What is an exchange and why is it needed? Stock market: How exchanges work and why they are needed

16.09.16 413 639 0

How to make money on the Moscow Exchange

I am a private investor. For the last three years I have been investing my own money on the Moscow Exchange.

In a series of articles, I will tell you what opportunities the Russian securities market provides to private investors.

Artem Kuroptev

private investor

Many people are afraid that the exchange is a casino with random winnings and guaranteed losses. In fact, the exchange is a painstaking work with financial instruments. If you work consciously, you will get a good result. If you buy anything at random, then there really won’t be any results.

The stock exchange for a private investor is not like a scene from the movie “The Wolf of Wall Street.” This is calm, thoughtful work.

What is an exchange

In terms of the way it works, the exchange could be compared to a food market. The difference is that instead of vegetables, they sell securities, currency and enter into contracts. But this would be a very conditional comparison, because trading on modern exchanges takes place electronically. And instead of ordinary buyers, professional participants in the securities market work on the stock exchange: banks and brokers. Otherwise, everything is the same: some sell, others buy, the exchange looks after everyone.

Investors need an exchange to invest and increase money. Companies can come to the stock exchange to receive money for development. Banks act as intermediaries for both. The main Russian platform is the Moscow Exchange.

An exchange is a place where securities are bought and sold

Anyone can become a stock investor: invest and earn money on their investments. However, you can’t just walk into a stock exchange waving money and start trading. The exchange works only with professional participants. To access trading you need an intermediary: a stockbroker or a bank. You tell them what to do with your money and papers, and they carry out your orders for a percentage. Everything here is just like in the movie “The Wolf of Wall Street.”

I will tell you how to choose a broker in a separate article. Now it’s enough to know that to start you will need a passport and some money. There are brokers that do not have minimum deposit requirements, but it is better to count on a starting amount of 30,000 rubles.

The Moscow Exchange has many different markets (read: departments): foreign exchange, money, derivatives, commodities and others. The stock market is intended for medium- and long-term investments, where bonds, shares and other securities are traded. Let's start with them.

Bonds

Bonds is a fixed income debt instrument. By issuing bonds, a company borrows money and then pays it back with interest. How much and when she will return is known in advance.

When you buy a bond, you are buying someone else's right to receive money from the debtor. Roughly speaking, I bought a Ministry of Finance bond for 1000 rubles, as if I had lent him money. The Ministry of Finance owes me this thousand. You buy a Ministry of Finance bond from me for 1000 rubles - now the Ministry of Finance owes you, not me. When the time comes, the Ministry of Finance will pay you. Or to whomever you resell the bond in the process.

A bond has an issuer, par value, maturity date, and coupons.

Issuer is the one who issued the bond: a corporation or government. It is as if you are giving money to the issuer.

Maturity- this is the time that the company or government promises to use your money and when, accordingly, it will return it to you. The term is the same for everyone who decides to buy a certain bond of a specific issue.

Roughly speaking, today I say: “Guys, we need a million for five years.” 1000 people give me 1000 rubles. I give everyone a bond - 1000 bonds in total. For five years I have been using a million, and at the same time, the holders of my bonds can trade them among themselves. Every six months I pay the current bondholders some percentage that we agreed on. Five years pass, I say: “So, whoever has bonds, come here, I will return the money.” And those who have these bonds at that time will receive their thousand back.

Coupons- These are periodic interest payments, like payment of interest on a deposit. The coupon payment schedule is known in advance, even when bonds are issued on the stock exchange. If at the time when the conditional Ministry of Finance must pay coupons, you own its bond, then you will receive the amount of this coupon. It's like a fee for using your money.

Let's take, for example, the issue of federal loan bonds, the placement of which took place on April 25, 2012, and the repayment will take place on April 19, 2017. The parameters of bonds issued by OFZ No. 25080 RMFS are published on the website of the Ministry of Finance:

The nominal value of one bond is 1000 rubles.
The maturity date is April 19, 2017.
The interest rate of coupon income is 7.4% per annum.
Each bond of this issue has 10 semi-annual coupons of 36.90 rubles.

