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OFZ (bond)
OFZ (abbreviation for russian: Облигации Федерального Займа, Obligatsyi Federal'novo Zaima, Federal Loan Obligations) are coupon-bearing federal loan bonds issued by the Russian government. The Ministry of Finance auctions off OFZs to finance the federal budget, or less commonly, to bail out troubled banks. Given their role, they form an essential part of the Russian financial system. OFZs were introduced in June 1995 to complement the GKO market as an instrument with medium and long-term standing. Inflation-linked OFZ bonds are also issued. In August 1998, the Russian government defaulted on domestically issued debt, including OFZs. In 2012, OFZs were connected to the pan-Europe settlement and clearing system Euroclear. The share of foreign-held OFZs increased from nearly zero in 2006 to 25% by the end of 2013. As of February 2018, 33.9% of all outstanding OFZs were held by foreigners. By September 2018 the number had dropped to 27%, due to the threat of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Finance (Russia)
The Ministry of Finance of the Russian Federation (russian: Министерство финансов Российской Федерации), also known as ''MinFin'' (Минфин России), is a ministry of the Government of Russia responsible for financial policy and general management in the field of finance. The Ministry of Finance was formed from the Ministry of Finance of the USSR in 1992 and claims descent from the Ministry of Finance of the Russian Empire first established in 1780. It is headquartered at Ilinka Street 9 in Tverskoy District, Moscow. Anton Siluanov has served as the Minister of Finance since September 2011. History The Treasury Governing body in Russia was established by Imperial Decree of Catherine II in October 24, 1780, as The Expedition of state revenues, which was, in fact, the beginning of the creation of state financial authority in Russia. Manifesto of the Emperor Alexander I "On approval of the Ministries" was founded several ministries ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation-indexed Bond
Daily inflation-indexed bonds (also known as inflation-linked bonds or colloquially as linkers) are bonds where the principal is indexed to inflation or deflation on a daily basis. They are thus designed to hedge the inflation risk of a bond. The first known inflation-indexed bond was issued by the Massachusetts Bay Company in 1780. The market has grown dramatically since the British government began issuing inflation-linked Gilts in 1981. As of 2019, government-issued inflation-linked bonds comprise over $3.1 trillion of the international debt market. The inflation-linked market primarily consists of sovereign bonds, with privately issued inflation-linked bonds constituting a small portion of the market. Structure Daily inflation-indexed bonds pay a periodic coupon that is equal to the product of the principal and the nominal coupon rate. For some bonds, such as in the case of TIPS, the underlying principal of the bond changes, which results in a higher interest payment when ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euroclear
Euroclear is a Belgium-based financial services company that specializes in the settlement of securities transactions, as well as the safekeeping and asset servicing of these securities. It was founded in 1968 as part of J.P. Morgan & Co. to settle trades on the then developing eurobond market. It is one of two European international central securities depositories (Clearstream being the other). Activity Euroclear settles domestic and international securities transactions, covering bonds, equities, derivatives, and investment funds. Euroclear provides securities services to financial institutions located in more than 90 countries. In addition to its role as an international central securities depository (ICSD), Euroclear also acts as the central securities depository (CSD) for Belgian, Dutch, Finnish, French, Irish, Swedish, and UK securities. Euroclear also owns EMXCo, the UK's leading provider of investment-fund order routing. Retail investors are able to have direct acco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Settlement Depository (Russia)
The National Settlement Depository (NSD), headquartered in Moscow, is a Russian non-bank financial institution and central securities depository (CSD). It provides depository, settlement (bank account), and related services to financial market entities. Its services cover both securities listed in Russia's 2011 Federal Law "On the Central Securities Depository", and other Russian and foreign equity and debt securities. NSD is the CSD of the Russian Federation, and was assigned CSD status by the Russian Federal Financial Markets Service in 2012. It is the largest securities depository in Russia by market value of equity and debt securities held in custody, which in June 2022 were 70 trillion roubles ($1.12 trillion). It is a member of the Moscow Exchange Group. In March 2022, in the wake of the 2022 Russian invasion of Ukraine, NSD's accounts were blocked and frozen at international CSDs Euroclear and Clearstream (CSDs which together held €50tn of assets on behalf of investors). I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Russia
The Central Bank of the Russian Federation (CBR; ), doing business as the Bank of Russia (russian: Банк России}), is the central bank of the Russian Federation. The bank was established on July 13, 1990. The predecessor of the bank can be traced back to the State Bank of the Russian Empire founded in 1860. The bank is headquartered on Neglinnaya Street in Moscow. Its functions are described in the Constitution of Russia (Article 75) and in federal law. History State Bank of the Russian Empire The decision to create a State Bank of the Russian Empire was made by Emperor Peter III in May 1762, which was modeled on Bank of England and would have the right to issue bank notes. However, due to the coup on 28 June 1762 and the murder of the Czar, the project was not implemented. The outbreak in 1768 of the Russian-Turkish War and deficit of the state budget forced Catherine II, in turn, refer to the idea of issuing a paper money, and in December 1768 she formed th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Russia
The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. —Rosefielde, Steven, and Natalia Vennikova. “Fiscal Federalism in Russia: A Critique of the OECD Proposals.” Cambridge Journal of Economics, vol. 28, no. 2, Oxford University Press, 2004, pp. 307–18, . —Robinson, Neil. “August 1998 and the Development of Russia’s Post-Communist Political Economy.” Review of International Political Economy, vol. 16, no. 3, Taylor & Francis, Ltd., 2009, pp. 433–55, . —Charap, Samuel. “No Obituaries Yet for Capitalism in Russia.” Current History, vol. 108, no. 720, University of California Press, 2009, pp. 333–38, . —Rutland, Peter. “Neoliberalism and the Russian Transition.” Review of International Political Economy, vol. 20, no. 2, Taylor & Francis, Ltd., 2013, pp. 332–62, . —Kovalev, Alexandre, and Alexandre Sokalev. “Russia: Towards a Market Economy.” New Zealand International Review, vol. 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
