System of Limits

The following limits are in effect during trading and clearing in the MICEX futures market:

a) limit on price change;
b) limit on market share by type of futures contract;
c) price limit on open positions,

as well as other limits established and controlled by the trading organizer (MICEX CJSC or the MICEX SE CJSC) in accordance with its internal documents.

The price change values for limits can be established by both the trading organizer in accordance with its internal documents (MICEX CJSC or the MICEX SE CJSC) and the Clearing Organization in accordance with the internal documents of the Clearing Organization. In the event that various values are present for the same limit on a certain series of futures contracts, the lowest of these values is effective.

The values of market share limit by type of futures contract and those of price change limits, as well as the implementation of new limit values are determined according to the Methodology of Calculating Risk Parameters.

Compliance with price change limits, limits on market share by type of futures contract, and price limits on open positions is monitored by the Clearing Organization. If filing an application can lead to non-compliance with any limit controlled by the Clearing Organization, the Clearing organization sends a notification that the application does not comply with the limits established by the Clearing Organization to the trading organizer (MICEX CJSC or the MICEX SE CJSC) by means of the System of Trading, Clearing, and Settlements on Futures and Options. Based on this information, the trading organizer declines the application.

Parameters of the Guarantee System
Price Limit on Open Positions
Price Estimation of Net Positions