Pre-market trading

Beginning March 2021, MOEX FX and Derivatives Markets will open at 7:00am MSK

  • Improving availability of exchange services for clients from Eastern and Far Eastern Russia

  • Opportunity to trade in quick reaction to news on the global market

  • Developing business with clients from Asian countries

  • Opportunity to trade on-exchange derivatives before the market open in Europe

  • Building relations with Asian trading venues

Pre-market trading in details

  1. When will trading hours be expanded?

1 March 2021

  1. What time the FX and Derivatives Markets will open?

At 07:00 am MSK

  1. What instruments will be available for trading

All instruments traded on the FX and Derivatives Markets

  1. What trading session will pre-market trades be recorded to?

FX Market – Main trading session
Derivatives Market – Additional morning trading session

  1. How will risk management work on the FX and Derivatives Market?

FX Market – trades executed from 7 am to 10 am will be subject to risk parameters calculated after the end of the main trading session on the previous day. The Single Limit as of the start of trading at 7 am is calculated based on these risk parameters. The risk parameters and limits are not changed before the start of pre-market trading as well as those are not changed automatically throughout pre-market trading; margin calls are not issued.

Derivatives Market – trades executed from 7 am to 10 am will be subject to risk parameters calculated after the end of evening trading session on the previous day. Collateral amount, Limit & available margin as of the start of trading at 7 am is calculated based on these risk parameters. The risk parameters and limits are not changed before the start of pre-market trading as well as those are not changed automatically throughout pre-market trading; margin calls are not issued.

  1. What collateral management tools will be available?

Asset profiles will be available for transfers between the markets within the unified collateral pool starting 07:00 am MSK, 1 March 2021.

  1. Are there any changes in the composition of reports provided at the end of the trading and clearing sessions?

The list of reports will remain unchanged; no new reports are expected.

  1. Will the time at which the reports are distributed be changed?

No

  1. What time will the trading system start?

The trading system starts at 05:50 MSK.

  1. Are there any other specific aspects of clearing and settlement?

FX Market – the clearing mark-to-market session is performed by 07:00 am MSK. Margin requirements are determined based on risk parameters available in the trading system by 10:00 am MSK.

Derivatives Market – clearing and settlement procedures remain unchanged.