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17.04.2020 16:02

Upcoming innovations on Moscow Exchange markets

In June, Moscow Exchange plans to introduce a number of important innovations and changes to its markets with the aim of expanding the range of instruments on offer and making new opportunities available to market participants.

In response to feedback from participants, the launch of after-hours trading on the Equity Market has been rescheduled to 22 June. The after-hours session will run 19:00-23:50 MSK. Initially, the 25 most liquid shares from the MOEX Russia Index will be available for trading; all index constituents (38 stocks) will be added by the end of 2020. The evening boards will include T+2 central order book, negotiated trades with the CCP and odd lots. Repo trading will not be available. Testing of the after-hours trading facility began on 2 March 2020. After-hours trading will expand access to the Russian financial market for all groups of investors and open up new trading strategy opportunities including hedging and arbitrage between the Derivatives and FX Markets and hedging and arbitrage with international platforms. For more details on the after-hours trading session, please visit the Moscow Exchange website.

All corporate bonds and Eurobonds will be transferred to the T+1 trading board without full collateral required. The move will help boost liquidity in this market segment. 1,300 securities will migrate on 25 May; the remaining 45 securities, including corporate Eurobonds quoted in EUR, will be made available on 22 June. The first 294 securities were transferred to T+1 trading in late 2019.

To inform investors of securities carrying increased investment risk (IIR), the Exchange is introducing new trading boards, the IIR Sector, for shares and bonds from 22 June. Stocks with increased investment risk currently traded in the Shares D board and bonds with increased investment risk will be transferred to the new boards. This technology solution will allow market participants to prevent access to these boards to beginner investors to protect them from risks.

Securities currently traded on boards for qualified investors will be moved to regular trading regimes from 22 June. The trading system will continue cancelling buy orders submitted by non-qualified investors.

To improve liquidity through the combination of order books, from 8 June 2020 MOEX Derivatives Market platform will begin supporting synthetic matching for calendar spreads which will allow trading in interrelated instruments on the same order book.

Iceberg orders, which allow trades to hide a portion of their order size to mitigate the impact of larger than market orders on the market price, will be offered on the Derivatives Market from 8 June and CCP Repo and CCP Deposit Market from 22 June. An iceberg order is an order book limit order which has the total amount of contracts and their visible portion released to the book.

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