Bonds are purchased / sold both in the system and negotiation trading mode. The system trading mode implies anonymous trading, while the negotiation trading mode implies addressed negotiation deals.

Transactions of purchase / sale in the system mode are carried out on the basis of limit and market orders. A limit order is satisfied at the price not higher (purchase) / not lower (sale) than the price, specified in the order, while a market order is satisfied at best prices existing in the market at the moment of order entry.

Negotiation deals are concluded on the basis of orders addressed to specified market participants. As different from system transactions, settlement code Sn can be used in negotiation deals.

In the course of secondary trading, the Bank of Russia can hold auctions to sell bonds from its own portfolio. The procedure of these auctions is similar to the procedure of auctions to distribute bonds, held on the instructions of the RF Finance Ministry.

Switch of bonds of one issue for bonds of another issue

In this case, the Bank of Russia distributes, through an auction, bonds of one issue and redeems at fixed prices bonds of another issue. The Bank of Russia performs the functions of the Issuer's General Agent, acting on the instructions of the RF Finance Ministry. The Bank of Russia buys bonds only from those Dealers and Investors, which have purchased the newly distributed bonds at the auction.

The volume of bonds that the Bank of Russia buys from the Dealer / Investor is such that the difference between the amount of purchase of the newly distributed bonds and the total cost of the redeemed bonds would not exceed the price of one redeemed bond.

Auctions to distribute bonds, held with the aim of exchanging bonds, are held in the system trading mode (settlement code Т0).

See Trading Results to find the results of transactions.

• Description of transactions
• Placement of bonds
• Transactions in the secondary market
• Transactions in the money market
• Other transactions