Moscow Interbank Currency Exchange
Moscow Interbank Currency Exchange Type Stock exchange Location Moscow, Russia Founded 1992 Owner MICEX Group Key people Ruben Aganbegyan (President) Currency Russian ruble No. of listings 250 MarketCap US$998.6 billion (Dec 2010) Indexes MICEX Index Website www.micex.com
The Moscow Interbank Currency Exchange (Russian: Московская межбанковская валютная биржа) or MICEX is one of the largest universal stock exchanges in the Russian Federation and East Europe. MICEX opened in 1992 and is the leading Russian stock exchange. About 239 Russian companies are listed, with a market capitalization of US$950 billion as of December 2010.
MICEX consists of about 550 participating organizations and members, which trade for their clients. In 2006 the volume of transactions on the MICEX reached 20.38 trillion rubles (US$754.9 billion), representing more than 90% of the total turnover of the leading stock exchanges in the Russian stock market.
MICEX started with currency auctions in November 1989 as an initiative by the Foreign trade and investment bank of the USSR. Thus, for the first time the market ruble exchange rate to dollar was established. In January 1992 it became the main platform for carrying out currency transactions for banks and enterprises.
Until July 1992 the rate in the Moscow Interbank Stock Exchange was used by the Central Bank for the official quotation of ruble to foreign currencies.
In the mid 1990s preparation for trading corporate securities and futures began. Despite the August crisis of 1998, the stock exchange continued to strengthen its position as a leading trading platform in Russia.
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