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Russia’s Securities Market — Challenges and Opportunities
A. Potemkin
MICEX, President
Volume of transactions with Russian equities on Russian and
foreign exchanges. Number of investors on the MICEX SE
bn USD
300
225000
250
200000
200
175000
150
150000
100
125000
50
100000
0
75000
I Q 2005
II Q
Foreign exchanges
III Q
IV Q
I Q 2006
Russian exchanges
II Q
III Q
Number of investors
2
Striving towards stock market liquidity:
development of REPO market
Equity Market trade volume, bn USD
Bond Market trade volume, bn USD
60
160
140
Secondary market
50
REPO
Secondary market
REPO
120
40
100
80
30
60
20
40
10
20
0
0
I
II
2004
III
IV
I
II
2005
III
IV
I
II
2006
III
I
II
2004
III
IV
I
II
2005
III
IV
I
II
2006
III
3
Banking sector development
Lending to private and real sectors of
Russian economy, bn USD
250
Private persons
21,60%
Mining
2,70%
Manufacturing
16,10%
193,2
200
Production and
distribution of
electricity, gas and
water
2,00%
Transport
and
communic
ations
3,10%
137,7
150
113,5
100
Structure of credits
77,0
Other
23,10%
50
Trade
20,70%
Construction
4,80%
0
2003
2004
2005
Agriculture
3,60%
2006
(sept)
4
Russian capital market: development of corporate
bonds’ sector
Volume of bonds issued and its ratio
to the volume of fixed capital
investments
Structure of corporate debt
(face value; 31 dec. 2005)
bn USD
14
14%
12
12%
10
10%
8
8%
6
6%
4
4%
2
2%
0
0%
2001
2002
2003
2004
2005
2006
(est.)
Volume of bonds issued
Ratio to the volume of fixed capital investments
Construction
3%
Communic
ations
6%
Fuel
industry
19%
Trade
7%
Transport
7%
Other
28%
Finance
10%
Electric power
5%
Food
Mechanical
industry
engineering
4%
Metallurgy
5%
5%
Petrochemical
1%
5
Comparison of the MICEX’s and selected exchanges’ stock
markets
Exchange
Market
capitalization,
bn USD*
Volume of
transactions,
bn USD**
Number of
trades,
thousand
Number of equities
listed
Market
concentration of 10
most traded
domestic companies
LSE (UK)
3 441.1
611.3
7 925.4
3 212
29.6%
DB (Germany)
1 426.2
205.8
7 460.3
753
49.6%
OMX (Northern Europe)
920.5
110.7
2 526.5
741
50.0%
MICEX SE (Russia)
740.2
50.6
2 766.4
303
95%
BSE (India)
693.7
15.6
28 186.8
4 785
34.0%
SPSE (Brazil)
574.4
19.2
1 707.0
341
52.4%
SSE (China)
492.9
54.5
33 457.3
837
32.6%
WSE (Poland)
116.3
6.6
810.5
253
65.1%
*30.09.2006
**September 2006
6
Market growth limitations
Stock index of Oil & Gas companies and
Urals price in 2006
Growth of the BRIC stock market
indices in 2006
points
160%
USD/brl
1600
150%
80
1500
75
1400
70
1300
65
1200
60
100%
1100
55
90%
1000
50
140%
130%
120%
110%
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
MICEX Index
Brazil
India
China
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Index Oil&Gas
Urals
Brent
7
Looking for new growth incentives
112
Growth of the GDP components in the
1st half of 2006
%
150
%
Growth of the MICEX Index and
analytical indices
140
110
130
108
120
110
106
100
104
Trade
Finance
Construction
MICEX Index
Telecom
Customer Demand
Energy
27-Oct
29-Sep
6-Oct
13-Oct
20-Oct
1-Sep
8-Sep
15-Sep
22-Sep
7-Jul
14-Jul
21-Jul
28-Jul
4-Aug
11-Aug
18-Aug
25-Aug
GDP
Manufacturing
Mining
100
80
8-Jun
16-Jun
23-Jun
30-Jun
102
1-Jun
90
8
Development of IPO industry:
creation of V Listing, I Listing and Innovation and growth
companies project
Listing requirements
B Listing
V Listing
I Listing
Innovation and
growth companies
project
< 90%
< 90%
—
—
—
—
10%
—
> 2 bn RUR
—
>1 year
>3 years
—
—
>3 mln RUR
(for 6 months)
—
>1 mln RUR
(for 2 months) or
market-maker
availability
—
Corporate Governance
compliance
Yes
Yes
Yes
—
List of affiliated persons
disclosure
Yes
—
Yes
—
—
—
—
Investment
memorandum,
corporate calendar
Requirements
One shareholder can own
Minimum offering
Market value of the issue
Common
Preferred
Period of issuer’s existence
Monthly trading volume
Information disclosure
>60 mln RUR
>25 mln RUR
100—5000 mln RUR
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MICEX’s Index Family will give full picture of the stock market
MICEX index
«Mining» sector
GAZP
LKOH
GMKN
…
Cap indices
Sector indices
Telecom
10 Large Caps
Power
Oil & Gas
20 Middle Caps
Future prospects:
40 Small Caps
•
•
•
Consumer goods
Finance
Construction
…
10
Development prospects
Problems
Solutions

Companies going public
(IPO)
Growth of the
investment base




Development of the
infrastructure


Objective
MICEX’s Index Family
Market segmentation
(Innovation and growth
companies project)
Pension system funds
Insurance companies funds
Stock market:
 Liquid
 Capital-intensive
 Competitive
Creating the Central
Depository
Implementing CCP principle
Cutting down the
participants’ costs
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Contacts




www.micex.ru
[email protected]
(495) 234-48-11
13, B. Kislovskiy per., Moscow, 125009, Russia
12