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Russian banks can now use the MICEX System of Electronic Trading to effect deposit transactions with the Bank of Russia to place funds on the Bank of Russia’s deposit on “demand” terms as well as credit transactions (collateral crediting). Besides, the MICEX has introduced the second (evening) trading session, in the course of which participants can effect deposit and credit transactions with the Bank of Russia on fixed terms.
During the first week of effecting deposit and credit operations carried out in the MICEX Electronic Trading System (since 2 October), the Bank of Russia effected 77 deposit transactions. 22 lending institutions from 7 Russian regions took part in trading. The total volume of transactions exceeded 18 billion rubles; 63 lending institutions were admitted to operations.
The order of effecting the Bank of Russia’s deposit and credit operations with the use of the MICEX trading system is regulated by the Bank of Russia’s bylaws and the MICEX Rules, which were put into effect by the MICEX Executive Board on 2 October 2006.
The effecting of deposit and credit transactions with the Bank of Russia using the MICEX System of Electronic Trading gives market participants the following advantages:- the high promptness of effecting deposit and credit transactions with the Bank of Russia;
- the high-tech system of effecting transactions, based on the MICEX’s existing technologies (the automatic mode of effecting transactions, preparing and submitting reports; electronic document interchange);
- low costs of participation combined with different options of technological access providing for regional peculiarities;
- the possibility of prompt use of funds kept in accounts with payments centers of the orderly securities market for operations in other MICEX markets (FX, government securities, shares, corporate bonds, etc.);
- technological compatibility with other MICEX products; common interface.
