Trading infrastructure
Trading infrastructure
Moscow Exchange Commences OFZ Placements
05.12.2012 08:02 / Interfax
The 5 December auction offers 25 billion roubles par value worth of No. 26207RMFS Russian Federation government bonds.
To liberalize sovereign debt trading, Moscow Exchange transferred OFZs from the state market sector in February to MICEX Stock Exchange.
Combined placement and trading of OFZs in the same exchange market is aimed at increasing auction participants, raising the quality of pricing t the sovereign debt market and lowering investors’ transaction costs.
According to the new OFZ placement procedure introduced 5 December, partial filling of orders placed at cut-off price will allow to fill maximum investor bids at the auction.
Primary OFZ stock exchange placement is part of the Russian capital market infrastructure modernization effort according to Russian Federation Debt Policy 2012-2014.