Main Market (T+2)
10:00:00 - 18:39:59 MSK (for equities and DR's on equities)
10:00:00 - 18:44:59 MSK (for mutual funds)
Trades are conducted in an open continuous two-way auction.
All trades are concluded with a central counterparty.
All orders are submitted only with the Y2 settlement code.
Trading member can submit orders that can be executed during the trading period:
- limit orders with specified price and amount of securities in it;
- market orders with only the specified amount of securities in it;
- Iceberg orders (limit orders with indication of a visible amount of securities in it, expressed in lots).
Thus it provides the ability to specify the type of features of order execution:
- "Insert to queue" - Order is queued and the conclusion of the deal occurs in the presence of valid counter orders; (DAY)
- "Kill balance" - after the conclusion of deals unmet residue is removed; (IOC)
- "Fill or Kill" – the order is removed if there are no valid counter orders, if matching completely.(FOK)
And to specify the type of price execution
- One price
- Different prices
The ability to specify features according to the type of order execution in the trading period of Main trading Mode T+ (T+2 order book) for equities, mutual funds and bonds:
|Type of orders||(DAY)||(IOC)||(FOK)|
Visible part of the iceberg order:
The minimum value of the visible part is 1 lot or 10 lots set for securities listed in Table A-6 on Notice of establishment of additional parameters of orders for deals with securities.
For other securities the minimum visible part is 100 lots (paragraph 4.1. Notice of establishment of additional parameters of orders for deals with securities)
The hidden part of the iceberg order:
The hidden value is determined by the minimum acceptable ratio of 1: 100 (the visible part of the iceberg order: the hidden part of the iceberg order. Set by Moscow Exchange resolution (see para. 1.24.2, Notifications for additional terms and conditions of trading in securities in the JSC "MICEX")
All orders submitted by trading members are met in the following order:
1. by the price of the order;
2. By the time of the order, in the case of specifying the same price in two or more orders
Trading members may also submit orders, which can be executed only during the closing auction (only for equities and DR's on equities)
- limit orders in the closing auction;
- market orders in the closing auction.
Trading Members during the trading period can access information about their own orders as well as orders with twenty best prices (ten orders for purchase and ten orders for sale) queued in the Trading System, in terms of the amount of these securities (iceberg orders for only part of the "current visible amount of securities") and price.
In case of rejection of the current equity price for set limits the discrete auction of trading period starts.
At the end of the trading period all unexecuted limit orders (including Iceberg orders) are transferred to closing auction (for equities).
Discrete auction of trading period
Before the introduction of the discrete auction technology in the case of rejection of the auction the current price of the equities for the established borders, trades of the securities on the stock exchange suspended for 30 minutes. The situation was uncomfortable to trading members because during the suspension, they could not adjust their positions on this instrument under conditions of high volatility.
The introduction of discrete auction instead of the 30-minute suspension allowed us to solve this problem.
The period during which holding of the discrete auction is possible.
Discrete auction will be held at excess or decrease of 20% of the security for ten consecutive minutes of the current prices calculated during the current trading session, 10:10 to 18:00, from the closing price of the security of the previous trading day.
|Before 01.06.2015||From 01.06.2015|
|Held in respect of:||Equities from the quotation list of Level 1 and/or from the list of securities for calculation of the MICEX Index||Equities from the list of securities for calculation of the MICEX Index|
|Can be held:||Once a day||Twice a day|
|Suspension of trading:||At the time of the auction trading
suspended in :
|At the time of the auction trading
not suspended in other trading modes
|Resumption of trading:||
||Occurs in 30 minutes in any case|
Trading Members have the option of withdrawing their orders during the suspension of trading in the relevant trading modes / sectors of the market.
Trading member may place orders that can be executed during the trading period - limit orders specifying the price and number of securities.