As a result, OFZ No. 25080 RMFS will generate a coupon income of 36.90 rubles every six months:

Bonds can be purchased at the time of their placement or through exchange trading from those who have already bought the bond and are now reselling it. A private investor with a small capital should count on the latter.

On August 16, 2016 you could buy OFZ 25080 at a price of 98.84%. The fact is that bond prices are set as a percentage of the face value. Why 98.84% and not 100%? Because market rates are now higher than they were at the time of placement, and in order to interest the buyer, the seller is forced to compensate for this difference with a discount.

Bonds are when you lend to a large company or government

In addition to the price, you will also have to pay the seller the accumulated coupon income (ACI). Without going into details, this is part of the coupon that has not yet been paid. The exchange will count it for you and keep it. As a result, for one OFZ bond No. 25080 on August 16, 2016, you would have paid 988.4 rubles of net price and 24.13 rubles of NKD.

On October 19, for each bond purchased, you will receive a ninth coupon of 36.90 rubles - this is written in the Ministry of Finance schedule. You missed the previous eight coupons - the Ministry of Finance has already paid for them, and you knew this when you bought the bond.

On April 19, 2017, you will be paid the tenth coupon in the amount of 36.90 rubles. And since the tenth coupon is the last, along with it the entire face value of the bond of 1000 rubles will be returned to you.

Total: you spent 1012.73 rubles, and eight months later you received 1073.8 rubles - 61.07 rubles more. In eight months you earned 6.03%. This is 8.95% per annum.

OFZ 25080 is a bond with a constant coupon size. There are also bonds that link the coupon to interbank rates or inflation - such bonds give the buyer protection against changes in interest rates in the economy. There are amortizing bonds in which the principal amount is not paid at the end of the term, but gradually, along with coupons.

Compared to deposits, bonds are a more flexible, although more complex, instrument. Bonds allow a private investor to fix a rate for a long period, deposit and withdraw money more flexibly, and receive a return higher than a deposit in state banks.

Bond yield is slightly higher than deposit

For example, let’s compare the yield of OFZ 25080 with deposits in state banks, without reinvesting coupons and without capitalizing interest on deposits. Let's take the deposit amount equal to the price of 600 bonds as of August 16, 2016 - 607,638 rubles. Let's take the deposit period to be equal to the number of days until the bonds mature - 246 days.

Profitability of OFZ and bank deposits

Input/Output

OFZ 25080

% per annum

RUB 36,642

VTB 24

Input/Output

"Profitable"

% per annum

28,668 RUR

Sberbank

Input/Output

"Save"

% per annum

26,824 RUR

VTB 24

Input/Output

"Comfortable"

% per annum

18,429 RUR

The “Profitable” deposit in VTB 24 will bring 28,668 rubles by the end of the term. “Comfortable” deposit in the same bank - 18,429 rubles. “Save” deposit in Sberbank - 26,824 rubles. Purchasing and holding OFZ 25,080 until maturity will bring 36,642 rubles. Like interest on deposits, OFZ coupons are not subject to income tax (NDFL).

As for reliability, theoretically, Ministry of Finance bonds are even more reliable than deposits in state banks. In practice, everything depends on the reliability of the broker through whom you buy these OFZs. Just as bank owners steal clients' money, broker owners can steal clients' money and securities from brokerage accounts. The solution here is the same as in the banking sector: you need to choose a trustworthy broker.

Stock

By purchasing a share, you become a co-owner of the company and receive the right to part of its property and profits. However, the company may not have a profit, the company may have a lot of debt and even go bankrupt.

As a shareholder, you are the lender of last resort and have the most risk: more than the company's employees, suppliers, or bondholders. This means that in the event of bankruptcy, you may receive nothing and your shares will be worth zero. Buying stocks is a riskier instrument than buying bonds.

When purchasing a share, an investor can expect a return of capital and income through one of two mechanisms: dividends or capitalization.

