After-hours trading on MOEX's Equity Market
Please note that this page provides preliminary information regarding the after-hours trading session.
The start of after-hours trading is scheduled for 22 June 2020.
- As an increasing number of private and international investors seek to join the Russian stock market, an opportunity to trade across instruments from any part of the world at any time is needed.
- After-hours trading volume accounted for ~19% of the total turnover on MOEX’s Derivatives Market and ~8% on the FX Market.
- Trading equities in after hours provides further options for the execution of trading strategies including hedging and arbitrage with MOEX’s Derivatives and FX Markets as well as between international marketplaces.
- At what times will the after-hours trading be available?
The after-hours (evening) trading session will run from 19:00 to 23:50 MSK.
- What types of transactions will be available after-hours?
There will be available T+ trades with Y1-Yn settlement codes as well as trades without CCP involvement with B1-Bn settlement codes.
- What types of transactions will not be available after-hours?
CCP-cleared repo transactions, repo transactions where no CCP is involved, spot trades with Y0, T0, В0 and Z0 settlement codes, as well as settlement requests will not be available..
- Which trading-clearing accounts will be available for orders submitting during evening session?
It is planned, that only "T+" accounts will be available.
- Which securities will be admitted to after-hours trading?
Securities will be made available in stages:
1st stage: 20-25 shares from the MOEX Russia Index will be admitted. They will be announced nearly one month before the launch date.
2nd stage: other shares from the MOEX Russia Index.
ETFs and Russian-law ETFs available for trading in the main trading session are currently under consideration for admission to after-hours trading.
Bonds and other securities admitted for trading in the main trading session will not be admitted.
- Where the attribute "a share admitted/not admitted to Evening Session" be disclosed?
The confirmation of admitting a share to Evening session is planned to be disclosed in several resources:
o MOEX web-site => Instrument’s description
o Gateway interface, "Securities" table, with the added field "Evening Session"
o The table of accordance of the stocks to boards (https://www.moex.com/s1467)
o API ISS
- Which boards will be available for after-hours trading?
1. Central Order Book Т+ (board "TQBR")
2. Negotiated trades (board "PSEQ")
3. Negotiated trades with the CCP (board "PTEQ")
4. Off lots (board "SMAL")
o Securities are quoted and trade are settled in RUB.
o Trades executed in the Central Order Book T+ (TQBR) during the main or after-hours trading session will be settled on the same day (T+2).
o Trading day: main session + after-hours session
Main session After-hours session 09:30:00 - 09:50:00 09:50:00 - 09:59:59 10:00:00 - 18:39:59 18:40:01 - 18:50:00 18:50:00 - 18:59:59 19:00:01 -
19:05:00 - 23:49:59 Т+2 order book No trading Opening auction Trading period Closing auction No trading Opening auction Trading period Odd lots No trading Trading period No trading Trading period Negotiated trades / negotiated trades with the CCP Trading Repo/repo with the CCP Trading No trading
o Closing price is the closing auction price in the main session
o The end-of-day value of the MOEX Russia Index is determined based on the closing price.
o Orders submitted in the main session and not filled are cancelled before the start of the after-hours session.
o Lower price limits compared to the main session.
o Settlement codes for negotiated trades and negotiated trades with the CCP is T+N, where N>0 (trades with settlement on the same day are not available).
o No closing auction at the end of the after-hours session.
o No settlement clearing after the end of the after-hours session.
o Gateways are available until 00:15 MSK.
o Any orders submitted in the after-hours session and not filled are cancelled at the end of the session
- What order types will be available?
The following order types will be available in the after-hours session:
NOTE: Any orders submitted in the main session and not filled are canceled at the end of the session. The same approach is applied to orders submitted in the after-hours session, i.e. they are cancelled at the end of the session.
MOEX’s trading platform does not support Good-Till-Cancelled (GTC) orders and stop orders. In view of this, trading members using third-party trading terminals are recommended to request that the developer update the product.
- What should a clearing member know about clearing operations in the Equity Market Trading and Clearing System after 19:00?
