Transcript Japan - Московская Биржа

Moscow on its way to becoming an international
financial center
Alexander Potemkin,
President of the MICEX
MICEX and DB value chains
Value Chain
Deutsche Börse Group
MICEX Group
Trading and front-office
•Deutsche Börse AG
•Frankfurt Stock Exchange
•Eurex Frankfurt AG
•Eurex Zürich AG
•MICEX Stock Exchange
• MICEX
Clearing
•Clearstream International S.A.
•Eurex Clearing AG
•MICEX
•National Clearing Centre (project)
Settlement
•Clearstream International S.A.
•National Depository Center
•MICEX Settlement House
IT
•Deutsche Börse Systems AG
•MICEX
•Berlin Stock Exchange
•Düsseldorf Stock Exchange
•Hamburg and Hannover Stock Exchange
•Munich Stock Exchange
•Stuttgart Stock Exchange
•The MICEX Far East (Vladivostok)
•The N. Novgorod Stock and Currency
Exchange (N. Novgorod)
•The Samara Currency Interbank
Exchange (Samara)
•The St.-Petersburg Currency Exchange
(St.-Petersburg)
•The Siberian Interbank Currency
Exchange (Novosibirsk)
•The MICEX South (Rostov-on-Don)
•The Ural Regional Currency Exchange
(Yekaterinburg)
Regional Exchanges
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Russian issuers on the world exchanges
• The ADR/GDR’s traded on DB:
MICEX SE
· Gazprom
· RAO UES
· GMK Norilsk Nickel
· LUKOIL
· Sberbank
· Rostelecom
· Rosneft
· Surgutneftegaz
· VTB
· MTS
and others
DB
LSE
NYSE
30
5
51
202
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MICEX in the world ranking
Ranking of exchanges
by daily average volume of trades with equities and bonds in January–October 2007*
#
Exchange
1
NYSE Group
2
Trade
volume,
mln USD
Number
of issuers
of equities
#
Exchange
Trade
volume,
mln USD
Number
of issuers
of equities
116 246
2 279
13
Swiss Exchange
8 256
346
Nasdaq
60 280
3 075
14
Hong Kong Exchanges
8 236
1 220
3
London SE
59 043
3 287
15
TSX Group
6 640
3 926
4
BME Spanish Exchanges
36 490
3 512
16
Australian SE
5 528
1 942
5
Tokyo SE
26 479
2 413
17
MICEX Group**
4 497
202
6
Euronext
24 093
1 184
18
Taiwan SE Corp.
4 140
686
7
OMX Nordic Exchange
19 117
845
19
Istanbul SE
3 245
319
8
Deutsche Börse
18 898
859
20
National Stock Exchange India
2 967
1 307
9
Shanghai SE
17 373
856
21
Oslo Bors
2 686
246
10
Borsa Italiana
10 473
305
22
American SE
2 633
595
11
Korea Exchange
9 596
1 741
23
Colombia SE
2 318
94
12
Shenzhen SE
9 054
644
24
Sao Paulo SE
2 311
403
* Based on data from WFE and IAE CIS
** Incl. initial placements and REPO MICEX Group ranks #11
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Internationalization
of the Russian financial market
%
40
Daily av erage v olume of trades
of nonresidents on the MICEX SE
35
mln USD
800
31
Volume
600
25
Share
500
18
15
11
400
13
%
Volume
700
30
20
28
Daily av erage v olume
of trades of foreign banks' offices
on the MICEX currency market mln USD
Share
27
26
26
1500
24
1000
300
10
22
200
22
5
0
2000
500
100
187
2004
168
2005
400
2006
736
Jan–Nov
2007
0
20
537
1011
1604
2005
2006
Jan–Nov 2007
0
5
Internationalization
of the Russian financial market
Country
Investment bank
Austria
Raiffeisenbank
France
BNP PARIBAS
СOMMERZBANK
Germany
Dresdner Bank
Deutsche Bank
Switzerland
The Netherlands
Credit Suisse First Boston Bank
UBS Securities
ABN AMRO Bank
ING BANK
Citibank
Goldman Sachs
USA
J.P. Morgan Bank International
Merrill Lynch
Morgan Stanley
6
Distribution of investors-nonresidents
by countries
Cyprus
1836
Great Britain
84
Germany
34
France
4
Italy
USA
Canada
46
5
Others
71
Total
122
0.2 bn
Total number of clients-nonresidents
Number of countries
221.8 bn
2
Others
641
Total
2601
Seychelles
19
RSA
3
Ethiopia
3
Angola
1
Gabon
1
Total
27
China
22
India
14
Korea
5
Japan
5
Others
278
Total
324
2.6 bn
0.1 bn
3081
77
Australia
Figures for investors are given for the end of September; turnover is given for 3rd quarter of
2007
3
0.0 bn
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Ruble gains world recognition
• Russia’s international reserves at November 23, 2007:
$459.6 bln — third largest after China and Japan
• Currency liberalization — On July 1, 2006 the Bank of Russia fully liberalized
cross-border capital flows
• The share of cross-border trades in the ruble-US dollar currency market
sector in September 2007 — 37.2%
• Volume of ruble-denominated Eurobonds placed in
January–November 2007 — $4.6 bln
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Factors of Competitiveness
of International Financial Centers
Factor
Average Score
1
Availability of Skilled Personnel
5.37
2
Regulatory Environment
5.16
3
Access to International Financial Markets
5.08
4
Availability of Business Infrastructure
5.01
5
Access to Customers
4.90
6
A Fair and Just Business Environment
4.67
7
Government Responsiveness
4.61
8
Corporate Tax Regime
4.47
9
Operational Costs
4.38
10
Access to Suppliers of Professional Services
4.33
11
Quality of Life
4.30
12
Cultural & Language
4.28
13
Quality / Availability of Commercial Property
4.04
14
Personal Tax Regime
3.89
Based on data from “The Corporation of London”
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Creating IFC in Moscow
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Investments
Taxes
Employment
Image
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Concentration of offices
Transportation infrastructure
Safety
Stable energy supply
Modern communications
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International financial centers
NYSE 
DB
LSE  
Euronext 
 Moscow
 TSE
 HKEx

SGX
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Contacts
• www.micex.com
• [email protected]
• +7 495 234-48-11
• 13, Bolshoi Kislovskiy pereulok, Moscow,125009, Russia
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