Electronic Document Circulation in the GKO/OFZ Market

The documents regulating electronic document circulation in the GKO/OFZ market are the Rules of Electronic Document Circulation, approved by the ZAO MICEX managing body, and the Rules of Operation for Government-Backed and Other Securities Trading on the MICEX Electronic Trading System, approved by the MICEX Management Board on December 20th, 2007 (Protocol No.65), with subsequent amendments and additions.

Traders in the GKO/OFZ market are currently able to receive the documents provided for in the Rules of Operation for Government-Backed and Other Securities Trading on the MICEX Electronic Trading System in electronic form using electronic document circulation.

Standard procedure for a Dealer to participate in electronic document circulation:

• Procedure for connecting a new EDCS participant to the Electronic Document Circulation System
• Procedure for an EDCS participant to connect to a new EDCS sub-system
• Procedure for the scheduled replacement of an EDCS participant’s encryption keys
• Procedure for an EDCS participant if his encryption keys are compromised

The list of documents necessary for a Dealer to use electronic document circulation in the GKO/OFZ market:

• Rules of Electronic Document Circulation
• Contract of Acceptance of the Rules of Electronic Document Circulation
• Application for admission to the Electronic Document Circulation System for government-backed securities trading on the MICEX Electronic Trading System
• Application for issue of an electronic signature certificate
• Power of attorney in the name of the electronic signature certificate holder
• Power of attorney for receiving documents, software, and hardware
• Notice regarding compromised encryption keys

Once this set of documents for EDC has been prepared, one Contract of Acceptance between the Dealer and MICEX, applicable in all markets, must be executed.

To be admitted to use EDC in a specific market, the Application for admission to the EDC system for that market, such as the GKO/OFZ market, must be submitted (Supplement No.20 to the Rules of Operation for Trades in Government and Other Securities on the MICEX Electronic Trading System).