How to become a trading member
of Moscow Exchange's Equity Market Trading access

In accordance with the MICEX SE trading access rules (hereafter the access rules), a MICEX SE trading participant (hereafter a trading participant) is a legal entity that is a professional securities market participant holding a licence to conduct such activity and permitted to trade on MICEX SE.

The trading access conditions for candidates are specified in section 3 of the access rules. If the conditions specified are met, access to Main Market trading is granted. To receive access to individual Main Market, Classics Sector, and Standard Sector trading regimes, participants should meet additional trading access conditions.

1. To receive access to trading, a candidate should meet the following conditions:

1.1. Submit an application for trading access in the required format (addendum 01 to the access rules), present MICEX SE with the set of documents specified in the list (addendum 02 of the access rules), including a registration card (addendum 01 to the regulations on submission of information and records to MICEX SE), and written confirmation (consent to processing of personal data) of the consent of entities listed in the enclosed documents to the provision of personal data. Observation of the requirements regarding completeness and composition of documents, as well as general requirements regarding the proper execution of professional securities market activity are requisite conditions for consideration of submitted documents.

Three days after the date of document submission, the candidate should confirm with the relevant exchange employee that the documents submitted meet all of the requirements of the access rules. In case of remarks regarding the documents, the candidate should address them or provide explanatory documents stating how they should be addressed.

1.2. Receive technical access, for which the following are necessary:

1.2.1. Conclude an integrated technology service provision agreement (hereafter an ITS agreement) with Moscow Exchange;

1.2.2. Submit the following documentation to MICEX SE:

  • An application conforming to addendum 5 of the ITS agreement. An ID (IDs) and participant code will be assigned in the MICEX SE trading system based on this.
  • A mandate to perform administrator functions for remote workstations in conformation with addendum 4 to the ITS agreement.

1.2.3 Install software for trading on the exchange that meets the requirements specified by MICEX SE's technical centre.

Technical access to operations on MICEX SE can be obtained thus:

  • Remote access to the MICEX SE trading system
  • Access to MICEX SE's trading system via the internet
  • Rental of a remote workplace at a third party organisation
  • Use of external software.

For more information, please see the website.

For queries regarding technical access, please call: +7 (495) 695 9634 or +7 (495) 705 9653/44.

1.3. Gain access to clearing services with a clearing organisation thus:

1.3.1. Conclude a clearing services  agreement;

1.3.2. Meet the requirements specified in the clearing regulations.

For queries regarding access to clearing services, please call +7 (495) 363 3232

1.4. Gain access to the MICEX SE's SED subsystem, which requires that the following conditions be met:

1.4.1. Conclude an agreement with the SED organiser on inclusion in the EDO regulations;

1.4.2. Meet the requirements specified in the EDO regulations and policy.

For queries regarding access to the SED subsystem, please call +7 (495) 745 8142/20

1.5. Conclude and furnish the exchange with an organised trading services provision agreement that conforms to addendum 03 of the access rules.

2. Within 10 working days of the date when the candidate completes the above listed requirements, the exchange makes a preliminary decision to grant or refuse the candidate access to trading.

3. If a preliminary decision is made to grant access, the exchange presents the candidate with a bill for payment for provision of trading services, the size of which, in conformation with the decision of MICEX SE's board of directors from 25 December 2013, is RUB 3 mln (ex VAT). In accordance with the access rules, the payment should be made within one month of the bill being presented.

4. The exchange makes a final decision on granting the candidate trading access and determines the date when access is granted within three working days of the candidate paying for trading access.

Information on preliminary or final decisions regarding provision of access to trading (and of the trading registration number and other information) is presented to the candidate by letter no more than five working days after the date when the decision is made.

5. To submit trade orders, the exchange assigns the trading participant a trading ID. The participant can be assigned more than one ID. Analysis of trading (and trading results) or observation of trading (and trading results) is performed by the participant based on review IDs that enable monitoring of prices (analysis of trading and trading results) or that do not enable monitoring of prices (monitoring of trading).

To receive additional trading IDs and review IDs, the trading participant should provide the exchange with the relevant application that conforms to the format of documents provided by the candidate or participant in accordance with the access rules for trading on the MICEX SE (hereafter the document format). If necessary, the participant is able in the application to limit or change limitations to ID powers.

6. Receipt and provision of documents to the exchange is conducted by an authorised entity (courier) of the candidate or trading participant based on a courier mandate specified in the document formats.


Individuals authorised in accordance with mandates in force at the time of provision of documents (or representing interests based on other grounds) to represent the candidate or trading participant provide the exchange with a mandated signed agreement on the processing of personal data in accordance with the established format.

To confirm the authority of entities signing documents on behalf of the candidate or participant, the following should be provided:

  • Minutes from the session containing the decision by the authorised party of the trading participant regarding designation of a manager as executor, and designation of other entities with rights to act on behalf of the candidate or participant without mandate verified by the organisation's executive entity;
  • A card with examples of signatures of individuals with the right of the first or second signature, and an example of the stamp of the candidate or participant organisation (or a notarized copy of the stamp);
  • A notarized copy of the mandate to represent the candidate or trading participant that is authorised to sign agreements and other necessary documents relating to participation in exchange trading.

When creating a mandate, the requirements specified in Russia's civil code (articles 185-189) should be considered:

  • If no term of validity is specified in the mandate, it remains valid for one year from the date of execution;
  • A mandate that does not contain a date of execution is null and void;
  • A mandate to be a subagent should be notarised;
  • The term of validity of a mandate to be a subagent cannot be longer than the term of validity of the mandate on the basis of which it was issued.

7. In accordance with the access rules, trading participants should be registered in the MICEX SE trading system. All necessary information can be found in the procedure for registration of trading participant clients.

All document formats are available in the equity market/documents section.

Additions and changes to the addendum to the access rules, document formats, or other documents on the relevant section of the site are not permitted, and could incur rejection of documents presented for consideration.

Contact information:

Queries regarding completion and provision of documentation:

+7 (495) 363 3232 – your personal manager

Queries regarding trading and its organisation:

+7 (495) 705 9657 – equity market brokers

Queries regarding technical access and setting up workstations:


National Depositary Centre: +7 (495) 956 2790/91

MICEX SE: 125009, Moscow, Bolshoy Kislovsky per, d.13, mailing department. Please mark correspondence "Trading access on MICEX SE".