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Information about MICA and DELTA


The Moscow International Currency Association (MICA) was founded in 1999 on the initiative of a number of leading banks.

At present time about 100 organizations are members of the Association. Among them are Alpha-Bank, MDM-Bank, “UralSib” Bank, NOMOS-Bank, the Bank of  Khanty-Mansiysk, IB “Trust”, the Bank of Moscow, “Petrokommerts” Bank, Reiffeisenbank Austria, Commertsbank (Eurasia), OTPBank, MBRD (the Moscow Bank of Reconstruction and Development), Metallinvestbank, the Moscow Industrial Bank, Probusinessbank, Promsvyazbank, SB Bank, Stroycredit, Rossiyskiy Capital, Invest Bank and also tens of other banks.
  
The Association is involved in active lawmaking, lobbyist and public activity, protecting the interests of the banking community concerning the issues, related to the procedure of conducting transactions on the financial markets and banking activity on the whole. During the time of its existence MICA in the interaction with other professional associations managed to achieve taking a whole number of most important decisions in the sphere of banking, tax and currency legislation.

The Association is actively protecting banks, advocating the preservation and development of their business, fighting for their interests in the regulating bodies.

The Association has repeatedly rendered assistance to its members in their every-day practical activity (consulting, providing the required information, co-ordination of various matters in the state boards, etc.).

The Association regularly conducts various banking forums and scientific-practical conferences, thus contributing to the consolidation of partnership relations among the crediting organizations of Russia and the nearby foreign countries.

A significant place in the work of the Association is occupied by training, preparation and certification of the bank dealers within the frameworks of the projects, realized jointly with ACI - The Financial Markets Association. In particular, since 2007 the Association has been performing professional attestation of the specialists of the Russian currency and monetary market according to the MICA FX&MM Dealing Certificate with granting the corresponding certificates to those who have passed the exam successfully.

An important sphere of the activity of MICA is the introduction and development of new information technologies and products. In particular, under the aegis of the Association the unique electronic system of the inter-bank market of financial instruments – the DELTA system – is functioning. This system allows its participants to make bilateral transactions of purchase and sale of financial assets in automatic mode. 

The technological basis of the system is original software on the basis of Internet (without the opening of a web-site and HTML pages). The quotations of Inter-Bank Credits are present in the system during the whole working day. In the peak time the queue of requests is formed by more than 100 fixed prices, that is the prices not demanding additional confirmation. The amount of the concluded bargains is from the minimum lot of 1 mln roubles to 1 bln roubles. In the system 350-400 bargains with the total volume of up to 20 bln roubles are concluded. Now already about 250 banks are using the services of DELTA, and their amount is continually growing. Both the Moscow and regional banks from Siberia, the Urals, Povolzhye (Volga region), Center, South and North-West of Russia participate in the auction. During the recent period of time the banks “of the first circle”, and also the “non-resident” banks more and more actively are linked up to the system. The system of indices RIBOR (Rouble Interbank Overnight Rate) – the weighted average values of interest rates of the bargains, concluded in the system during the trading day, introduced in the February of this year in DELTA, is becoming a most important guiding line for all the operators of the financial market.

 The members of the Association are exempt from paying any commission fees and payment for using the terminals of DELTA. The installation of the software product is also performed for them free of charge.

On the server DELTA-FOREX, servicing the conversion transactions, alongside with the fixed requests the bank can also put up soft quotations. 

In DELTA a personal manager will be working with your bank, the manager who will not only provide you with consultations related to the market, but also help you to enter into relations with new counteragents. The membership in the Association will favor the establishment of ling-term business contacts between your bank and the banks of Russia, the nearby foreign countries and remote foreign countries, create the new opportunities for the expanding the circle of your bank’s potential partners and clients.

For becoming a member of the MICA you are required to fill in the application (the form is enclosed) and send it to the address of the Association, and also the copies of registration documents. After considering your application by the Association Council and in case of its approval you will have to pay the entrance fee in the amount of 70 000 roubles.

For receiving additional information about MICA you can contact us by telephone/fax (095) 782-98-81, 760-49-64, 782-98-82 (fax).


 

 

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