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The Development of the GKO-OFZ Market: Lessons and Prospects
Ist Teil von
Problems of economic transition, 2000-05, Vol.43 (1), p.74-81
Ort / Verlag
Abingdon: Routledge
Erscheinungsjahr
2000
Link zum Volltext
Quelle
PAIS Index
Beschreibungen/Notizen
In the past five years, the state short-term bond and federal loan bond (GKO-OFZ) market has acted as a system-forming element of the entire financial market: state obligations were the principal instrument for maintaining the current liquidity of investments and one of the most attractive objects for investment, while their yields were the principal macroindicator defining the movement of interest rates. The high investment attractiveness of the GKO-OFZ market was explained as follows:
-first, the guarantor of the fulfillment of obligations was the state in the person of the Russian Federation [RF] Ministry of Finance;
-second, the infrastructure of the GKO-OFZ market was technically better than that of other sectors of the Russian financial market. Trading in the bonds was conducted on-line at eight trading sites, and there was the capability of installing remote work sites, including abroad (in London, New York, Tokyo, and Paris);
-third, the GKO-OFZ market offered conditions for investing monetary funds for a term of one to seven years;
-fourth, the quite high levels of interest rates and liquidity in the GKOOFZ market throughout its entire existence created enormous speculative opportunities.