Off-Exchange Trading

In accordance with the Provision on Notification of the Execution of Trades, approved by the resolution of the FSSM of Russia No. 06–67/pz-n dated June 22, 2006, brokers, dealers, managers, joint stock investment funds, managers of investment fund companies, stock investment funds, and non-state pension funds (hereafter – professional securities market participants ) are required to inform one of the stock exchanges about sale trades (except for REPO trades) with securities included on the quote list of at least one of the stock exchanges that are not made at organized trading (off-exchange trades).

To organize the process of receiving data on off-exchange trades, MICEX Stock Exchange CJSC has developed the off-exchange trade reporting system, which provides for the main and reserve methods of collecting information about off-exchange trades.

The main method used by professional securities market participants to provide information to the MICEX Stock Exchange CJSC is its transfer through the specialized web interface of the off-exchange trade reporting system (hereafter – OTRS), which is the Moscow Interbank Currency Exchange CJSC’s (hereafter – MICEX CJSC) technical complex used for collecting and disclosing information sent by Professional Participants in the securities market to the MICEX Stock Exchange CJSC.

Reserve methods used by professional securities market participants to provide information to the Exchange are:

1. Providing information through the MICEX CJSC Electronic Document Circulation System using e-mail in accordance with the Regulations on Electronic Document Circulation, approved by the authorized body of MICEX CJSC, and the MICEX Stock Exchange Closed Joint-Stock Company’s Procedure for Organizing Electronic Document Circulation, approved by the Management of the MICEX Stock Exchange CJSC (hereafter –EDC Regulations);
2. Providing information through a specialized service using universal workstations (“gateways”) of the MICEX Stock Exchange CJSC Trading System;
3. Providing information on a machine-readable medium (magnetic diskette, compact disk, flash drive), which allows the Exchange’s information receipt notification to be recorded.

The procedure for professional securities market participants’ interaction with the MICEX Stock Exchange CJSC in the process of providing information about off-exchange trades is specified in the Procedure for Providing Information about Sale Trades in Securities Not Made at Organized Trading (Off-Exchange Trades) by Brokers, Dealers, Managers, Joint Stock Investment Funds, Managers of Investment Fund Companies, Stock Investment Funds, and Non-State Pension Funds, approved by the Management of the MICEX Stock Exchange CJSC (hereafter – Procedure).

To inform the MICEX Stock Exchange about off-exchange trades, a professional securities market participant must:

1. Execute the agreement with the MICEX Stock Exchange CJSC on rendering services connected with providing the MICEX Stock Exchange CJSC with information about off-exchange trades and the agreement accepting the Regulations on Electronic Document Circulation (unless this agreement was previously executed).
2. Submit the following documents to the MICEX Stock Exchange CJSC:
   1. Power of attorney for the representative of the professional securities market participant who is authorized to inform the MICEX Stock Exchange CJSC about off-exchange trades.
   2. Notarized copies of the professional securities market participant’s licenses (for brokering, dealing, securities management) given by the federal executive securities market authority.
3. Have the necessary encrypted electronic signature key for which the MICEX Certificate Control Center has issued a certificate for its use in MICEX Stock Market Electronic Document Circulation or MICEX Stock Exchange Electronic Document Circulation. In the absence of this key, the participant must obtain one, along with the respective electronic signature key certificate in accordance with the EDC Regulations approved by the authorized body of MICEX CJSC.

Professional securities market participants who are MICEX Stock Exchange Traders do not have to re-submit the documents mentioned in subsection b of section 2 and do not need to produce a new encrypted electronic signature key, provided that the person authorized to submit information about off-exchange trades to the MICEX Stock Exchange CJSC has a key for which the MICEX Certificate Control Center has issued a certificate with the above-mentioned scope.

The Procedure stipulates the payment for providing services to the professional securities market participant related to off-exchange trade notification and keeping the register of off-exchange trades: the fee for sending written extracts from the Register of off-exchange trades to the professional securities market participant is 200 (two hundred) rubles per extract, without VAT.

Please call +7 495 705–96–58 for additional information on the off-exchange trade reporting system.

Professional securities market participants must complete and sign two copies of the Agreement on Rendering Services Connected with Informing the MICEX Stock Exchange CJSC about Off-Exchange Trades, and also the power(s) of attorney for the representative of the professional securities market participant who is authorized to submit information about off-exchange trades to the MICEX Stock Exchange CJSC. The completed documents should be sent to the Stock Exchange marked to the attention of “Reporting on Off-Exchange Trades”, or handed in to the MICEX Stock Exchange dispatch office. Please do not fill in the fields for the number and date of the agreement while completing the agreement.

If the person who signed the Agreement is acting under a power of attorney, a copy of the power of attorney confirming the person’s authority to sign the Agreement should be attached to the Agreement.

Information on joining the MICEX CJSC Electronic Document Circulation System. Please call +7 495 745–81–42 for additional information on this issue.

Data on Securities Trades on the Off-Exchange Market (in Russian).

The Procedure for Using Cryptographic Information Protection (FCPI) at the Client’s OTRS Workstation (in Russian).

Procedure for Providing Information about Sale Trades in Securities Not Made at Organized Trading (Off-Exchange Trades) by Brokers, Dealers, Managers, Joint Stock Investment Funds, Managers of Investment Fund Companies, Stock Investment Funds, and Non-State Pension Funds (in Russian).

Power of Attorney Form for the Representative of the Professional Securities Market Participant who is Authorized to Inform the MICEX Stock Exchange CJSC about Off-Exchange Trades (in Russian).

Registering Off-Exchange Trades Using Universal Workstations (“Gateways”) of the MICEX Stock Exchange CJSC Trading System (in Russian).

Method of Providing Information on Off-Exchange Trades by E-mail (in Russian).