Speaking at the general meeting, Director of the MICEX Settlement House Ludmila Meshcheryakova said that, in pursuance of the previous general stockholders’ meeting, the MICEX SH’s authorized capital was increased by 241.5 million rubles as a result of distributing 241.5 thousand common registered shares among stockholders. The increase of the authorized capital enabled the Settlement House to bring its own capital in correspondence with the character and the scale of settlement operations carried out on the financial market.
In 2005, the MICEX SH provided reliable settlements in Russian rubles for traders’ transactions on all of the MICEX markets and on the market of corporate securities after the establishment of the MICEX Stock Exchange. The MICEX SH also provided settlements in foreign currencies for transactions in the bonds of Russia’s foreign bond loans.
The MICEX SH is realizing projects based on joined efforts of organizations comprising the MICEX Group. Besides settlements on the OTC market on “delivery vs. payment” terms, the MICEX SH and the National Depositary Center implemented the procedure of making payments to depositors in US dollars as a result of redemption of eurobonds and in Russian rubles as a result of redemption of certain issuers’ securities.
The rapid development of the Russian financial market brought about considerable increase in the volumes of the MICEX SH’s settlement operations. Over 2004, the turnover of funds involved in settlements on the government securities market grew by 65.4%, on the corporate securities market – by 45.5%, on the foreign exchange market – by 58.7%, while the total turnover of funds on all markets amounted to 41.3 trillion rubles or, on average, 166.5 billion rubles a day.
The general meeting elected members of the MICEX SH Supervisory Council: Yuri Dubinin, Director of Sberbank’s Depositary, Nikolai Yegorov, Senior Vice-President and member of the MICEX Board, Ludmila Meshcheryakova, Director of the MICEX SH, Alexander Potemkin, President of the MICEX, Alexei Rybnikov, Senior Vice-President and member of the MICEX Board, Tatyana Fomina, Head of Department of International Moscow Bank, Olga Zavgorodnyaya, Senior Vice-President and Deputy Chairperson of the Board of Eurofinance Mosnarbank.
At the first meeting of the MICEX SH Supervisory Council, the MICEX President Alexander Potemkin was unanimously elected its Chairman.
