Monitoring

Ensuring an effective and fair market by creating conditions for fair competition among its participants and protecting the rights and lawful interests of investors is one of the MICEX SE’s highest priorities.

To achieve these goals, Traders’ Stock Exchange operations are monitored in order to identify actions that show signs of price manipulation, using insider information, non-compliance with the bylaws of the Stock Exchange, federal securities market regulations, and other regulations of the Russian Federation, as well as order and transaction parameters that meet criteria making it possible to classify them as non-standard, subject to verification.

To prevent price manipulation, avoid erroneous Trader actions, and reduce risk in the securities market, the following measures are provided for in the Rules of Securities Trading on the ZAO MICEX Stock Exchange:

• a list of Traders’ actions that may be considered violations of Stock Exchange rules has been determined;
• a system of limitations on order parameters has been developed; if an order exceeds these limitations, the order is automatically rejected by the Trading System;
• a procedure for suspending securities trading has been established;
• trading is monitored in order to identify non-standard transactions.