The Bank Of Russia Joins The MICEX Electronic Document Circulation System

The RF Central Bank has become another participant of the MICEX electronic document circulation system after signing an agreement with the MICEX about joining the Rules of electronic document turnover. This enables the Bank of Russia to use more extensively the possibilities of the electronic document circulation when organising interaction with the MICEX, the National Depository Centre and the MICEX Settlement House, and, in particular, when implementing new projects on the government securities market.

The MCEX electronic document circulation system enables:

• to organise the use of electronic documents when concluding transactions or performing important legal acts;
• to computerise document-intensive processes;
• to reduce risks, connected with the work of electronic systems supporting information interaction between involved parties; and
• to protect the rights of the participants of electronic document circulation.

The use of electronic documents in interaction between participants of trades in the MICEX electronic document circulation system is regulated by the Rules of electronic document circulation. According to the Institute of the State and the Law of the RF Academy of Sciences, these Rules are in full compliance with the RF legislation and can be used to regulate electronic document circulation on the currency, stock and derivatives markets of the MCEX.

Since September, 2002, the MICEX electronic document circulation system has used the technology of work with certificates of electronic signature keys, stipulated in the Federal Law "On electronic digital signature". This technology is unified for all clients of the MICEX, the National Depository Centre and the MICEX Settlement House.

At present, over 500 organisations are participants of the MICEX electronic document circulation system. The MICEX Centre for certificates management has issued over 1000 certificates helping professional market participants to exchange legally important electronic documents.