The following operations will NOT BE AVAILABLE in the Equity Market trading system during the after-hours session:
o Transfers of securities between trading accounts;
o Transfers of funds to/from T0 trading accounts which have account 30411;
o Entering settlement orders.
Transfers of funds between settlement codes and transfers of asset profiles across the settlement code of the Unified Collateral Pool will be allowed in the Equity Market trading system during the after-hours session.
- When will the variable fee for trades executed after-hours be charged?
Currently, the fee for trades executed after 19:00 MSK is included into the total net claims/total net obligations. In report CCX99 and the trading system, this fee is shown with the following transaction numbers:
TRANTYPE 43 – the variable part of the clearing fee for trades executed after 19:00 MSK;
TRANTYPE 49 – the variable part of the trading fee for trades executed before 19:00 MSK.
The fee for trades executed from 19:00 to 23:50 MSK will be charged after 23:50. In case of insufficient funds on the settlement code to pay the fee, the CCP NCC will record the debt in the amount due. In CCX99, the debt is shown as usual. The debt must be paid by 20:00 on the next day.
In report CCX99 and in the trading system, the fee will be shown with the following transaction numbers TRAN:
TRANTYPE 172 – the variable part of the clearing fee for trades executed from 19:00 to 23:50 MSK;
TRANTYPE 173 – the variable part of the trading fee for trades executed from 19:00-23:50 MSK.
- How does the MOEX Russia Index is calculated in the after-hours session?
In the after-hours session, the MOEX Russia Index (IMOEX) is calculated under ticker IMOEX2.
The calculation method is similar to that applied to IMOEX. The calculation method for IMOEX will not be changed in view of the launch of the after-hours session. The index bulletins are sent out at the close of the after-hours session.
The MOEX Russia Index is not reviewed during the trading day (i.e. main and after-hours sessions), i.e. any index updates take effect from the start of the trading day under the regular procedure (which may provide for specific cases).
- How will the reporting be changed?
The trade and clearing reports will be changed following the launch of the after-hours session:
Changes in the end-of-day trade reports
An extract from the trade register is provided by 20:00 MSK on the current trading day for trades executed before 19:00 MSK; An extract from the trade register is provided after 23:50 MSK on the current trading day for trades executed after 19:00 MSK.Clearing reports (the list is not exhaustive):
Reports sent out at the close of the main and after-hours sessions or end-of day reports will be updated to include field Session which may take value 0,1 or 2 (0 – the trading day, 1 – main session, and 2 – after-hours session).
Changes in the end-of-day clearing reports
Clearing reports (EQM06 or EQM15) are provided: After 19:00 MSK for trades executed before 19:00 MSK, After 23:50 MSK for trades executed after 19:00 MSK.
Trade reports (the list is not exhaustive):
- How will the clearing reports be changed following the introduction of the after-hours session?
The clearing reports will be changed as follows:
1. Report EQM15 showing the fee amounts for trades executed from 19:00-23:50 MSK will be provided after 23:50 MSK. The timing for this report on trades executed before 19:00 MSK will remain unchanged (i.e. after 19:00MSK).
2. Trades executed based on orders entered by a trading member from 19:00 to 23:50 will be included on their dates into a further report called the Extract from the Register of Trades Accepted for Clearing EQM06 (EQM6C, EQM6D) which will be provided after 23:50 MSK. This additional report EQM06 (EQM6C, EQM6D) will not be created for participants avoiding trading after-hours.
3. Report EQM23 on obligations under trades will be provided after 23:50 by default; if a request to a standing instruction for early close of trading with the Clearing Center has been submitted with respect to a certain settlement code, the report will be provided after 19:20 MSK.
4. Report EQM99 on collateral posted will be provided after 20:30 for all trading accounts including the ones attached to the Unified Collateral Pool (currently, this report is provided after 23:50 with respect to the settlement codes/trading accounts of the Unified Collateral Pool). Information on cash amounts will be removed from the report by the launch of the after-hours trading.
5. Report EQM97 on the premium will be provided after 23:50 MSK.
6. Report EQM16 on obligations of the trading member concerning the surcharge will be provided after 23:50.
- How will market data transmission be changed?
