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Moscow Exchange Equity & Bond Market

Moscow Exchange's Equity & Bond Market is the CIS and CEE's largest equity and bond market. Moscow Exchange is among the top 30 leading stock exchanges worldwide.

Moscow Exchange's Main Market Sector includes two main markets, each of which employs and offers specific procedures and instrument types.

Equity Capital Market (T+ Market). Offers trading in shares, depositary receipts, fund shares, ISUs, and ETFs, as well as OFZs and regional and corporate bonds. The T+ Market is based on trading with a central counterparty, partial collateral and deferred execution. Trades executed in the Main Trading Mode T+ (T+2 order book) are settled two days after the trade is conducted (T+2 settlement cycle).

Debt Capital Market (T0 Market). Offers trading in OFZs, corporate bonds (including commercial papers), regional bonds, and municipal bonds. The T0 Market is based on trading with a central counterparty and full (100%) prefunding. Trades executed in the Main Trading Mode are settled on the same day as the trade is conducted (T+0).

Equity & Bond Market settlement and clearing infrastructure

Market T+

Market T0

Trading organiser

MOEX

Clearing

National Clearing Centre (NCC)

Central Counterparty

NCC (for T0 Market in Main Trading
Mode and NDM)

Asset depositing in RUB and
FX

On NCC clearing accounts

On NSD trading accounts
and NCC clearing accounts

Securities depositing

On NSD subaccount No 36

On NSD subaccounts No 36 and 31

Settlements:

RUB

Securities

NSD

OTC trade reporting system

OTC monitor (Moscow Exchange's EDI; Plaza2 Gateway; client's Personal Cabinet web interface)