The main factors that brought about the growth were:
- the RF Finance Ministry's borrowing policy: the volume of funds, attracted to the budget, reached over 100 billion rubles (3,4 billion dollars), 3 times more than in the same period of 2002 (exceeding the figure for the whole year of 2002 by almost 15%);
- the active use of exchange modified REPO by the Bank of Russia and market participants: the total volume of exchange modified REPO auctions reached over 372,5 billion rubles (11,9 billion dollars);
- the formation of liquid (model) issues of government securities in the key points of the profitability curve: the volume of secondary trades in new bonds (bonds with debt amortization - OFZ/AD) reached over 77 billion rubles (2,5 billion dollars) - 47% of the whole turnover on the secondary market;
- the improvement of the market infrastructure: the resumption of operations of direct REPO against the Bank of Russia, whose volume reached over 43 billion rubles (1,4 billion dollars) in the first six months, the improvement of the market's settlement and clearing mechanism (the effecting of settlements for transactions in the course of the continuous trading session).
