Equities market

It is the center of liquidity for Russian securities and a major trading venue for international trading participants willing to invest in stocks and bonds of Russian companies. The Main Market sector accounts for over 80% of equities turnover and more than 99% of bonds trading volume on the Russian securities market. Also, all IPOs held on the Moscow Exchange take place at the Main market, and all federal debt bonds are issued at the Main market as well.

In the Main Market sector more than 1,400 securities from roughly 700 Russian issuers are available for trading every day. They include:

Securities market contacts

Russian financial instruments:

  • Equities and Russian depositary receipts (RDR)
  • Corporate bonds (including exchange-traded ones)
  • Government bonds (federal loan bonds, eurobonds)
  • Regional bonds (sub-federal units bonds, municipal bonds)
  • Instruments of mutual funds market
  • Mortgage-backed securities

Foreign financial instruments:

  • Equities and depositary receipts (ADR, GDR, etc)
  • Bonds
  • ETF

The main trading mode on equity market is a "T+2" (main trading mode T+), which consists of three periods:

  • Opening auction
  • Main trading period
  • Closing auction / post trading period
  Opening auction Main trading period Closing auction Post trading period
Russian Equities and DR + + + -
Instruments of mutual funds + + - +
Mortgage-backed securities + + - +
Foreign securities and DR on foreign equities + + + -
ETF + + - +

From 01.06.2015 post trading period remains only at Main trading mode T0.

Trading at Main Market sector is held in electronic form on the basis of trading and clearing system ASTS, connected to regional trading platforms and remote access terminals.

September 2, 2013 trading of all equities, investment units, Mortgage-backed securities, ETF was transferred from the main trading mode T+0 to the main trading mode T+ (T + 2).

Clearing and settlements

Settlements at 17:00

  • Clearing Session: 17:00 MSK (exhibiting restrictive limits on securities - 16:00 MSK, exhibiting restrictive limits on cash 16:45 MSK);
  • Time of delivery execution: 17:00 MSK;
  • Time credited to the securities account of the acquirer of the securities: 18:00 MSK

Settlements at 19:00

  • Clearing Session: 19:00 MSK;
  • Time of delivery execution: 19:00 MSK;
  • Time credited to the securities account of the acquirer of the securities: 20:00 MSK

At 16:00 obligations under securities and cash are fixed.

Fill in the missing assets in the amount of trading and clearing account (TCA) commitments in clearing pool T+ to calculation at 17:00 the following ways:

  1. To transfer assets from another account
  2. Concluding the following transactions:

From 16:00 to 17:00

Transactions with settlement code T0 and Rb:

  • Negotiated trading mode(NTM) transactions  (T0) concluded before 17:00
  • Transactions in a T0 order book (corporate bonds), made before 17:00
  • The first part of inter-dealer repo transactions (Rb), made before 17:00

Transactions, by which simple or special reports are served before 17:00:

  • NTM with Central Counterparty (CCP) (Y0) or address repo with the CCP (Y0/Yn), made from 16:00 to 17:00
  • NTM transactions (B0) with onset date of execution
  • The first part of inter-dealer repo transactions (S0) with onset date of execution

From 16:00 to 16:50

Transactions with Z0 settlement code:

  • NTM transactions (Z0) and the first part of inter-dealer repo transactions (Z0), concluded before 16:50

Transactions by which urgent reports are served before 16:50:

  • NTM with Central Counterparty (CCP) (Y0) or address repo with the CCP (Y0/Yn), made from 16:00 to 16:50
  • NTM transactions (B0) with onset date of execution
  • The first part of inter-dealer repo transactions (S0) with onset date of execution

Fees:

  • Planned position is not reduced by the amount of the commission at the moment of market order placement
  • Fees will be charged on the transaction date (T+0) on the basis of clearing at 19:00
  • The commission is charged from T+ account of specified in the order, or from the account for compensation and commissions

Additional materials:

  1. Release contents Securities market, June 2015  (pdf, 0,8 Mb)
  2. Corporate Actions for T+2 Participants (pdf, 750 Kb)
  3. Equities Trading in Case of Significant Price Movement (pdf, 380 Kb)
  4. Tick size change (pdf, 240 Kb)
  5. Tick Size procedure methodology (pdf, 260 Kb)

Documents

Clearing and Settlement

  1. Detailed information about clearing and settlement of repo with the CCP and T+2 trades (in Russian)
  2. Security Market Risk Parameters Determination Method  (pdf, 706 Kb)
  3. Account structure. On-exchange settlements (pdf, 290 Kb)