Dividends is the share of profits that the company distributes to shareholders. They can be paid based on the results of the year, half a year, quarter or on special occasions. Or not paid at all, if this is the dividend policy or such a decision was made by shareholders on the recommendation of the board of directors. Not prohibited by law.

When you buy a share, you are buying part of the company - with profits and debts

If you bought shares through a Russian broker, then dividends are usually simply credited to your brokerage account without any additional action on your part.

Depending on the stability of payments and the transparency of the dividend policy, a share can acquire the features of a bond, providing a predictable flow of payments. For example, in April of this year, MTS announced its goal to pay 25 rubles per share annually from 2016 to 2018. In such a situation, buying MTS shares at a price of about 250 rubles, you can count on a ruble dividend yield of about 8%. This is if MTS keeps its promise.

Capitalization- this is an increase in the value of shares due to the increase in the value of the company itself.

Typically, the value of young companies that operate in promising markets grows rapidly, and this growth can be several times or even tens of times faster than the yield of bonds. Such companies usually do not pay dividends, but invest all profits in business development and market capture.

In this article we will talk about how the stock exchange in Russia is structured, what markets and sections it includes, and what main problems it solves for investors.

An exchange is a company that organizes trading in the securities, currency, and commodity markets.

The Moscow Exchange (the united MICEX-RTS exchange) is the largest in Russia and Eastern Europe in terms of trading volume and number of clients. For a private investor who wants to invest in the Russian securities market, the Moscow Exchange is the best option.

Participants in trading on the exchange can be brokers, dealers, and management companies. Individuals can carry out transactions on the stock exchange exclusively through the mediation of brokers who are “trading participants.” In order to obtain a “trading participant” license, you need to go through a lengthy exchange accreditation procedure and subsequently adhere to the high standards set by the exchange and federal regulatory authorities. “Trading participants” undertake to pay regular membership fees to the exchange.

Why do we need an exchange Exchange:

Ensures the organization of exchange trading, develops rules for exchange trading, rules for admitting securities to trading;
. provides the material and technical basis for trading;
. ensures openness and publicity of ongoing trading by notifying trading participants about the place and time of trading, the list and quotation of securities admitted to trading on the stock exchange, and the results of trading sessions;
. carries out constant monitoring of transactions carried out on it in order to identify cases of use of insider information and market manipulation.

The stock exchange may enter into bilateral agreements with trading participants (or tripartite agreements - also with issuers) on the fulfillment by trading participants of market maker obligations, that is, obligations to submit and simultaneously maintain orders for purchase and sale (bilateral quotes) in relation to the relevant securities during the trading session. When fulfilling its obligations, the market maker can carry out transactions only on its own behalf and at its own expense, or on its own behalf and at the expense of the client, if there are appropriate instructions from the client, in addition, it can only submit unaddressed orders.

Moscow Exchange markets

The following organized markets operate within the Moscow Exchange Group: Stock market, Derivatives market, Foreign exchange market, Money market, Commodity market.

Duration of trading sessions:

on the stock market: from 09:30 to 19:00 Moscow time;
on the derivatives market: from 10:00 to 23:50 Moscow time;
on the foreign exchange market: from 10:00 to 23:50 Moscow time;
at the commodity market: from 10:00 to 23:50 Moscow time;
on the Standardized derivatives market: from 10:00 to 17:00 Moscow time;
The evening additional trading session begins at 19:05 Moscow time.

MICEX stock market

Trading on the Stock Market of the Exchange is possible in three sectors: Main Market, Standard Sector, Classica Sector.

Sector Main market - exchange market for shares, bonds and mutual fund units with a Central Counterparty. In the Main Market, trading takes place daily in more than 1,400 securities of about 700 Russian issuers. The trading participants in the Main Market sector include more than 650 organizations - professional participants in the securities market, whose clients are more than a million investors - legal entities and individuals. Trading in the Main Market sector is organized electronically on the basis of a modern trading system, to which regional trading platforms and remote terminals are connected.

