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Repurchase of Bonds
MICEX SE Trading System enables an issuer or its agent to repurchase bonds. This can be done in the following ways:
1. Auction to determine the repurchase prices (trading mode "Repurchase: Auction")
- auction at cutoff price
(Holders of securities enter orders, in which they specify their desired selling price. Then, on the basis of submitted "sell" orders, the issuer determines the repurchase price. Under this scheme of repurchase, all transactions are carried out at a uniform repurchase price, determined by the issuer, on condition that the price, specified in the "sell" order, does not exceed the cutoff price.)
- auction at bid price
(Holders of securities enter orders, in which they specify their desired selling price. Then, on the basis of submitted "sell" orders, the issuer determines the price of repurchase of his securities. Under this placement scheme, transactions are carried out at prices specified by sellers in their "sell" orders, on condition that the price, specified in the "sell" order, does not exceed the repurchase price).
2. Repurchase in the mode "Repurchase: Targeted orders" at the repurchase price predetermined by the issuer.
To each of the above periods correspond certain types of orders, established by the Rules of trading.
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MICEX Stock Exchange