"DC" - the after-hours session
- Will online client registration be possible during evening trading sessions?
Yes, we plan to launch the online client registration service in production environment in parallel with evening trading sessions.
Provisional schedule for registering new clients on the Securities Market after the launch of online client registration during evening trading sessions:
from Participants (MSK)
Processing data in the trading system
of the Securities Market/clearing system of NCC (MSK)
New client registration 09:00:00 (Т) – 13:45:00 (Т) 5 m 13:45:00 (Т) – 14:05:00 (Т) Routine break 14:05:01 (Т) – 18:30:00 (Т) 5 m 18.30.00 (Т) – 19:15:00 (Т) Routine break 19:15:01 (Т) – 23:50:00 (Т) 5 m 23:50:01 (Т) – 09:00:00 (Т+1) 10 h. 00 m. (Т+1)
We expect that client registration reports will be submitted after the end of a trading day.
- What steps are required to be taken by a trading member wishing to start trading after-hours?
All trading members of the MOEX Equity Market will become automatically eligible to trade after-hours.
- What steps are required to be taken by a trading member which DOES NOT wish to trade after-hours?
If the trading member does not intend to trade during the after-hours session using both proprietary and client accounts (i.e. not using at all its FirmID), it must submit an application to cancel its admission to after-hours trading on MOEX Equity Market in the form set out in the Forms for Candidates/Trading Members Provided Pursuant to the Moscow Exchange Trading Rules. The application must be sent via the EDI system or hard copy.
- What steps are needed to be taken by a trading member wishing to trade after-hours using certain trading clearing accounts and freeze other trading & clearing accounts with respect to after-hours trading?
Any T+ trading account is available by default for after-hours trading on MOEX Equity Market. To exclude certain trading accounts from after-hours trading, the trading member needs to submit a request or a standing instruction for early close of trading with the Clearing Center in which the timing 19:00 and the settlement code* from these accounts must be indicated. After-hours trading using these accounts will be disabled.
Important notice: if you are going to trade using certain trading accounts, you do not need to submit the application to cancel its admission to after-hours trading on MOEX Equity Market.
Forms indicated below are submitted via the EDI system or by using web-clearing software (Web-clearing: examples.pdf):
o Request for early close of trading with the Clearing Center (format: EFINRQ) – valid for the date on which it is submitted
o Standing instruction for early close of trading with the Clearing Center (EFINORD) – valid from the next day
* Exemption: the above-mentioned request and standing order cannot be created with respect to the settlement code used to charge fee commissions.
- Can a trading member recall a standing instruction given for early close of trading with the Clearing Center?
o Request to cancel the standing instruction for early close of trading with the Clearing Center (EFINORDDEL)
Yes, the standing instruction can be cancelled. You must send
Via the EDI system or web-clearing.
The request becomes effective on the next day after it was submitted.
- Can a clearing member recall a request for early close of trading with the Clearing Center?
- What steps do we need to take in case there are trading & clearing accounts with the same settlement code, but some of them need to be disabled for trading by 19:00, and some remain available after 19:00?
In this case, the group of trading accounts which will be used in after-hours trading and the group of trading accounts which will be disabled must be tied to different settlement codes. You may open a new settlement code beforehand and tie one of the groups to this code according to the regular procedure by using the Trading Account Registration Application.
- Can we end equity trading before 19:00?
Currently, MOEX does not provide this option with respect to both specific FirmID and specific settlement code.
- How should we end trading with respect to a settlement code in the Unified Collateral Pool?
If you have submitted a request or a standing instruction for the close of equity trading with the Clearing Center at 19:00 MSK with respect to a settlement code attached to the Unified Collateral Pool, this settlement code will be automatically disabled on the FX Market (provided it was not disabled on the FX Market before 19:00). Requests for early close of trading with the Clearing Center with respect to a settlement code of the Unified Collateral Pool on the FX Market do not affect the close of trading with respect to the Unified Collateral Pool settlement code on the Equity Market.
If the scope change request (with extension to the FX Market) has been submitted on a certain day with respect to the Unified Collateral Pool settlement code, early close of trading with the Clearing Center is not allowed on that day.