ver.0.20.0 rev:06/08/09
MICEX
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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

The Trading System refuses bids that can lead to executing trades on the behalf, on the order, and on the account of clients (including security issuers) and on the behalf and on the account of assets that are in the trust management of traders that would result in the securities’ owner remaining unchanged. The Trading System also refuses bids that can lead to executing cross-deals (cross-deals are trades executed by a MICEX SE Trader on his behalf and on his account where the seller or buyer is the same Trader).

All trading modes, upon execution of the trade in the clearing system by the Clearing Organization (MICEX CJSC), have control over “delivery against payment”, which insures participants and their clients against the risk of losing monies and securities. On the trade’s execution day, the securities and monies are blocked by the MICEX Settlement House and the NDC and final delivery and payment are only made on the order from the Clearing Organization upon the counteragents’ performance of their obligations.

To reduce the probability of mistakes while entering applications on the trading participant’s workstation, it is possible to control the price of applications being entered. External control parameters are assigned by the broker. Traders also have the ability to use their own control parameters set at their workstation in the trading system. When entering the application, the application price is controlled for the set range of values. In the course of trading, the self-assigned control parameters can be changed by traders.