Direct REPO transactions against the Bank of Russia and interdealer REPO transactions are concluded in a special mode on the basis of REPO orders. In the first case, an order (confirmation) to conclude a REPO transaction is entered by the Bank of Russia, in the second case, it is entered by the Dealer (counterparty).

Reverse REPO vs Bank of Russia transactions are concluded on the basis of orders to buy/sell bonds, addressed to the Bank of Russia.

A deposit transaction between a credit institution and the Bank of Russia is concluded when an order from a credit institution and a counter orders from the Bank of Russia are entered into the MICEX trading system.

Deposit transactions are concluded at auctions ("American" or "Dutch" auctions) and at fixed interest rates on standard terms, established by the Bank of Russia.

When a deposit auction is held, credit institutions can enter competing orders (an order carries the interest rate, at which a credit institution is prepared to place funds on the Bank of Russia's deposit) or non-competing orders (satisfied at the average weighted interest rate, calculated by the Bank of Russia following the results of the given deposit auction).

To conclude deposit transactions at fixed interest rates, credit institutions enter orders for fixing, in which they indicate interest rates established by the Bank of Russia for the given type of deposits.

The Bank of Russia determines the terms of deposit auctions and deposit transactions at fixed interest rates on standard terms, the dates and time of transactions, minimal amounts of deposits, the auction method, the share of non-competing orders at the auctionе, etc.

Following the results of transactions concluded in the MICEX trading system, the following reports are prepared and sent automatically to participants in deposit transactions: the extract from the Register of orders, the extract from the Register of transactions and exchange information.

• The government securities market
• Money market