A Message about Moscow from Ernest S.
McCrary, Editor & Publisher Special Projects CEO of
Institutional Investor and Alexei Rybnikov of MICEX Stock
Over the past few years even the most inattentive investors are
aware that Russias equity and fixed-income markets have
been among the best performers in a world that has been favored
with many pockets of good growth. But for reasons of history,
habit and plain hesitation, many investors have missed a good
ride in Russia. The charts below tell the storya delight
to those who participated, and a regret to those who kept to
the sidelines. Now what?
Despite risks and perceptions of risk, Russia today is a
mainstream market for global investors who seek routine
geographical diversification of their portfolios. The idea for
this Guide arose more than a year ago in discussions between
Institutional Investor magazine and MICEX Stock Exchange about
Russian market information. It is apparent that investors need
more and better information from within Russia to understand
and participate in a market that has grown quicklyand is
likely to continue on that course. Already, it is comparable to
the Indian and Chinese markets in size, with far fewer listed
companies. And, among The BRIC equity markets, Russia has
consistently been the star performer.
In this venture, Institutional Investor is partnering with
the MICEX Stock Exchange, founded 15 years ago as a currency
trading platform and covering the equities market since 1997.
Corporate and regional bond trading were added in 1999. Today
it is the countrys dominant exchange, accounting for
about 90 percent of local securities trading volumes. Average
daily trading volumes have increased six-fold to $3.5 billion
between 2005 and early 2007. Comparing 2006 with 2007, the
share of foreign investors on MICEX has increased from 15
percent to over 25 percent of volume traded daily, with more
and more institutions choosing to trade equities locally.
We trust that you will find new and useful information in
this Guide, the first of its type published by Institutional
Investor with a partner exchange. And we give special thanks to
all the co-publishers and individuals in Russia and abroad who
have generously provided their support and expertise to make
this publication possible.
Click here to download this sponsored report published by