Trading Modes
When trading in this mode, traders inform the market of their intentions to make trades by entering “non-targeted” orders (without indicating a specific trader) and come to an agreement with their respective counterparts by entering so-called “targeted” orders (addressed to a specific trader.) In this mode, traders can determine the time that a trade is executed, from the current trading day (day Т) up to 30 days after the trade is made. To denote the execution date, settlement codes Т0, В0:В30 are used in the Trading System.
The execution date of a trade is determined based on the settlement code:
| Settlement code | Т0 | В0 | В1 | В2 | … | B30 |
| Execution date of a trade | Т | Т | Т+1 | Т+2 | Т+30 |
This trading mode allows:
- informing traders of the intention to make a trade on specified terms;
- making trades “without coverage” (for settlement codes B0 – B30), that is, without a sufficient amount of money or securities, but with subsequent replenishment of reserves;
- making trades with selected counterparts.
According to the Rules of Trading, a trade is automatically made in the Trading System when the conditions specified in two targeted counter-orders match.
In that case, early execution of the trade is possible beginning on the accounting day following the day that the trade is made.
