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
In the MICEX SE Trading System, bonds may be repurchased in the following ways:
1. Auction to determine the repurchase price (Repurchase: Auction trading mode):
- Auction at cut-off price. Orders from securities’ owners indicating the desired selling price of each security are collected, then, on the basis of the submitted selling orders, the issuer determines the repurchase price. Under this repurchase pattern, all trades are made at a uniform repurchase price determined by the issuer provided that the price specified in a selling order is not higher than the cut-off price;
- Auction at bid price. Orders from securities’ owners indicating the desired selling price of each security are collected, then, on the basis of the submitted selling orders, the issuer determines the repurchase price of its securities. Under this repurchase pattern, trades are made at the prices specified in the selling orders provided that the price specified in a selling order is not higher than the repurchase price;
2. Repurchases in the Repurchase: Targeted Orders mode are made at the repurchase price predetermined by the issuer.
