Signing the agreement, both parties noted that the contents and the spirit of the document are based on the long-term successful interaction between the MICEX and the NSMA, aimed at developing the stock market in the interests of its professional participants.
The agreement envisages the following areas of joint work:
- holding joint events aimed at developing the stock market (including events held in Russia's regions) and promoting services and technologies for market professionals;
- providing organizational, technological and information support to projects on the stock market, including regional stock markets;
- regular information exchange, including advice, given by the heads of the MICEX and the NSMA on issues connected with the subject of the agreement;
- holding meetings, conferences and seminars with a view to work out proposals on the development of instruments, operations, technologies and the normative and legal base of the sock market and create favorable conditions for its participants.
According to the MICEX CEO Alexander Zakharov, the signing of the agreement with the NSMA is in full accord with the MICEX's plans to develop the markets of government and corporate securities and the futures markets, which, considering Russia's continuing economic growth, will help to form favorable investment climate. "We hope", said A.Zakharov, "that cooperation between the MICEX and the NSMA will promote the formulation of the state policy with respect to the financial market and help to create a high-technology system of the refinancing of commercial banks. It will also help to develop the financial market in Moscow and Russia's regions, mortgage and mortgage securities as well as trust management and collective investments."
The NSMA president Konstantin Volkov said at the signing ceremony that the NSMA's everyday efforts are aimed at solving the problems of professional market participants and optimizing their business by developing its technological component. The NSMA's work is founded on the consolidated position of the professional community and contacts with government agencies, which helps it to find acceptable solutions to important problems. The NSMA considers it important to develop cooperation with the MICEX, Russia's leading stock floor, as this cooperation helps the NSMA to implement its program of improving conditions of work on the Russian stock market and satisfies the interests of its participants and the market as a whole.
The Moscow Interbank Currency Exchange (MICEX) is Russia's leading exchange. It has served as a basis for the national system of trades in currency, stocks and derivatives, covering Moscow and Russia's largest centers of finance and industry. The MICEX is the largest exchange in CIS and East Europe. Jointly with its partners the MICEX provides settlement and clearing as well as depository services for over 1500 organizations. In 2002, the MICEX's turnover reached about 117 billion dollars.
The National Stock Market Association is a self-regulated organization, acting as an official representative of the professional stock market community in the bodies of state power. The Association is comprised of about 200 lending institutions and investment companies - professional participants of the securities market - from 20 regions of Russia. Their transactions amount to over 50% of the volume of the Russian securities market. The NSMA sees its priority in developing the Russian stock and financial markets and providing favorable environment for the work of its members.