The Standard sector is an exchange market for shares and shares of mutual funds with a Central Counterparty, providing unique opportunities for stock market participants to increase the efficiency of operations and reduce various types of risk. Settlements for transactions concluded in the Standard market sector occur on the fourth trading day (T+4). The Standard market has the longest trading session in Russia.
Trading on the Standard market is carried out from 10.00 to 18.45 Moscow time (main trading session), and from 19.00 to 23.50 Moscow time (evening trading session).

The Classica sector, the oldest organized securities market in Russia, began operating on July 5, 1995. Today, the main principles of trading on Classica are the absence of 100% preliminary deposit, the choice of date and payment method, and the possibility of settlements in foreign currency. Transactions in this sector of the market are concluded using Plaza trading terminals.

You can track the dynamics of shares on the Moscow Exchange stock market in the "Quotes" section.

FORTS derivatives market

The FORTS derivatives market is the leading platform for trading derivative financial instruments in Russia and Eastern Europe. Currently, derivative financial instruments are traded on the FORTS futures and options market, the underlying assets of which are: RTS Index, MICEX Index, Russian Volatility Index, industry indices, stocks and bonds of Russian issuers, federal loan bonds, foreign currency, average overnight loan rate MosIBOR and three-month loan rate MosPrime and goods - Brent and Urals oil, diesel fuel, gold, silver, sugar.

Trading on the FORTS market is carried out from 10.00 to 18.45 Moscow time (main trading session), and from 19.00 to 23.50 Moscow time (evening trading session).

MICEX foreign exchange market

The foreign exchange market of the Exchange is a form of association of participants in the foreign exchange market, not endowed with the rights of a legal entity, the main task of which is to create conditions for effective trading in foreign currency for all participants in the exchange foreign exchange market. The Exchange's foreign exchange market is one of the oldest markets in Russia. It was formed on the basis of the MICEX currency section, the results of trading of which are used by the Central Bank when setting the official exchange rate of the Russian ruble. At the moment, ETS trading participants have the opportunity to carry out transactions with any of the main currency pairs (USD/RUB, EUR/RUB, EUR/USD), using one of three currencies as collateral - US dollars, euros, Russian rubles, or any of them combination (single security). On the Exchange's foreign exchange market, it is possible to carry out conversion transactions using a single trading platform of the FORTS and Standard markets using the RTS Money service.

MICEX money market

Currently, the government securities market (hereinafter referred to as the government securities market) is one of the oldest segments of the Russian financial market. It was formed by the Bank of Russia and the Ministry of Finance in 1993 in order to implement budgetary and monetary policies. Within the framework of the Money Market, a repo segment has been operating since 2002, which includes direct repo operations with the Bank of Russia, reverse repo with the Bank of Russia (Exchange modified repo) and interdealer repo.

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How much pay?
Not much, but if you are not used to luxury and will not give up several thousand rubles a month for doing almost nothing, then it will suit you. The benefit is calculated based on the average official salary for the last 6 months; if you have not worked for 6 months, then they pay a pitiful minimum of 850 rubles. The benefit is paid for a maximum of one year according to the following scheme:
the first 3 months - 75% of the former salary, but not more than 4900 rubles (this is a ceiling that has not been raised for 5 years)
then 4 months - 60% of the former salary
the remaining 5 months - 40% of the former salary

What do we have to do?
The conditions for being on the labor exchange and receiving benefits are as follows. Firstly, you cannot officially work, and you should keep quiet about unofficial earnings. Secondly, you need to go to an appointment with your supervisor twice a month on the appointed days and times (it’s better to ask for the earliest, when there are fewer people), show him your passport and work record (without records of a new job!) and together look for vacancies for you in labor exchange database. The coolest thing is in tourism, where there weren’t many vacancies anyway (namely on the stock exchange), and now the industry is completely dying. If there is no vacancy, you put on a sad face and leave, and after 4 days you receive a benefit on your card. Its dimensions are a little strange, these are always non-round numbers, because somehow everything is very difficult to calculate by day. And the benefits are issued retroactively. For example, you came to an appointment at the exchange on September 20, then around September 24 you will receive benefits for the period from September 5 to September 20. Something like this. But you can track all this using printouts of payments, which are issued upon request in the accounting department of the labor exchange. If you do not show up for an appointment on the appointed day, the payment of benefits is suspended for 2 months ((A valid reason for failure to appear is either getting a job (then you will be required to bring a copy of the employment order and show your employment record) or official sick leave (his will also be required, as at work). But in any case, on the day of no-show, it is better to call your supervisor and warn that you will not come (if the reason is valid). You can be late for an appointment, but if you are very late, it is also better to call and warn so that you do not “slapped” for failure to appear.

