The new order of the reference of state credit obligations
June, 1995 can become history as the period of active transformations in the market of the state securities. In the beginning of month the Ministry of Finance has released a new paper - bonds of a federal loan, and practically simultaneously the Central bank has published Position about service and the reference of releases of the state short-term bonds which should become a basis for tendering of state credit obligations in regions.
the New document of the Central bank which, according to the deputy chief of department of securities of the Central Bank Konstantin Korishchenko, comes into force from the moment of publication in “ the Bulletin of Bank of Russia “ it is almost possible to consider as new edition of similar position of 1993. However, as edition which contains a number of basic innovations. First of all it is necessary to notice essential changes in the section regulating a procedure of payments under transactions with bonds that, however, quite explainably. After all on a Central Bank and Ministry of Finance plan the new document urged to become a basis for the organisation of trade of state credit obligations in regions, and it should cause reorganisation of settlement system of the market of state bonds. Position enters concept “ financial settlements centres ORTSB “ (their role till January, 1st, 1996, most likely, will carry out regional currency stock exchanges), calculations between which will be carried out through “ settlement divisions of Bank of Russia “. The last concern GTU the Central Bank of the Russian Federation, national banks of Bank of Russia, the OPERA of the Central Bank of the Russian Federation and TSOU the Central Bank of the Russian Federation.
in other words, the auctions of state credit obligations on regional platforms will be carried out as follows: The dealer opens accounts at a local currency stock exchange where translates money resources and bonds (or something one) then enters demands into a trading network, uniform for all trading platforms. Following the results of trading day the balance of each dealer and, accordingly, everyone ORTSB pays off. Then the bank of Russia carries out remittances between serving ORTSB settlement divisions. Thus the necessary balance between regional shopping centres will be reached.
However, it is necessary to notice that described in the new document of the Central Bank a procedure of payments - no more than a skeleton to add which the detailed instruction on accounting should. According to Konstantin Korishchenko, it is “ at last stage of the coordination “. Anyhow all goes to that through 1 - 2 months the geography of the market of state credit obligations will essentially extend. It is clear that this circumstance will allow to increase considerably its capacity, to place great volumes of bonds and, hence, in great volumes to finance deficiency of the federal budget.
one more feature of position is that thanks to it primary auction and the secondary auctions of state credit obligations can be spent in one day. The matter is that demands for auction will move in a paperless kind, and it will allow to reduce a preparatory part of the auctions considerably. If to trust the responsible of the Central Bank, it becomes first of all for dealers who can use at once at the secondary auctions the means which have not played at auction. The Central Bank can keep means in the market while now the part for day following after auction leaves them on market MBK or in other segments of the financial market.
IGOR - NITKIN