Monthly Issue 8/2012 August 2012 YOUR GUIDE TO THE RUSSIAN STOCK AND DERIVATIVES MARKET Inside the Market In this Issue: Valuable information for Moscow Exchange and RVC established Russian your business including: Innovation IPO Club • The latest news from the On July 04, 2012 the kick-off Club is aimed at promotion of Russian market meeting of Russian Innovation IPO Russian technological companies • Market data for July 2012 Club was held. Russian Innovation conducting IPOs, discussion of IPO Club is being established with common issues and sharing expe- • Moscow Exchange the support of the Moscow Ex- rience in a casual environment. International projects change Innovation and Investment Anatoly Chubais (RUSNANO), • Professional opinion of market Market (the IIM) and OJSC RVC. Alexander Afanasiev (Moscow specialists Ongoing development of the Rus- Exchange), Igor Agamirzian (RVC), sian economy innovation sector Ivan Rodionov (Higher School of experts of investment and innova- entails building the innovation Economics), Alexander Egorov tion community were among the sector of the Russian public stock (Reksoft), Alexey Kalinin (Baring meeting’s participants. market that is being formed also Vostok Capital Partners), and Ser- In his address to the meeting, within the Innovation and Invest- gey Nedoroslev (Kaskol) participat- Alexander Afanasiev, CEO of ment Market of Moscow Ex- ed in the meeting. In addition, top Moscow Exchange, stressed: “The change. However, at the moment managers and owners of innovative Innovation and Investment Market there is no any official or unofficial companies which have already embodies an opportunity to buy public association representing floated to the public market, first of the future. This is the market for this development. The establish- all to the IIM, and of those that are competitive ideas, feasible break- ment of Russian Innovation IPO preparing to float as well as leading throughs, and new demand. We aim not only to attract investments for Russian innovative companies but together with the partners to maintain the innovation sector of the economy by creating new ven- ues for communication between investors and owners of business- es. Russian Innovation IPO Club is designed to become such platform. The Club’s concept, its goals and key tasks, membership and rules and procedures were considered Continues on Page 2 NEWS IN BRIEF... Russian FX market – what it takes Moscow Exchange The Moscow Exchange to get to the top announces H1 net profit Committee for Development of Read the interview with Igor of over RUB1.5 billion the Innovation and Investment Marich, Managing Director, under Russian Accounting Market selects most promising FX&Money Market business Standards companies of IPOboard division at Moscow Exchange, on For more information For more information please page 17 please visit the website visit the website 1 Moscow Exchange Group | Tel +7 (495) 363 32 32 | E-mail: [email protected] Continues from Page 1 by the meeting’s participants. One munication between all involved DAQ” and what proactive steps of the Club’s key tasks is sharing parties. are needed to achieve this goal, experience in investment genera- In addition, the participants dis- whether “the Russian NASDAQ” tion, including on global markets, cussed IPOs of high technology could facilitate creating the innova- as well as promoting the corpo- companies and drew conclusions tive economy, etc. rate governance best practices on what conditions were neces- The next regular meeting of the and standards among innovative sary for successful IPO of this type Club is scheduled for autumn companies. These and other tasks of companies, whether the IIM 2012. should be solved through com- would become “the Russian NAS- Moscow Exchange’s market data and index values are now available to Google Finance users In July 2012, market data of Mos- trades executed on the Exchange’s Moscow Exchange’s market data cow Exchange, including index Securities Market and MICEX is published alongside with infor- values, were made available to us- Index values are published at www. mation from the leading global ers of the Google Finance service google.com/finance. This service exchanges, such as NYSE, LSE, (google.com/finance). also allows users to receive archive Tokyo Stock Exchange, NASDAQ Now real-time information on market data for several years. and others. Moscow Exchange to introduce new swap transactions on its currency market In order to give impetus to the It is planned that the swaps with swaps will be similar to those used swaps trading, the Currency Market new settlement periods will be for swaps with shorter settlement Committee of Moscow Exchange introduced in August 2012. Pro- periods and will be applied for recommended that the Exchange cedure for registration of trades consolidated positions of the FX launches trading in the 9-month and margin requirements for market participants. and 1-year USD/RUB FX swaps. USD_TOM9M and USDTOM_1Y XV Annual Report