During the last few weeks of 1995, equity traders in Moscow all but gave up on the slumping Russian stock market. Turnover volumes fell to a meagre $40 million a week, down from $100 million a day at the peak of stock market activity last June. Instead of quoting share prices, bored traders offered spreads on the share of the popular vote the Communist party might win in the country’s parliamentary elections on December 17.
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