Moscow Interbank Currency Exchange: On the Road to Success
The stock market in Russia is not popular phenomenon and is far from being as developed as in other countries of the world. All because of the Soviet past, during which such activities are not carried out practically. It is not surprising that in terms of capitalization level, the Moscow Exchange (the old name is Moscow Interbank Currency Exchange) ranks 22nd in the world with a turnover of 621 billion dollars. For comparison: the quotes of the leading New York platform are almost 30 trillion, and the stock exchange of the small island state of Taiwan is one and a half times larger than Moscow.
But do not forget that the history of the largest stock exchange of the Russian Federation has nearly 30 years, so its success is still ahead.
Start and current position of the Moscow Interbank Currency Exchange
The present Moscow Exchange was formed in the period from 1989 to 1992, when currency auctions organized by Vnesheconombank began to be held in the USSR. At the end of the 80s, the market exchange rate of the ruble to the dollar was established, and after 3 years, the Moscow Interbank Currency Exchange appeared. She replaced the State Bank Currency Exchange. Since the beginning of the 90s, the Central Bank of Russia has been using the course rate to create official ruble exchange rates against foreign currencies.
MICEX became the first exchange of the Russian Federation on which operations began to be conducted with state short-term bonds, which allowed it to become a universal platform for holding various trades.
In the mid-90s, the platform entered a new stage of development, creating the conditions for trading new financial instruments, including company securities and futures. The economic crisis in Russia, manifested in 1998, did not stop the work of the exchange. Over time, it began to build momentum and strengthen its already leading position in the local market.
Even earlier, in 1995, brokers organized the Russian trading system in the form of a list of quotations, according to which transactions were conducted with shares of domestic companies. Prepayment was not taken at the auction, and in the future, it became one of the main advantages of the RTS over competitors. RTS Stock Exchange was registered officially in September 1995.
In the 90s, the exchange worked mainly for Western markets. The first platform was the Classic stock market, arranged according to the client’s instructions to the broker. The calculations on this site were carried out in US dollars.
RTS Standard is another platform of the Russian trading system – appeared in 2009. It allowed the RTS to not only engage in the trading of production of tools, but also gain a foothold in the stock market.
In 2011, RTS and MICEX merged. This is how the Moscow Exchange is known now.
In addition to operations in the stock, currency, money and derivatives markets, they also trade in gold and silver. Such an opportunity appeared in 2013.
