Trading modes

TRADING MODES FOR REPO TRADING

GCC REPO with the CCP

Trading mode ID	Trading mode name	Settlement currency	Trading mode as per the Trading Rules	Securities admitted	Trading members
GCRP	GCC REPO with CCP 1 d	RUB	REPO with CCP – order book orders	КСУ GC Bonds, КСУ GC Shares, КСУ GC Expanded, КСУ OFZ	1. Already with access to REPO with CCP 2. Trading on client accounts is available only to qualified investors
GCOW	GCC REPO with CCP 1 w
GCSW	GCC REPO with CCP 2 w
GCOM	GCC REPO with CCP 1 m
GCSM	GCC REPO with CCP 2 m
GCTM	GCC REPO with CCP 3 m
GCUM	GCC REPO with CCP 6 m
GCOY	GCC REPO with CCP 1y
GURP	GCC REPO with CCP 1 d (settled in USD)***	USD
GUOW	GCC REPO with CCP 7 d (settled in USD)***
GUSW	GCC REPO with CCP 14 d (settled in USD)***
GUOM	GCC REPO with CCP 1 m (settled in USD)***
GUSM	GCC REPO with CCP 2 m (settled in USD)***
GUTM	GCC REPO with CCP 3 m (settled in USD)***
GUUM	GCC REPO with CCP 6 m (settled in USD)***
GUOY	GCC REPO with CCP 1 y (settled in USD)***
GERP	GCC REPO with CCP 1 d (settled in EUR)***	EUR
GEOW	GCC REPO with CCP 7 d (settled in EUR)***
GESW	GCC REPO with CCP 14 d (settled in EUR)****
GEOM	GCC REPO with CCP 1 m (settled in EUR)***
GESM	GCC REPO with CCP 2 m (settled in EUR)***
GETM	GCC REPO with CCP 3 m (settled in EUR)***
GEUM	GCC REPO with CCP 6 m (settled in EUR)***
GEOY	GCC REPO with CCP 1 y (settled in EUR)***
PSGC	Negotiated GCC REPO with CCP	RUB	Negotiated REPO with CCP
PUGC	Negotiated GCC REPO with CCP (settled in USD)***	USD
PEGC	Negotiated GCC REPO with CCP (settled in EUR)***	EUR

REPO with the CCP

Trading mode ID	Trading mode name	Settlement currency	Trading mode as per the Trading Rules	Securities admitted	Trading members
EQRP	REPO with CCP 1 d	RUB	REPO with CCP – off order book orders	Shares, ETF, DRs, OFZs, Eurobonds, corporate and other bonds	1. Contribution to the Guarantee Fund* 2. In trading modes with non-RUB settlement (such as EQRD, EQRE, EQWD, EQWE, PSRD and PSRE), Russian domestic securities are available only to authorised banks for their proprietary trading. Trading in foreign securities is not restricted**
EQRD	REPO with CCP 1 d	USD
EQRE	REPO with CCP 1 d	EUR
EQRY	REPO with CCP 1 d	Yuan
EQWP	REPO with CCP 7 d	RUB
EQWD	REPO with CCP 7 d	USD
EQWE	REPO with CCP 7 d	EUR
EQMP	REPO with CCP 1 m	RUB
EQMD	REPO with CCP 1 m	USD
EQME	REPO with CCP 1 m	EUR
EQTP	REPO with CCP 3 m	RUB
ETQD	REPO with CCP 3 m	USD
EQTE	REPO with CCP 3 m	EUR
PSRP	Negotiated REPO with CCP	RUB	Negotiated REPO with CCP
PSRD	Negotiated REPO with CCP	USD
PSRE	Negotiated REPO with CCP	EUR
PSRY	Negotiated REPO with CCP	Yuan

REPO with the Bank of Russia (CBR)

Trading mode ID	Trading mode name	Settlement currency	Trading mode as per the Trading Rules	Securities admitted	Trading members
FBFX	REPO with the CBR: fixed rate	RUB	REPO with CBR: fixed rate	Eligible securities	Trading members authorised by the Bank of Russia
FBCB	REPO with the CBR: Repo auction	RUB	REPO with CBR: REPO auction
FBCU	USD REPO with CBR: Repo auction	USD
FBCE	EUR REPO with CBR: Repo auction	EUR

Interdealer REPO

Trading mode ID	Trading mode name	Settlement currency	Trading mode as per the Trading Rules	Securities admitted	Trading members
RPMO	REPO-M: bonds	RUB	REPO in shares, repo in bonds	Foreign securities, Bonds (including Eurobonds)	No additional restrictions
RPEO	REPO (foreign currency): EUR	EUR
RPEU	REPO (foreign currency): USD	USD

* Contributions into the Guarantee Funds are accepted by NCC in the form of cash (RUB, USD, EUR) and securities (OFZs). A contribution to the Guarantee Fund should be equivalent to RUB 5 mn for proprietary trading and RUB 10 mn for proprietary and client trading.
** "Domesticsecurities"means:

Issue-grade securities denominated in the currency of the Russian Federation and registered in the Russian Federation;
Other securities issued in the Russian Federation to provide the holder with the right to acquire cash in RUB.

"Foreign securities" means securities, also in book-entry form, that do not refer to domestic securities pursuant to Federal law.
*** Trading modes with settlement in foreign currency are available only to banks using their own accounts.

TRADING SCHEDULE

REPO with the CCP and GCC REPO

Negotiated trading
	Order book trading
9:30	10:00	16:00	17:00	18:00	19:00	20:00
			Clearing and settlement		Clearing and settlement
	Calculation of net settlement claims/obligations and blocking assets for delivery at 17:00*		Calculation of net settlement claims/obligations

* at 16:00, the first clearing pool across T+ trades and CCP-cleared repos with same day settlement is set in respect to trades executed yesterday and before 16:00 today.
Limits in the amount of the net short position are set (on securities, the Single Limit and cash).
The first clearing pool includes also T0 trades executed before 17:30.

Interdealer REPO

Settlemetn codes: Rb, S0, S1, S2
Settlement code: Z0 (prompt delivery)
9:30	10:00	17:00	18:00	19:00	20:00
		Clearing and settlement		Clearing and settlement
		Calculation of net settlement claims/obligations

The first clearing pool includes also negotiated and interdealer repo transactions and negotiated T+ trades with same day settlement all with settlement instructions exercised before 17:30.

REPO with CBR

The trading schedule is set by the Bank of Russia on its own.

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