Moscow Interbank Currency Exchange
MICEX is the abbreviation for the Moscow Interbank Currency Exchange (Russian Московская межбанковская валютная биржа ). The Moscow Interbank Currency Exchange was the largest and most liquid market in Russia. Trading hours are 11:00 bis 15:00 clock clock Monday to Friday.
The MICEX is the centralized trading platform of the MICEX Group for the Russian capital market. Both the securities trading business as well as the clearing is done by the MICEX Group through various subsidiaries such as MICEX Settlement House, National Depositary Center and the National Clearing Center. The MICEX currently operates the Foreign Exchange market, the corporate and government bond trading platform, as well as derivatives and cash market transactions. The MICEX has a market share of 90 percent in Russia. In 2006, the trading volume was around 1.9 trillion U.S. dollars.
On 29 June 2011 the Russian Trading System RTS and the interbank currency market MICEX signed a legally binding merger agreement. Five RTS major shareholders ( Renaissance Capital, Aton Capital, Alfa-Bank, Troika Dialog and Da Vinci Capital) sold a total of 53.7 percent of the shares in MICEX. According to the Central Bank of the Russian Federation, the value of RTS 1.15 billion U.S. dollars, of MICEX 3.45 billion U.S. dollars, respectively. The purchase was made to 35 per cent in cash and 65 percent via a share swap.
Since 19 December 2011 the new stock exchange MICEX - RTS has entered into service.