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Implementing its regional development strategy, the MICEX has increased its share in the capital of the Nizhni Novgorod Currency and Stock Exchange (NNCSE) by acquiring controlling interest in this regional exchange. The general meeting of shareholders of the NNCSE, held on November 29, 2007, in Nizhni Novgorod, decided to amend the Charter and change the name of the Exchange. The new name of the subsidiary regional exchange is Regional Exchange Center "MICEX - Volga Region".
According to the MICEX President Alexander Potemkin, the Regional Exchange Center will continue to cooperate with the financial community of the Nizhni Novgorod Region.
This year, two regional branches of the MICEX have been re-branded. The Rostov Currency and Stock Exchange was turned into the Regional Exchange Centre “MICEX – South”, while the Asian-Pacific Interbank Currency Exchange was turned into the Regional Exchange Centre “MICEX – Far East".
The main goals of the regional subsidiaries of the MICEX is transition from the model of regional currency exchanges representing the MICEX in selected areas of business to the model of full-fledged front office of the MICEX Group in corresponding Federal districts. Regional exchange centers emphasize interaction with regional issuers, participants in trading and investors, promote the entire range of financial instruments and services developed by the MICEX Group and conduct educational and training programs with the participation of the MICEX Group.
The Nizhni Novgorod Currency and Stock Exchange, established in 1993, operates a currency market, a government securities market, a commodity market and a stock market. As of December 1, 2007, turnovers for the NNCSE’s markets amounted to:
the currency market: 31 billion rubles;
the government securities market: 223 billion rubles;
the commodity market: 0.449 billion rubles and
the stock market: 902 billion rubles.
The NNCSE holds on-exchange trading to place the state order of the Nizhni Novgorod Region.
The Moscow Interbank Currency Exchange (MICEX), established in 1992, is the head company of an exchange holding. The MICEX Group is an integrated exchange providing services connected with organizing electronic trade, clearing and settlements as well as depository and information services. The Group also includes the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, the National Depository Center, the National Clearing Center, regional exchange centres, regional settlement centres and some other organizations. The Group serves over 1700 participants in the exchange-based market - leading Russian banks and broker companies from Moscow and other large financial and industrial centres of Russia. Today the MICEX Group operates several key segments of the financial market: the currency market (since 1992), the government bonds market (since 1993), the derivatives market (since 1996), the share market (since 1997), the market for corporate and regional bonds (since 1999) and the money market (2004). Having implemented an up-to-date electronic trading and depository system, the MICEX became a universal financial exchange which served as a basis for the national system of trading and settlements on Russia’s regulated financial market. By the total trade volume (in January-November 2007: 96.9 trillion rubles or 3.8 trillion dollars, the average daily volume of transactions: 425 billion rubles or 16.7 billion dollars) the MICEX is the largest exchange in Russia, the CIS and Eastern Europe. It is among the world’s top 20 leading stock exchanges.
