Russian Securities Market: 2011 Events and Facts

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Russian Securities Market: 2011 Events and Facts Russian Securities Market: 2011 Events and Facts Originated by: A. Ya. Tregub – Head of the Analytical Division of NAUFOR, PhD in Technical Sciences, Senior Researcher Yu. E. Posokhov – Senior Specialist of the Analytical Division of NAUFOR With participation: A. V. Timofeev – Chairman of Executive Board of NAUFOR T. A. Manukova – Head of the Legal Department of NAUFOR K. V. Zverev – Deputy Head of the Legal Department of NAUFOR S. V. Kondrashkin – Legal Advisor of Consulting Center NAUFOR Yu. A. Tyuftyaeva – Legal Advisor of the Legal Department of NAUFOR T. V. Teplova – Head of the Laboratory of Financial Market Analysis of National Research University Higher School of Economics (NRI HSE), Doctor of Economics, Professor A. A. Zaltsman – Analyst of the Laboratory of Financial Market Analysis of NRI HSE A. V. Rodionova – Analyst of the Laboratory of Financial Market Analysis of NRI HSE L. Yu. Rassadkin – Analyst of the Laboratory of Financial Market Analysis of NRI HSE Yu. A. Pogosyan – Analyst of the Laboratory of Financial Market Analysis of NRI HSE. NAUFOR possesses copyrights for the materials’ selection and arrangement. The data used for drawing-up of this report has been obtained from the resources, which NAUFOR considers reliable. Herewith NAUFOR declines all liability for possible losses, which may result from use of the information contained in this report. Liability Restriction This report is of strictly informative character and it is not a proposal for committing transactions at the securities market. Estimations reflected in the report are based only on the opinion of the originators. The originators decline all liability for investment decisions of the third persons, which may result in direct or indirect losses due to use of the information contained in this report by the third persons. In the process of this report preparation, the originators used sources of information, which in the reasonable opinion of originators are reliable and authoritative. The originators consider the obtained data authentic, however they cannot guarantee its absolute accuracy. The originators shall not undertake an obligation to update the information contained in this report on a regular basis or correct possible inaccuracies. Contents Introduction ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ 4 Outline of Economic Situation of Russia ���������������������������������������������������������������������������������������������������������������������������������������������������������� 5 Key Figures and Trends at the Russian Stock Market in 2011 ��������������������������������������������������������������������������������������������������������������12 1. Financial Instruments ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������15 1.1. Shares ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������15 1.2. Corporate Bonds ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������25 1.3. Government, Sub-Federal and Municipal Bonds, Bonds of the Bank of Russia ������������������������������������������������������������������������31 1.4. Eurobonds ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������34 1.5. Bills ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������35 1.6. Repo Transactions ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������36 1.7. Investment Units ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������38 1.8. Futures and Options for Securities and Stock Indexes ����������������������������������������������������������������������������������������������������������������������40 1.9. Stock Indexes and Indicators ����������������������������������������������������������������������������������������������������������������������������������������������������������������������45 1.9.1 Share Indexes ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������45 1.9.2 Bond Indexes ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������50 1.9.3 Government Bond Indexes ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������52 1.9.4 Indexes of Unit Investment Funds ������������������������������������������������������������������������������������������������������������������������������������������������������������55 1.9.5 Indicators of Repo Rate ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������56 1.9.6 Volatility Index ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������58 2. Institutional Structure ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������59 2.1. Issuers. Public Offerings ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������59 2.2. Investors ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������61 2.2.1 Private Investors ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������61 2.2.2 Unit Investment Funds ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������63 2.2.3 Bank-Managed Mutual Funds ��������������������������������������������������������������������������������������������������������������������������������������������������������������������65 2.2.4 Non-Governmental Pension Fund ������������������������������������������������������������������������������������������������������������������������������������������������������������65 2.2.5 Investment of Pension Savings ������������������������������������������������������������������������������������������������������������������������������������������������������������������66 2.2.6 Commercial Banks ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������67 2.2.7 Non-Residents ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������68 2.3. Professional Participants of the Securities Market ������������������������������������������������������������������������������������������������������������������������������72 2.3.1 General Data on Professional Participants of the Securities Market ��������������������������������������������������������������������������������������������72 2.3.2 Brokers, Dealers, Trustees ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������72 2.3.3 Trading-Clearing Infrastructure ������������������������������������������������������������������������������������������������������������������������������������������������������������������77 2.3.4 Accounting System ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������86 3. Legislative Framework and Regulation ������������������������������������������������������������������������������������������������������������������������������������������������������88 3.1. Counteracting Illegal Use of Insider Information and Market Manipulation ������������������������������������������������������������������������������88
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