Repurchase: Targeted orders
Certain types of orders, established by the Rules of trading correspond to each of the above periods.
On the basis of orders entered in the "Pre-trading period" mode for each security, the uniform price of the pre-trading period is determined as a result of comparing the aggregated demand and supply as of the opening of trading.
Trading during the trading session is based on the "order driven market" principle: the market of competing orders where a transaction is closed automatically when the terms of anonymous counterorders match.
In the "post-trading period" mode participants' orders are collected and transactions are concluded at the average weighted price, determined within the last 30 minutes of the trading session. In the absence of transactions in the given security within the last 30 minutes of the trading session, the average weighted price of the given security is used as the price of the post-trading period. In the absence of transactions in the given security, the price of the post-trading period is not calculated).
The rules of entering orders and concluding transactions in the "Incomplete lots" mode are the same as those in the main trading mode. In the "Incomplete lots" mode, those securities are admitted to trading whose standard lot is one hundred securities, on condition that trading in these securities is not limited to trading in the negotiated deals mode and REPO mode.
There are limit orders and market orders, which differ by the terms of their execution. A limit order expresses the intention to buy or sell a certain amount of a specified financial instrument at the price "not worse" than the asked price. A transaction is closed when the price of a limit order matches the price of counterorders residing in the Trading System. A market order expresses the intention to buy or sell a certain amount of a specified financial instrument at the best market price as of this moment. A transaction is closed only when there are counterorders.
To maintain a liquid and stable securities market, the Rules of trading stipulate granting the status of official market maker to participants in trading. The status of market maker in one or several securities is granted in the main trading mode. Market makers must enter and always (except for quotation breaks) maintain in the Trading System market maker orders with keeping in quotations the total volume which is not less than the minimal permissible volume and with prices at which the size of the actual spread does not exceed the maximum value of the spread. Market maker orders are entered only during the "trading session" period of the main trading mode. A market maker order is entered on the market maker's own behalf and at his own expense with keeping unsatisfied orders in quotations.
MICEX Stock Exchange