Competition open for entries On July 23, 2012 Moscow Ex- telecommunication, consumer etc. the high level of companies’ trans- change started accepting applica- took part in the competition in 2011. parency and facilitating effective tions for participation in the XV Any Russian or foreign company disclosure for both investors and Annual Report Competition. compiling report in Russian can clients. It is one of the most signifi- Over the last fifteen years the participate in the Competition. To cant annual IR events in Russia. Annual Report Competition has enter, please fill out the entry form You can submit applications to par- become an established event for on the Annual Report Competition’s ticipate in the competition from July the IR community. From year to website and send company’s 2011 year it has been attracting more and annual report in any format. 23 through till October 12, 2012. th more participants. A record number The Annual Report Competition is We invite you to take part in the 15 of Russian and foreign companies a unique venue for companies to Annual Report Competition! from almost all sectors of economy, present their annual reports. The i.e. oil & gas, power, metallurgy, Competition is aimed at maintaining Corporate News Moscow Exchange announces new appointment Moscow Exchange is pleased to the Moscow Exchange derivatives was engaged in creating the risk announce the appointment of Ro- instruments, as well as an inter- management system and trading man Sulzhik as Managing Director action with Russian and foreign in derivatives. From 2008 to 2011 of the Exchange’s Derivatives mar- clients and partners. Roman was in charge of deriva- ket. The appointment is in effect Roman has considerable experi- tives trading at Deutsche Bank in from July 30, 2012. ence in derivatives financial in- Moscow. Roman joined Moscow Roman will be responsible for struments. From 2000 to 2008 he Exchange in April 2012 as Manag- developing the futures and options worked for JP Morgan Chase in ing Director responsible for eco- market, broadening the range of New York and London where he nomic risk management. 2 Moscow Exchange Group | Tel +7 (495) 363 32 32 | E-mail: [email protected] News 26.07.2012 Moscow Exchange Committee on fixed income securities holds a meeting On July 23, 2012 the Committee listed. The Exchange was advised Exchange Government Securities on fixed income securities of CJSC to take into account ratings of Market in March this year, to other MICEX Stock Exchange (member issuers and certain bonds issues ratings of trading members activity of Moscow Exchange Group) given by both international and and exclude these figures from the held a meeting. The main topics Russian rating agencies. It was also current bond ratings. Furthermore, for discussion were Exchange’s recommended to include specific it was suggested that ratings initiatives for developing the fixed features of the fixed income market of the trading modes “Bonds: income market and enhancing its (early redemption of some bonds main trading mode” and “Bonds: transparency as well as the listing in the issue, amortization) while negotiated trades mode” should reformation. evaluating the issue volume and be aggregated. In this connection, The Committee members discussed other parameters of bond issues. during August 2012, trading the main ideas of developing The Committee also advised members will receive an offer to listing on the Exchange aimed the Exchange to separate the send a letter to the Exchange at optimization of the quotation trading volume of the Russian with their consent to take part in list structure and elaboration of Federation government bonds the above-mentioned ratings that effective criteria for inclusion and which were transferred to MICEX will allow launching the ratings maintenance of securities to be Stock Exchange from the Moscow publication from September 2012. 25.07.2012 New trading record on OFZ futures contracts set on the Moscow Exchange derivatives market On July 25, 2012 on the Moscow The OFZ baskets contracts have billion in June 2012. Such liquid Exchange derivatives market, been developing with impressive instruments that allow flexible turnover of the futures contracts dynamics. The liquidity and market response to fluctuating interest on baskets of Russian Federation capacity for the contracts have rates have been attracting more and government bonds exceeded RUB3.3 boosted with an average daily more participants. billion, setting a record since the turnover doubling from RUB600 launch of trading in these instruments. million in February 2012 to RUB1.3 11.07.2012 FX market of Moscow Exchange welcomes 1000th client More than 1,000 clients are now and individuals. So far this year, the trading volume is the evidence registered on the FX market of the FX market average daily of successful implementation of Moscow Exchange. trading volume has reached the direct access project on the Already 20 banks and brokerage RUB438.5 billion, up almost 50% FX market.