MICEX Joins The World Federation Of Exchanges As An Affiliated Member

The World Federation of Exchanges has decided to give the Moscow Interbank Currency Exchange (MICEX) the status of affiliated member of the Federation. The decision was made at the 29 January meeting of the WFE’s Board of Directors in Paris, which considered upgrading the status of the MICEX’s membership in the Federation. This leading association of the exchange industry is comprised of over 100 exchanges across the world. Before, the MICEX had the initial status of correspondent member, which it received in 2002.

The status of affiliated member of the WFE will help the MICEX to widen its base of clients – nonresident investors, as Western investors may considerably increase limits on national exchanges which are full or affiliated members of the WFE.

Today, by the total trade turnover, the MICEX is the largest exchange in Russia, the CIS, Central and Eastern Europe. Besides, the MICEX Stock Exchange is among top 20 stock exchanges in the world by trade turnover in the share market.

Trading in shares (without repos) on world leading exchanges (bn USD):

	Exchange	2005	2006	2006 over 2005, %	3^rd quarter of 2006	4^th quarter of 2006
1	NYSE	14125,3	21789,4	54,3	5045,2	5527,1
2	Nasdaq	10086,7	11807,5	17,1	2589,4	3030,1
3	London SE	5673,9	7583,8	33,7	1708,2	2126,3
4	Tokyo SE	4426,6	5824,9	31,6	1257,4	1370,1
5	Euronext	2901,3	3805,3	31,2	785,8	961,5
6	Deutsche Börse	1912,3	2741,6	43,4	582,3	713,1
7	BME Spanish Exchanges	1567,7	1941,2	23,8	451,3	595,3
8	Borsa Italiana	1300,4	1596,2	22,7	294,6	466,3
9	OMX	951,0	1332,7	40,1	277,2	364,9
10	TSX Group	904,4	1282,5	41,8	309,4	328,3
11	Swiss Exchange	975,7	1395,6	43,0	270,4	316,7
12	Korea Exchange	1204,3	1339,6	11,2	266,4	296,7
13	Shanghai SE	238,8	738,9	209,4	161,4	279,3
14	Hong Kong Exchanges	464,3	832,4	79,3	159,4	269,3
15	Australian SE	672,5	860,7	28,0	208,7	242,6
16	Taiwan SE Corp.	584,5	737,7	26,2	144,0	193,0
17	Shenzhen SE	154,4	423,7	174,4	95,3	144,3
18	American SE	608,1	601,2	-1,1	128,9	123,7
19	National Stock Exchange India	314,5	424,3	34,9	84,9	111,8
20	MICEX SE	115,5	406,9	253,8	109,1	111,4
21	Oslo Børs	234,2	406,5	73,6	86,2	108,0
22	Sao Paulo SE	166,5	276,1	65,8	59,4	77,8
23	JSE	201,5	312,3	55,0	67,6	70,1
24	Bombay SE	158,9	215,0	35,3	40,9	57,7
25	Osaka SE	216,0	263,0	21,8	57,0	54,3

Source: WFE, MICEX (the ranking is based on trade volumes reached in the 4th quarter of 2006)

The MICEX develops its international links by cooperating with numerous leading overseas exchanges, such as the New York Stock Exchange (NYSE), the NASDAQ, the Chicago Mercantile Exchange (CME), the London Stock Exchange (LSE), the Deutsche Boerse (DB), the Wiener Boerse (WBAG), the OMX Group, the Shanghai Stock Exchange (SSE) and some others. The MICEX has signed bilateral memoranda of cooperation with a number of international exchanges. The MICEX is also a member of the International Association of Exchanges of the CIS Countries.

Background

The World Federation of Exchanges is the trade organization for regulated securities and derivative markets. Members of the Federation are 55 regulated stock markets from all continents, 21 exchanges are affiliated members and 34 are correspondent members. The total market capitalization of securities traded on exchanges – members of the Federation amounts to 97% of the total capitalization of enterprises comprising the world economy. Exchanges – members of the Federation also serve most markets for derivatives and shares of mutual and investment funds.