If a vacancy was found for you during the admission process (this happens), then it should be a vacancy in your specialty (by education) or by work experience (if education is not related to it). That is, they can offer a vacancy for a mechanic to a tourism manager, but they won’t, but if suddenly, you can rightfully be indignant that you won’t be suitable for this vacancy and you will absolutely not be accepted. Usually curators are adequate and do not give out vacancies on the principle of just giving out something. In general, I recommend being on good terms with your supervisor and sincerely pretending that you are going to him not only for benefits))) So, they found a vacancy for you and gave you a referral for it. According to the rules of the labor exchange, you are required to work in this direction. That is, in the next THREE days after receiving the referral, you need to call a potential employer (they will give you all contacts), arrange an interview and come to it (within three days!). If you don’t plan to work at all for now, then you can always pretend to be a fool, say that you don’t really know how to do anything, and then you won’t be accepted for this job. Personally, I usually studied information about the company where I was sent for an interview, made conclusions about how interesting it would be for me to work there, came and listened to what they would offer, and then acted according to the situation. I can say that during the year I was on the labor exchange there was only one really worthwhile vacancy. Sometimes the employer understands that you did not come to him of your own free will and directly asks whether you want to work for him or not. If not, then in the “candidacy rejected” column it says that you are not suitable for him for some reason. Sometimes a vacancy is irrelevant, closed, etc. In all such cases, in the referral for an interview, fill out the “other” column, where they write why they are no longer interested in you. The worst thing is to make an entry in the column “the citizen refused to work due to...”, because after two such refusals, your benefits will also be stopped. The same will happen if you do not go in the issued direction and on your next visit to the exchange you bring it empty or filled in with the wrong date (after three days). By the way, I don’t recommend trying to negotiate with a potential employer to sign a referral letter retroactively; this almost never works. If you can’t get through to the company or they refuse to accept you there, call and complain about them to your supervisor!

Thus, during the year I was at the labor exchange, I went for interviews about 10 times. Once they wrote to me that the candidacy would be considered within a month, so a month later my supervisor (probably being in a bad mood) sent me to that company again so that they write whether they hire me or not. But this is rare. Before the interview, it is also important to clarify in advance whether they will have the company’s seal in their office when you arrive there, because without this the referral will not be considered valid. Once I got caught like this and had to get nervous, leaving the original directions with the company, then calling them to remind them and follow up. day to meet somewhere in the subway with their secretary. I was also lucky that the company turned out to be decent and didn’t screw me over.

What else will you have to do?
A couple more mandatory conditions at the very beginning of being on the labor exchange. The first is to attend an introductory lesson, where you will be told what you are entitled to, how benefits will be calculated, and in what cases they will be suspended (useful lecture!). The second is a completely stupid lesson with a psychologist, where they will tell you some fairy tales about depression in unemployment and supposedly conduct a career guidance test. You have to endure this. Everything else will be strongly suggested, but this is optional: a visit to a psychologist with the next career guidance test and training in your or any other specialty. During training, they also seem to pay a pretty penny, BUT during this, the payment of benefits is suspended and the training itself takes a lot of time (more than the labor exchange twice a month). So I gave up all of this.

