To satisfy the demand of operators for initial data which allows evaluation of the promissory notes market, in January of 1996, AK&M experts set about gathering and processing information on the promissory notes trade.
The first stage of the work was setting of a special block in AK&M-List Database, which included the quotes on promissory notes and information on promissory notes drawers and holders. Today the number of active operators, setting out the bids for the purchase/sale of promissory notes in AK&M-List already exceeds 280, and the number of issuers of promissory notes quoted on the market has reached 565.
Address data, information on management, founders, size of shareholder's equity and other information is collected and stored in the data-base for each operator. Corresponding information on the companies-issuers is supplemented by commercial and financial indices, as well as reports from the mass media and AK&M own correspondents on the current state of the business in the companies.
The next step in the creation of informational provision for the promissory notes market sector was the formation of promissory notes rating system. AK&M specialists, considering the experience of such companies as Standard & Poors, Moody's and Fitch, developed the system for formation of the promissory notes rating, adjusted for the Russian market.
In particular, besides liquidity evaluation, management, and profitability and other financial and commercial figures of the enterprises-promissory notes drawers, AK&M experts use quotations on the promissory notes from AK&M-List data-base, as well as the opinion of the experts who work in the promissory notes market for the rating.
As Russian companies’ financial reports quite often don’t reflect the real situation of the company, it makes presenting of subjective information quite valuable as well.
So, AK&M composite promissory notes rating includes:
The expert rating is formed on the basis of the opinions
of specialists from different companies actively working in the promissory notes market
(banks, investment companies, investment funds, etc.). Respondents evaluate the promissory
notes according to criteria of liquidity, profitability of issuers, and timeliness of
The company is included in the list of promissory notes
issuers, for the rating, only in the event that it is possible to calculate the indices
from the first four groups, which means the company disclose its financial statements for
the last three years.
Issuers of the promissory notes are arranged by each of
the indices, and the position of the issuers in the rating is determined by their total
points in all three indices.