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The RTS Stock Exchange is one of the largest and most actively operated electronic trading floors in Russia. Established in January 1997 by leading dealer-broker companies, its mission being to consolidate indigested regional securities markets into an organized securities industry and regulate OTC trading in Russia, the RTS, however, traces its origins back to the Russian Trading System - the first electronic trading floor in Russia, introduced to the market in mid-1995. The RTS was the first to introduce technological trading in Russia and the first to issue recognized market regulation. Born as an electronic OTC trading system yet in mid-1995, the RTS has developed into one of the largest stock exchanges in Russia with its own trading & settlement complex The RTS is a universal automated screen based system, constituting both dealer-driven and order-driven markets and connecting brokers from all over Russia. RTS members access the Trading system through the RTS Plaza Workstation, a complex of software and databases installed to their personal computers. 90% of trades executed in the RTS Trading System are processed electronically through the RTS Electronic Agreements Center, a trade confirmation system for matching parameters of trades and digital signing of purchase and sale agreements. The RTS is a composite market for corporate stocks and bonds, combining the traditional OTC market and the Guaranteed Trading System (a system where only the trades that have been fully secured by money and stock deposits in their special accounts are executed). In the Guaranteed Trading System (GTS) RTS members can also trade in blocks of securities, an analogue of investing in the RTS Index, and in terms of Initial Public Offerings auctions. Furthermore the GTS is accessible from Internet-trading systems of RTS members trough the RTS Gateway software. The RTS is a trading floor, which offers its trade participants the widest choice of settlement models. Every RTS member may choose the most adequate among a variety of settlement arrangements, including those based on the “delivery versus payment”system, the principles of prior and post-depositing of assets, the widest opportunities offered by Internet, and modern means of electronic documents interchange. Settlement period varies from T+0 in the Guaranteed Trading System (DVP with prior depositing) to T+3 in the traditional OTC system (regular-way delivery and DVP with post-depositing). Both ruble and foreign currency settlement is allowed. The RTS Index, an official indicator for the Exchange,
was launched in September 1995 and instantly became the basic stock
market indicator for Russia. The Index is capitalisation weighted
and is calculated on the basis of average-weighted prices for the
trades executed in the Trading System. The Index includes 70 most
liquid companies listed on the Exchange and selected by the RTS
on the basis of an expert estimate. The list of constituent shares
is revised every three months. The RTS Index is calculated every
30 minutes of the trading session. |
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Analytical Journal The Securities Market Journal is published since the spring up of Russian Financial Market in 1992. In a few years the Journal achieved wide renown not only among professional financiers, it became an indispensable source of information for market participants, people managing finances at Federal, Regional and corporate level as well. Starting from 1998 the Journal emphasizes the problem of investment attraction to the "real" sector of economy, broaching practically all the investment problems: from the development of investment strategies to the search of optimal ways of proper resources investing. The Journal is the connecting-link between investments and enterprises. The Journal is published 2 times a month,
on average the issue volume is 64-80 pages. The circulation is about
10K exemplars. The dominance of analytical and methodical materials
allows the user to refer them for a long time.
The Journal’s Contents is reflected in its subsections, including:
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