Inconveniences
While at the labor exchange, the main inconvenience for me was that it was difficult to go somewhere on vacation or travel. I had to get out. It is impossible to calculate the dates of visits to the labor exchange, because... It seems like they are trying to prescribe them once every two weeks, but in fact it’s just haphazard. Officially, you cannot say what day you want to come, but, as I already said, if you have a good relationship with your curator, you can agree. Just don’t try to do this with cognac or sweets, it’s all about smiles and communication! It is important to remember that you must come to the exchange twice a month, so if travel falls on the appointed date of your visit, you can ask to move this date a little earlier or a little later, but within the “two visits per month” rule. In the summer, you can honestly say that you really want to go to the sea in the warmth, and now you’ve collected some money for a last-minute cheap trip (to resist pity). Young people can easily refer to parents who send them somewhere abroad for study with possible subsequent employment. As a blogger, I once said that I was offered not a job, but a barter (which is acceptable!): to go on a trip for free and then write an article about it. In general, you need to use your imagination!

What if suddenly it’s work?
Another difficulty is getting a job while at the labor exchange. In their opinion, if a person gets a job, then on the very first day he brings his work document and draws up all the papers officially, but this is almost always not the case. A probationary period, looking at you for the employer and the employer for you, testing whether you like or don’t like the job, etc., etc. Often after a couple of weeks it becomes clear that the job is not suitable for you. If you do everything according to the rules and leave the labor exchange for the duration of the “work trial,” then you will be tortured every time to collect all the papers again, sit in line, fill out forms and wait for recognition. So it makes sense to cheat a little. If you suddenly find an interesting option, do not rush to leave the exchange. The employer should immediately tell you that you are at the labor exchange, where you will have to go a couple of times a month (usually everything becomes clear with work during this month). But the design is difficult. I worked twice under an agreement (on trust) and one of these times I “got” for non-payment of salary. It happens (Therefore, now I advise you to agree with the employer on weekly payments, citing bad experiences from the past (following my example). If they are interested in you and there are no other obstacles to hiring you, then I think that this little thing will not become a strong obstacle. In Otherwise, screw such an employer) After all, you need to protect yourself somehow!

And finally, the numbers that (I’m sure) interest you most now) Having had a very low official salary in the past and having been on the labor exchange for 1 year, today I received a printout from the accounting department about total payments in the amount of 51 thousand rubles! Whether it is a lot or a little - everyone decides for himself. In the form of an annual salary - a penny, in the form of a bonus for a little effort (two visits to the stock exchange and sometimes two interviews a month) - not much, but IMHO worth it. To be or not to be is up to you!

Today every adult has heard that a huge role in the modern financial system belongs to exchanges, which form wholesale prices for almost all basic goods, raw materials and currencies.

But few ordinary people who are not involved in finance and business life have a good idea of what an exchange is, what exchanges there are and what is needed to start playing on them.

What is a stock exchange?

The prototype of a modern exchange is an ordinary market where goods are bought and sold. The only, but significant, difference is that on the exchange, goods offered for sale are not present in their physical form. It sells documents giving the right to certain consignments of goods.

Often, the grain that is sold has not yet been harvested from the fields, and the oil has not yet been extracted from the bowels of the earth, but is already being sold and bought by interested players.

Simply put, an exchange is a trading platform where sales of wholesale quantities of raw materials, food, various goods take place, where gold, currencies of all countries, financial and legal documents are sold and bought. Exchange players often have no idea what iron ore or raw cotton looks like, but this does not stop them from trading them with all their might, making money on the price difference. In fact, stock trading is a speculative operation in which money is literally made out of thin air.

What are exchanges for?

The main purpose of exchanges is wholesale trade of various goods. If you need to purchase a large quantity of polyurethane granules or crude oil, you find the appropriate exchanges and study their offers, price fluctuations, main sellers and other useful information.

If you want to sell the same goods, then, in order not to waste time searching for buyers, you turn to an exchange intermediary - and he will find you buyers in a pre-agreed price range. This is how it works to a first approximation.

If we look at the exchanges in more detail, it becomes clear that lots of polyurethane, oil and other goods can change hands several times during the day, slightly increasing or, conversely, losing in price, depending on the prevailing market conditions.

