The Moscow Interbank Currency Exchange (Micex), which contributed to the creation of market mechanisms in determining the exchange rate of the Russian rouble, celebrated its 15 year anniversary last week at a special ceremony.
Micex president Alexander Potemkin said the exchange has made an important contribution in attracting investments in the country’s economy. “As a result, we have built the infrastructure of a national capital market based on the most advanced exchange and information technologies, while the Micex itself has turned into a vertically-integrated holding,” he said.
The group’s history began in the early 1990s when a number of Russia’s leading banks and the Bank of Russia established the exchange, which began to organise trading in foreign currencies. Since the very first days of the exchange-based currency market, the exchange rate of the US dollar fixed on the Micex has been one of the main indicators of the success of economic reforms in Russia, the exchange says.
Russian Federation president Vladimir Putin sent Micex a letter last week, praising it for its contribution to the Russian financial system. “The history of the Micex is closely linked to the history of the Russian stock market and the emergence of modern market institutions. Over recent years, you have occupied strong positions, earned the trust of leading Russian banks and broker companies and implemented up-to-date exchange and information technologies. Today, the Micex is an important part of Russia’s financial system,” he said.