Trading Modes
General Information
Main Trading mode and Incomplete Lots Trading Mode
Trading in Negotiated Deals Mode
REPO trade
Placing Securities
Repurchasing Bonds
Special Features of Submitting Applications and Executing Trades
REPO Auction
Special Features of REPO Trades with the Bank of Russia
“REPO Auction” trading mode is an additional possibility providing liquidity for holders of an issuer’s securities and allows security issuers to reduce expenses on loans and gain additional return.
Features of the “REPO Auction” Trading Mode:
- Trades are made on the basis of targeted REPO bids submitted by traders in the course of trading in “REPO Auction” trading mode addressed to a trader acting on his behalf or on the account and on the orders of the issuer.
- An auction consists of the collection period and the period of satisfying bids.
- The conditions of REPO trading with the issuer are determined by the MICEX SE CJSC on the basis of the issuer’s letter. In addition to the securities with which REPO trading is permitted, the following potential details of bids are specified: REPO period, acceptable settlement codes, initial and minimum limits, maximum discount value limit depending on the REPO period, minimum REPO rate, and fixed reimbursement rate.
- The procedure for satisfying bids is established by the MICEX SE CJSC in terms of the offers contained in the issuer’s letter.
Please note that operations in the “REPO Auction” trading mode cannot be made from a firm manager’s workstation running on a version lower than 3.20.