State Bank potesnili with Exchange

Comparison with February 2008, the volume of trades fell by 62%, the volume of repo transactions fell by 67%

The volume of trades on the MICEX SE has increased in February compared with January to 47%. Unlike in previous months, this growth was achieved not repo. In February, market participants prefer to trade with each other, but not credited at the state bank on mortgage securities that led to a decline in the share of state bank in the general circulation.

MICEX Stock Exchange has published ratings of the leading brokers on the turnover in February. Excludes registered in the erroneous repo between Renaissance Broker, and Savings Bank at 1.62 trillion rubles. (see "Kommersant" dated February 3) the total volume of trades on the exchange amounted to 1725 trillion rubles. Compared with January sales in the market grew by 47%. Part of the growth speed due to the fact that in February the market was trading more days - 19 instead of 16 in January. The main increase in turnover of stock exchange brokers provide, trade in basic mode - their turnover increased by 74%. Leaders in the market trading of shares in a steel, like a month ago, "Finam" BKS and Alor. On the bond market in line leaders have become VTB, NOMOS-Bank and Veles Capital. The turnover of repo transactions (loans against collateral securities) increased compared with January significantly less - up to 20%.

In general, the exchange is far from pre-crisis trading volume - compared with February 2008 showed that they fell by 62%, the volume of repo transactions decreased by 67%.

In February, the first in the ranking of the Exchange has the Bank of Russia, which began its operations on 9 February MICEX. Last month, the bank made a deal totaling 1.762 trillion rubles. That in 70 times lower than that of a Savings Bank. March dramatic growth of the Central Bank repo to 30-60 billion rubles. per day (see "Kommersant" on March 6) to reflect in the record market in the next month.

In previous months, state bank were the main source of financing in the market through repos. In February, the share of state bank (VTB, VTB Capital, Sberbank, Gazprombank, EBV) in the stock market has declined from 25,9% to 19,7%. According to the head of the department of trade transactions in the market shares in VTB Capital's Andrew Giricheva, the repo market share of group VTB in the overall turnover fell due to a number of erroneous operations of two major contractors (Sberbank and Renaissance Broker - Kommersant). "As for the spot market of shares, the proportion of groups increased, but the share of banks and institutional brokers in general has declined because of an increasing speed Internet broker," - he notes.

The proportion of non-state companies and banks in general circulation, on the contrary, increased. According to experts, the main reason for this is the increase of individuals in the growth indices. In February MICEX index rose by 6.58%. "Our share is dependent on private investors, who in February became more transactions," - explains the official representative of "Finam" Vladislav Kochetkov. According to the Stock Exchange in February, the proportion of individuals in the total rose from 20% to 24%. Thus, in relative terms, the share of private investment has reached record levels in March 2007. However, the absolute value of the volume of stock transactions of private investors has declined, compared with February last year in 1,8 times.

Experts point out that market participants from non-state banks and companies to gradually reduce the borrowing from the state bank through the repo. "The market is beginning to revive, - Director of Investment trusts" Tserih Capital Management Alexander Shcheglov .- Participants gradually restored confidence, and they are increasing the volume of transactions with each other. "