An exchange player can buy your polyurethane, say, for 9.99 rubles per kilogram, and sell it half an hour later for 10.01 rubles. A trifle, you say? But if the sales volume of polyurethane is 10 thousand tons, then it is easy to calculate that the profit from this operation amounted to 200 thousand rubles, minus the exchange commission, which came literally out of nowhere.

However, the player may not guess with the rise in price, and if during the day it fell by at least one kopeck, then his loss will be 100 thousand rubles, plus exchange commission.

The real activities of stock traders are much more complex. Today they operate not only with real shipments of goods, but much more often with futures transactions, options and other exchange instruments.

Types of modern exchanges

Exchanges, as a rule, do not trade everything. Each of them has its own specialization.

However, there are also universal exchanges, where different sections operate with different trading instruments. But most exchanges still adhere to a certain direction:

— commodity– operate in batches of goods;

— raw materials– trade in raw materials, i.e. minerals, agricultural raw materials, etc.;

— stock– serve as a platform where shares of enterprises and companies are sold and bought;

— foreign exchange– operate with monetary units of different countries;

— futures– trade, i.e. future volumes of goods produced, raw materials extracted, agricultural products grown, etc.;

— optional– they operate not with batches of goods, but with the right to purchase them.

In order to play on the stock exchange, it is not enough to go there and start buying or selling. Only traders registered on the exchange - resellers - have the right to trade. They make sales for their clients, who give them instructions on what to do if the situation changes in one direction or another.

How to start playing on the stock exchange?

To start playing on the stock exchange and thereby make money on stock market speculation, you must have at least a small venture capital, i.e. free money that can be spent on gaming.

Most exchanges provide beginners with a so-called demo account, virtual money that can be used to learn how to carry out various transactions in real time. Having mastered the technique of sales and purchases, you can try to play with your own money.

Unfortunately, statistics show that more than 90% of novice exchange players lose their capital on the first or second operation. Almost every player who has a fairly solid experience in stock exchange transactions has had to lose literally everything at least once, but very few, after the first losses, find the strength and opportunity to continue trading activities.

Those who consider the stock exchange as a way to earn quick and easy money are better off abandoning their venture, since the risk of ending up in a crushing loss is too great.

In this article we will talk about how the stock exchange in Russia is structured, what markets and sections it includes, and what main problems it solves for investors.

Exchange- a company that organizes trading in the securities, currency, and commodity markets.

Moscow Exchange(the united MICEX-RTS exchange) is the largest in Russia and Eastern Europe in terms of trading volume and number of clients. For a private investor who wants to invest in the Russian securities market, the Moscow Exchange is the best option.

Bidders There may be brokers, dealers, and management companies on the stock exchange. Individuals can carry out transactions on the stock exchange exclusively through the mediation of brokers who are “trading participants.” In order to obtain a “trading participant” license, you need to go through a lengthy exchange accreditation procedure and subsequently adhere to the high standards set by the exchange and federal regulatory authorities. “Trading participants” undertake to pay regular membership fees to the exchange.

What is the exchange for?

Ensures the organization of exchange trading, develops rules for exchange trading, rules for admitting securities to trading.
. provides the material and technical basis for trading;
. ensures openness and publicity of ongoing trading by notifying trading participants about the place and time of trading, the list and quotation of securities admitted to trading on the stock exchange, and the results of trading sessions
. carries out constant monitoring of transactions carried out on it in order to identify cases of use of insider information and market manipulation

Moscow Exchange markets

The following organized markets operate within the Moscow Exchange Group: Stock market, Derivatives market, Foreign exchange market, Money market, Commodity market.

Duration of trading sessions:

on the stock market: from 09:30 to 19:00 Moscow time
on the derivatives market: from 10:00 to 23:50 Moscow time
on the foreign exchange market: from 10:00 to 23:50 Moscow time
on the commodity market: from 10:00 to 23:50 Moscow time
in the Standardized derivatives market: from 10:00 to 17:00 Moscow time

The evening additional trading session begins at 19:05 Moscow time.

