primary placement of GKO/OFZ through auctions grew more than 3-fold. The share of the government securities market in the overall exchange turnover grew from 5,6 to 17,9%.
In 2003, the market of corporate and regional securities grew 2-fold. In the first six months the total volume of transactions in non-government securities, including REPO operations, reached 40,7 billion dollars (in the same period of 2002 - 20,1 billion dollars). The volume of secondary trades in stocks grew by about 60%: from 555,9 billion rubles (17,9 billion dollars) in the first six months of 2002 to 907,6 billion rubles (29,2 billion dollars) in the first six months of 2003. In the first six months of 2003, the MICEX Index surpassed the mark of 450 points (on 30 June the Index value was 455,44 points), showing a 40% growth (on 1 January 2003 - 318,91 points).
The corporate bonds market grew 3,5-fold, exceeding the average growth figure of the MICEX stock market. The volume of transactions in these securities reached 5 billion dollars. The share of this instrument in the volume of exchange trades grew from 2,7 to 4,1%.
The most dynamic segment of this market was REPO operations in corporate securities and regional bonds, which grew almost 14-fold. Their share in the exchange turnover reached about 4%. The turnover of subfederal (regional) bonds grew 6,3-fold.
In the first six months of 2003 the volume of exchange transactions in foreign currencies reached 60,2 billion dollars (in 2002 - 30 billion dollars). The average daily trading volume in the currency market grew more than 2,3 times from 279 million dollars in 2002 to 647 million dollars in the first six months of 2003. The average daily volume of trades in the euro for Russian rubles grew 1,6 times from 7 million in 2002 to 11,5 in the first six months of 2003. The number of members of the MICEX Currency Market Section (as of 1 July 2003) is 507 lending institutions, of which 32% is regional banks.
