Trading mechanism
The mechanism of trading in the main trading mode is based on the idea of "order-driven market" — the market of competing orders where a transaction is concluded automatically when the terms of reciprocal orders match. Orders are fed and transactions are concluded in the MICEX Stock Market Section within a trading day, which is divided into the following periods:

• the pre-trading period (the opening price is determined);
• the trading session;
• the post-trading period (transactions are concluded at the average weighted price determined within the last 30 minutes of the trading session).

Trading in large blocks of securities (the "negotiated deals mode")
Along with the main trading mode, there is a special mechanism of trading in large blocks of securities. In this mode, participants achieve agreements with their contracting parties by feeding so-called "address" (addressed to a particular participant in trading) and "non-address" (fed without indicating a particular participant) orders. In this mode, participants can stipulate the time of execution of a transaction (from the current trading day to 30 days after the conclusion of a transaction).

This trading mode enables:

• to conclude transactions "without coverage", that is, without the sufficient amount of money or securities with the subsequent replenishment of reserves.
• to hold trading without limiting blocks of securities to the size of a standard lot and without fearing the "dissipation" of a large block.

It is important that control over the "delivery versus payment" principle ensures participants and their clients against the risk of losing funds and securities. On the day of execution of a transaction, securities and funds are locked in the Settlement House and the National Depository Center, while the final delivery and payment take place only after the appropriate order comes from the MICEX, provided contracting parties have performed their obligations.