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Frequently Asked Questions

1. What documents does the Dealer’s (Trader’s) representative have to submit to MICEX in order to be registered with the ZAO MICEX Trading System and have the ability to make trades?
A necessary condition for admitting a Dealer’s (Trader’s) representative to trading is the Dealer’s registration with the MICEX Trading System upon executing all the contracts regulating the Dealer’s participation in trading. For a Trader to be registered with the Trading System with the ability to make securities trades, a power of attorney executed in accordance with Supplement No.2 to the Rules of Operation for Government-Backed Securities Trading on the MICEX Electronic Trading System must be submitted to MICEX.

2. Does MICEX collect any fees or charges from Dealers for their admission to the government-backed securities market and money market?
Dealers do not pay any admission, membership, or other fees to MICEX for their registration in the government-backed securities market and money market.

3. What do “operations for managing a Dealer’s cash positions” mean?
If a Trader has cash positions corresponding to his current (trading) accounts with various OSM Settlement Centers and branches thereof, the Trader may change those cash positions using operations not related to making trades in bonds, entering bond purchase orders, or changing initial values of cash positions. In other words, the Trader may, during a trading session, increase one of his cash positions and reduce any of his other cash positions (cash positions correspond to current (trading) accounts with various OSM Settlement Centers and branches thereof). These operations are referred to as “operations for changing a Dealer’s cash positions.” This enables the Dealer to perform inter-regional cash transfers within one day.

4. What does “period before redemption” mean when calculating the MICEX fee?
The period before redemption means the number of days remaining before the redemption of a bond. The difference between the period before redemption and the maturity is the following: the maturity is calculated as the number of days between the date of placement and the date of redemption of a bond, whereas the period before redemption is calculated as the number of days between the current date and the date of redemption.

5. From what date is the REPO period calculated for REPO trades with the settlement code Sn?
For a REPO trade with the settlement code Sn, the REPO period is calculated from the date that the first part of the REPO trade is executed by the counterparties.

6. As of what date is the accrued interest (AI) specified for negotiated deals with the settlement code Sn?
For trades with the settlement code Sn, accrued interest is specified as of the date that the trade is executed.

7. Who can become a Trader in the deposit/credit market?
Any legal entity that is a credit organization and a resident of the Russian Federation may become a Trader in the deposit/credit market. To do that, an organization must execute the General Agreement for Making Deposit Trades in Russian Currency Using the MICEX Electronic Trading System and/or the Credit Agreement for Providing Bank of Russia Credit Secured by Pledge (Blocking) of Securities for Trades Made on MICEX Using the ZAO MICEX Electronic Trading System with the Bank of Russia and complete the admission procedure in accordance with the Rules for Trading between the Bank of Russia and Credit Organizations Using the ZAO MICEX Electronic Trading System for Bank of Russia Deposit and Credit Operations.

8. What financial costs are incurred by Traders in upon their admission to the deposit/credit market?
No membership fees or commissions for performing deposit/credit trades are charged by MICEX.

To be admitted to participate in deposit operations, an organization that is not already a member of one of MICEX’s Sections must:

  • receive technological access to the MICEX Electronic Trading System by installing a remote workstation (via CMA, tel.: +7 495 705–96–51 or E-Stock, tel.: +7 495 234–24–89) or leasing a workstation from another Trader, tel.: +7 495 202–96–34, via the Internet (using the MICEX Money Trader program, tel.: +7 495 234–24–77 (extension 2036), +7 495 411–82–54;
  • agree to the MICEX Rules for Electronic Document Circulation, purchase the client workstation software from the EDCS Organizer, and receive an EDCS Participant electronic signature certificate (for questions, call: +7 495 745–8142, 745–8120).

If an organization is already a member of any MICEX Section, only the documents not already submitted need to be executed.

9. Is non-government securities trading allowed in the government-backed securities market?
In addition to GKO/OFZ and BBR, sub-federal, municipal, and corporate bonds on the Bank of Russia’s Lombard List are also admitted to trading on the government-backed securities market. Trading in these bonds on MICEX is held in accordance with the Rules for Securities Trading on the MICEX Trading System with Settlements on Trades in Russian Currency in the Government Federal Securities Settlement Sector of the Organized Securities Market.