Algorithmic order with discrete placement/execution

We remind you that on the Equities and Fund Shares market, the Time Weighted Average Price (TWAP) algorithmic trading service is being launched, enabling uniform execution of a specified volume for buying or selling an asset over a selected time interval.

TWAP orders are available in the Main Trading Mode T+ (TQBR) for shares and depositary receipts. Orders can be submitted via the MOEX Trade SE terminal or the gateway interface for service connections.

If the order volume is not fully executed, the algorithmic module reallocates the remaining volume to subsequent iterations.

Constraints:

• Maximum package volume: 1 million lots;
• Maximum volume per iteration: 10,000 lots (packages exceeding this limit are rejected).

Orders are not placed during auction periods or trading breaks; the unexecuted volume is reallocated to subsequent iterations.

A presentation detailing the execution logic of algorithmic orders is available at: https://www.moex.com/media/zayavka-twap.pdf (Russian only).

TWAP orders are already available for testing on the dedicated test environment T1 of the Securities market (https://www.moex.com/s437). The service will be available in the production environment starting June 22, 2026.

The structure of XML reports for TWAP orders (SEM02, SEM03, SEM42, SEM102, SEM122) is available at: https://www.moex.com/en/documents/13896.