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Russian Stock Market: Tested by Crisis

Russian Stock Market: Tested by Crisis

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Russian Stock Market: Tested by Crisis

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  1. Russian Stock Market: Tested by Crisis E. Ellinski, MICEX Vice-President

  2. The Russian stock market and the world financial crisis D.Medvedev wins presidential election Bear Stearns announces losses onbondsbacked by subprime mortgage Maximum drop in the Chinese stockmarket over the last 10 years Liquidity crisis in the world market, ECB, Federal Reserveand Asian CBs increase volumes of refinancing Liberalization of the market for Gazprom shares US largest banks and investment companies (in particular, Citigroup and Merrill Lynch) announce record-high losses Fall of stocks of Fannie Maeand Freddie Mac; US Treasury and Federal Reservepromise them assistance For the first time since 2001,Federal Reserveurgentlycutsbase interest rate Bear Stearns: shortage of liquidity, appeal to Federal Reservefor urgent financing S&P upgrades Russia’s rating to investment-grade level 2

  3. Behavior of world stock market indices (29 December 2006=100%) * — January–July. Changes are calculated based on values of indices in USD. 3

  4. Corporate bonds market 4

  5. Market for initial placements of stocks and bonds 5

  6. Secondary share market 6

  7. P/E coefficient* for certain countries and regions 7 * — August 2008, Bloomberg

  8. P/E coefficient* for certain industries of BRIC countries 8 * — August 2008, Bloomberg

  9. Internationalization of the Russian financial market * — January–July 9 9

  10. Breakdown of trading in the share market 10

  11. Attraction of long-termforeigninvestors 11 *Source: Interfax Business Service (materials from Thomson One for IR)

  12. Development of internal investment base 12

  13. Project MICEX Discovery MICEX Discovery — selection criteria: • Service in the NDC • Liquidity • Transparency • Expert opinion(interest of the market) * —according to data fromquarterly reports for the 1st quarter of 2008 13

  14. Improvementof the infrastructure and development ofinstruments • International financial hub: • Considerable number offoreign investors • Ruble is a currency of international settlements • Trading in foreign securities • Financial and banking services satisfying best world standards MICEX Discovery • Concentration of liquidity for Russian assets • Creation of IPO market • Advent of foreign investors • IGC Sector • Commercial papers • Simple clearing New instruments (RDRs, foreign securities, infrastructure bonds) Implementation of CCP in the stock market Transition to partial preliminary deposition of funds in the stock market T+3 settlements Creation of integrated financialmarketcovering CIS 2005 2006 2007 2008 2009 2010 2011 2012 14

  15. Moscow: an international financial hub  MOSCOW LONDON  FRANKFURT PARIS  NEW YORK  TOKYO HONG KONG SYNGAPORE 15

  16. Contacts • Address: • 13 B.Kislovskiy Per., Moscow,125009, Russia • Telephone: • (495) 234-48-11 • Fax: • (495) 705-96-22 • E-mail: • info@micex.com • Web site: • www.micex.ru Prepared by Information and Analysis Division of MICEX