The results of the Moscow Central Stock Exchange performance in 1997

Sergey Karpov
Moscow Central Stock Exchange

The Moscow Central Stock Exchange (MCSE) is one of the leading market places in the Russian future and option industry. MCSE offers government bond contracts, common stock contracts on leading Russian equities, future and option contracts - in fact, more than 15 instruments.

Currently there are 200 clearing member firms, banks and brokerage houses. In interaction with the Moscow SBERbank or the RF, which performs the function of the accounting centre and depository, MCSE guarantees protection of the interests of the participants and minimises their risks.

Annual volume of trades, min. $ 28456,9
Average daily volume, min. $ 113,83
Fixed capital, min. rbls 5160
Number of main financial instruments 18
Number of clearing members 203
Number of exchange members 483
Number of listing firms 12 (17)
Trading system screen-based multi-functional
Number of working places 200-2000
Number of remote working places 50-1000
Type of clearing multilateral
Scheme of transaction accounting from T+O

Financial instruments

Government bond contracts:

  • Moscow state loan bonds

Contracts on the shares of the leading Russian oil companies (LUKoil, MosENERGO, RosTelekom, GAZPROM, RAO EESR).

Future contracts:

  • stock future contract on the company LUKoil common shares;
  • stock future contract on the company MosENERGO common shares;
  • stock future contract on the company Ros Telekom common shares;
  • stock future contract on the company GAZPROM common shares;
  • stock future contract on the company RAO EESR common shares;
  • future contracts on federal floating rate notes (OFZ);
  • future contracts on government bonds;
  • future contracts on US$/RUR exchange rate;
  • options.

Annual volume traded, 1993-97

1993 1994 1995 1996 1997
Shares (billion rbls) 0,3957 6,365 8,138 98,469 90,901
Future contracts (billion rbls) 178,335 506,362 34876,138 163924,693
Government bonds 503,628
Total volume billion rbls 0,3957 184,7 514,5 34974,607 164519,221
Total volume, min. $ 0,28 76,946 2047,2 6635,45 28456,867

Average daily trade volume, 1993-97

1993 1994 1995 1996 1997
Volume, billion rbls 0,0017 0,77 2,144 145,7 658,077
Volume, million $ 0,0012 0,32 8,53 23,97 113,827

Quarterly trade volume in 1997

1st quarter 2nd quarter 3rd quarter 4th quarter Total Total, %
US$/RUR exchange rate
Number of contracts 55755 16764 6616 1410 80545
Volume, billion rbls 330,599 98,075 39,005 8,395 476,07 0,29
Open interest 2734 1726 1000 281
Stock futures
Number of contracts 29812 173737 2197352 2000936 4401837
Volume, billion roubles 275,095 1619,574 30338,679 27824,51 60057,86 36,51
Open interest 2117 9139 25812 7723
Futures on GKO, OFZ
Number of contracts 30317221 64067667 16608638 205084 111198610
Open interest 461798 896505 30667 4314
Volume, billion roubles 26,270,9 54,854,51 14,960,77 172,236 96,258,42 58,51
State loan bonds, billion roubles 1,334 134,953 280,185 87,146 503,628 0,31
Options
Number of contracts 883038 5287081 1490670 7930 7668719
Volume, billion roubles 771,566 4575,2 1653,156 132,413 7132,335 4,34
Open interest 98069 513153 1314
Corporate shares, billion roubles 0,059 12,519 51,68 26,642 90,901 0,06
Total, billion roubles 27649,54 61294,83 47323,47 28251,3 164519,2
Total,% 16,81 37,26 28,76 17,17 100

Trade volume of financial instruments, 1995-97

Instrument 1995, billion roubles 1995, min. $ 1996, billion rbls 1996, min. $ 1997 billion, roubles 1997, min. $ Share, %
GKO,OFZ 503,63 87,11 0,31
Shares 8,138 12,9 98,5 20,09 90,90 15,72 0,06
Stock futures 600,57 10388,2 36,51
US$/RUR exchange rate 8786,0 1952,4 10972,2 2179,02 476,07 82,35 0,29
Futures on GKO/OFZ 368,7 81,9 23903,9 4436,43 96258,42 16649,81 58,51
Options 7132,34 1233,68 4,34
Total, billion rbls 514,5 34974,6 164519,2 100,0
Total, million $ 2047,2 6635,45 28456,87 100,0


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