Trading modes

In the Main Market sector trading services are rendered in the trading modes listed below:

• Main trading mode;
• Negotiated trades mode;
• Trading mode "Equities D – Main trading mode"
• Trading mode "Equities D – Negotiated trades mode"
• Trading mode "Repo auction";
• Trading mode "Buy Back: direct orders";
• Trading mode "Buy Back: auction";
• Trading mode "Qualified investors – Main trading mode";
• Trading mode "Qualified investors – Repo";
• Trading mode "Qualified investors – Negotiated trades mode";
• Odd lots trading mode;
• Trading mode "Bonds D – Main trading mode";
• Trading mode "Bonds D – Negotiated trades mode";
• Trading mode "Placement: direct orders";
• Trading mode "Placement: auction";
• Trading mode "Equities repo";
• Trading mode "Repo with the Bank of Russia: repo auction";
• Trading mode "Repo with the Bank of Russia: fixed rate";
• Trading mode "Bonds repo";
• Trading mode "Innovation and Investment Market 2 – Negotiated trades mode";
• Block trading.

The Trading Rules set out what order types are supported for each of the above trading modes.

Specific features of submitting orders and executing trades

The trading system rejects orders that may lead to execution of trades in one's own name, on behalf and at the expense of clients (including issuers of securities), or in one's own name using assets managed by trading participants, provided that such trades do not result in transferring title to such securities. The trading system also rejects orders that may result in execution of a cross trade (a cross trade is a trade executed by the trading participant of MICEX Stock Exchange in one's own name and at one's expense where this trading participant takes both sides of this trade acting as the buyer and the seller at the same time).

Please note that the clearing entity (National Clearing Centre) checks sufficiency of securities and cash for trades executed in all trading modes in order to protect trading participants and their clients against the counterparty risks. On the trade day securities and cash are locked in the National Settlement Depository, and the final settlement is only performed on receipt of a relevant instruction from the clearing entity.

To reduce fat finger mistakes, trading terminals allow for order price control. External controls are set by the broker. In addition, trading participants may introduce their own price controls using their terminals and adjust them during trading. Therefore, each order submitted to the trading system is checked to determine if it lies within the established price band.