MICEX stock market

Trading on the Stock Market of the Exchange is possible in three sectors: Main Market, Standard Sector, Classica Sector.

Sector Main market - exchange market for shares, bonds and mutual fund shares with the Central Counterparty. In the Main Market, trading takes place daily in more than 1,400 securities of about 700 Russian issuers. The trading participants in the Main Market sector include more than 650 organizations - professional participants in the securities market, whose clients are more than a million investors - legal entities and individuals. Trading in the Main Market sector is organized electronically on the basis of a modern trading system, to which regional trading platforms and remote terminals are connected.

Sector Standard - exchange market for shares and units of mutual funds with a Central Counterparty, providing unique opportunities for stock market participants to increase the efficiency of operations and reduce various types of risk. Settlements for transactions concluded in the Standard market sector occur on the fourth trading day (T+4). The Standard market has the longest trading session in Russia.

Trading on the Standard market is carried out from 10.00 to 18.45 Moscow time (main trading session), and from 19.00 to 23.50 Moscow time (evening trading session).

Classica sector - the oldest organized securities market in Russia - began operation on July 5, 1995. Today, the main principles of trading on Classica are the absence of 100% preliminary deposit, the choice of date and payment method, and the possibility of settlements in foreign currency. Transactions in this sector of the market are concluded using Plaza trading terminals.

You can track the dynamics of shares on the Moscow Exchange stock market in the "Quotes" section.

FORTS derivatives market

FORTS derivatives market - the leading platform for trading derivative financial instruments in Russia and Eastern Europe. Currently, derivative financial instruments are traded on the FORTS futures and options market, the underlying assets of which are: RTS Index, MICEX Index, Russian Volatility Index, industry indices, stocks and bonds of Russian issuers, federal loan bonds, foreign currency, average overnight loan rate MosIBOR and three-month loan rate MosPrime and goods - Brent and Urals oil, diesel fuel, gold, silver, sugar.

Trading on the FORTS market is carried out from 10.00 to 18.45 Moscow time (main trading session), and from 19.00 to 23.50 Moscow time (evening trading session).

MICEX foreign exchange market

Foreign exchange market Exchanges - this is a form of association of participants in the foreign exchange market, not endowed with the rights of a legal entity, the main task of which is to create conditions for effective trading in foreign currency for all participants in the exchange foreign exchange market. The Exchange's foreign exchange market is one of the oldest markets in Russia. It was formed on the basis of the MICEX currency section, the results of trading of which are used by the Central Bank when setting the official exchange rate of the Russian ruble. At the moment, ETS trading participants have the opportunity to carry out transactions with any of the main currency pairs (USD/RUB, EUR/RUB, EUR/USD), using one of three currencies as collateral - US dollars, euros, Russian rubles, or any of them combination (single security). On the Exchange's foreign exchange market, it is possible to carry out conversion transactions using a single trading platform of the FORTS and Standard markets using the RTS Money service.

MICEX money market

Currently government securities market (hereinafter referred to as the government securities market) is one of the oldest segments of the Russian financial market. It was formed by the Bank of Russia and the Ministry of Finance in 1993 in order to implement budgetary and monetary policies. Within the framework of the Money Market, a repo segment has been operating since 2002, which includes direct repo operations with the Bank of Russia, reverse repo with the Bank of Russia (Exchange modified repo) and interdealer repo.

MICEX commodity market

The organizer of the auction for commodity market Since 2002, JSC National Commodity Exchange has been operating. NTB organizes trading contracts for wheat, electricity, oil and petroleum products, ferrous and non-ferrous metals, timber, pharmaceutical resources and chemical industry, construction materials and water resources. Since 2002, he has been involved in the preparation, organization and conduct of exchange trading during government procurement and commodity interventions to regulate the market for agricultural products, raw materials and food in the Russian Federation.

A private trader needs to choose a brokerage company to carry out trading operations on the stock exchange. You can familiarize yourself with the broker ratings presented on the InvestFuture website.