The BRICS Securities and Derivatives Markets - Hong Kong ...
The BRICS Securities and Derivatives Markets - Hong Kong ...
The BRICS Securities and Derivatives Markets - Hong Kong ...
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Market capitalisation / Turnover (US$ bil)<strong>The</strong> <strong>BRICS</strong> <strong>Securities</strong> <strong>and</strong> <strong>Derivatives</strong> <strong>Markets</strong>Figure 3-1. Domestic stock market capitalisation <strong>and</strong> annual securities turnover of MICEX(2002 – 2011)1,4001,200Domestic stock market capitalisation <strong>and</strong> annual securities turnover of MICEX (2002 - 2011)Market capitalisation<strong>Securities</strong> turnover*1,2221,0008879498007367716004002664206244273374744435392000138 1535936 73100 1142002 2003 2004 2005 2006 2007 2008 2009 2010 2011* Comprising stocks, RDRs <strong>and</strong> investment funds* TurnoverSources:of stocks,MoscowRDRsExchange<strong>and</strong><strong>and</strong>investmentWorld Federationfundsof Exchanges (WFE)Sources: Moscow Exchange <strong>and</strong> WFE<strong>Securities</strong> that have gone through the listing procedure are admitted to trading on any one ofthe five quotation lists — A1, A2, B, V <strong>and</strong> I — depending on the requirements satisfied bythe securities (A1 has the most stringent requirements while V <strong>and</strong> I have the least).Alternatively, securities can go through a simplified procedure for admission to tradingwithout being listed. In 2011, both MICEX <strong>and</strong> RTS-SE had two newly listed companiesthrough IPOs, raising capital of US$2 billion in total 5 .Moscow Exchange operates the Innovation <strong>and</strong> Investment Market (IIM), created jointlywith the Russian State Corporation of Nanotechnologies (ROSNANO), to help growthtechnology companies attract investment. This sector consists of three segments: (1) theInnovation <strong>and</strong> Growth Companies (IGC) sector to allow IPOs of eligible companies; (2) aprivate placement platform; <strong>and</strong> (3) the IPOBoard (an online information <strong>and</strong> trading system)to facilitate fund raising by non-public technology companies.<strong>Securities</strong> trading constituted 51% of total cash market trading value of MICEX in 2011. Ofthis, about half was in bonds <strong>and</strong> bond repurchase agreements (repos) (see Figure 3-2) inwhich government securities play an important role. GKO, OFZ (two types of governmentbonds — zero-coupon treasury bills <strong>and</strong> coupon-bearing bonds respectively) <strong>and</strong> CBR bondsare the main instruments of this segment. MICEX calculates the Russian Government BondIndices (RGBI) <strong>and</strong> yield indicators based on the prices of these instruments. Notably, repotrading on stocks is also popular, constituting 17% of total cash market trading of MICEX.5Figures are from WFE annual statistics, which may include dual-listings.- 10 - Research & Corporate Development, HKEx31 December 2012
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