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| Russian Trading System | |
|---|---|
| Name | Russian Trading System |
| Native name | Российская Торговая Система |
| Type | Stock exchange (former) |
| City | Moscow |
| Country | Russia |
| Founded | 1995 |
| Defunct | 2011 (merged) |
| Succeeded by | Moscow Exchange |
| Currency | Russian ruble |
| Indices | RTS Index |
| Website | (defunct) |
Russian Trading System
The Russian Trading System was a Moscow-based securities exchange established in 1995 that became a central venue for trading Russian Federation equities and fixed-income instruments before its 2011 merger into the Moscow Exchange. It hosted the flagship RTS Index and served as a hub connecting issuers such as Gazprom, Rosneft, Sberbank of Russia, Lukoil, and Norilsk Nickel with domestic and international investors including Vnesheconombank, VTB Bank, and sovereign wealth entities. The exchange’s evolution intersected with events involving Boris Yeltsin, Vladimir Putin, the 1998 Russian financial crisis, and regulatory reforms led by the Central Bank of Russia.
The exchange was created during post-Soviet financial reform efforts influenced by actors like Yegor Gaidar and Anatoly Chubais and sprung from trading floors and institutions tied to Moscow Interbank Currency Exchange developments. Early listings reflected privatization outcomes involving companies such as Yukos, Sibneft, and Mechel while market structure adapted after shocks including the August 1998 Russian default and the 1998 ruble devaluation. In the 2000s consolidation pressures and policy initiatives from entities like the Federal Financial Markets Service and the Ministry of Finance (Russia) culminated in integration talks with the MICEX group, resulting in a 2011 merger forming the Moscow Exchange, an outcome shaped by financiers including Boris Jordan and investors such as Leonid Fedun.
Trading rules combined characteristics seen in venues like the New York Stock Exchange, London Stock Exchange, and Euronext while reflecting Russian-specific practices under oversight comparable to standards promoted by the International Organization of Securities Commissions. Market sessions accommodated auction mechanisms, continuous trading, and negotiated trades with participants including broker-dealers from Gazprombank, Alfa-Bank, and international houses such as Deutsche Bank and Goldman Sachs. Clearing and settlement interacted with systems like the National Settlement Depository and payment rails linked to the Bank of Russia.
The exchange listed ordinary and preferred shares of major issuers such as Gazprom, Lukoil, Sberbank of Russia, Norilsk Nickel, and Rosneft as well as bonds issued by corporations and sovereign entities including Russian Ministry of Finance securities. Derivatives on the RTS Index coexisted with single-stock futures and options analogous to products traded on the Chicago Board Options Exchange and Eurex. Depositary receipts and cross-listings connected with venues like the London Stock Exchange and NASDAQ through instruments linked to firms such as Yandex and Mail.ru Group.
The exchange adopted electronic matching technologies influenced by systems used at NASDAQ and Deutsche Börse, deploying order-matching engines, market data feeds, and co-location services to support high-frequency trading by firms such as Renaissance Technologies and regional proprietary desks. Connectivity to global custodians like Citibank and JPMorgan Chase enabled foreign participation subject to settlement chains involving the Central Securities Depository of Russia and post-trade processing influenced by standards from the Committee on Payments and Market Infrastructures.
Regulatory supervision involved the Federal Financial Markets Service until its functions were restructured and elements transferred to the Central Bank of Russia, with legislative frameworks shaped by laws such as the Russian federal securities statutes and influenced by international guidance from the International Monetary Fund and World Bank. Enforcement actions, disclosure requirements, and listing standards interacted with corporate governance efforts tied to organizations like the Russian Union of Industrialists and Entrepreneurs and cross-border compliance with rules observed by European Commission counterparts for foreign investors.
Primary issuers included Gazprom, Lukoil, Rosneft, Sberbank of Russia, Mobile TeleSystems, and Norilsk Nickel. Major brokers and dealers comprised Alfa-Bank, VTB Capital, Gazprombank, Troika Dialog (later part of Sberbank), and international firms like Morgan Stanley, Deutsche Bank, and UBS. Institutional investors ranged from domestic pension funds and sovereign entities such as Russian Direct Investment Fund (later developments) to global asset managers including BlackRock and Vanguard investing via nominee structures.
The exchange’s headline benchmark, the RTS Index, tracked blue-chip returns and was a barometer during episodes like the 2008 global financial crisis and recovery driven by commodity cycles tied to Brent crude oil and Urals oil prices. Trading volumes and capitalization metrics moved in response to macro variables including interest rate decisions by the Bank of Russia and fiscal measures from the Ministry of Finance (Russia), while volatility spikes correlated with geopolitical events involving Crimea crisis (2014) (post‑merger effects) and sanctions imposed by the United States Department of the Treasury and European Union.
Critics pointed to concentration of corporate control following privatizations associated with figures like Boris Berezovsky and Roman Abramovich, insider trading allegations tied to several privatized enterprises, and episodes of market manipulation that drew scrutiny from domestic regulators and international observers such as the Organisation for Economic Co-operation and Development. Corporate governance shortcomings, opaque ownership chains involving entities in jurisdictions like Cyprus and British Virgin Islands, and conflicts around state-linked companies such as Rosneft and Gazprom fueled debates during integration with MICEX and the creation of the Moscow Exchange.
Category:Stock exchanges in Russia