Transactions at the Moscow Inter-Bank Currency Exchange are made with a limited number of currencies (ruble vs U.S. dollars and Euro) and, as compared with transactions at UniCredit Bank rate, are characterized by higher costs (prior depositing of money, brokerage), lower speed of settlements (purchased funds are credited on the second day) and a limited trading period.
When purchasing or selling currency at the MICEX, the bank acts as a broker and makes transactions on its own behalf, but at the cost and instructions of the client. The large volumes of funds that UniCredit Bank handles during trading give the bank’s clients the opportunity to optimize the currency purchase/sales rates.
Transactions at MICEX
Transactions at the Unified Trading Session (UTS)
At present, transactions at the UTS are mainly restricted to those that involve the statutory sales part of their foreign currency earnings by Russian exporters. These may be in any currency that is subject to statutory sales and is traded at MICEX. There is no fixed minimum amount for these transactions. Funds are required to be deposited prior to concluding transactions.
UTS trading sessions for U.S. dollars are held from 10:00 a.m. to 14:00 a.m.; for Euro from 11:10 a.m. to 11:30 a.m. The Bank remits funds to its clients’ accounts based on trading results on the following banking day after trading.
From December 1, 2002 the restrictions forcing Russian exporters to sell part of their foreign currency earnings exclusively at the UTS were lifted. In line with Decree No. 1192-U of the Bank of Russia (September 17, 2002), clients may now make the statutory sales of foreign currency by concluding conversion transactions with the Bank.