Т0 Mode

Trades are conducted in an open continuous two-way auction.
Trading at Main trading mode (T0 order book) is held with all bonds except for OFZs.

From 01.06.2015 trading in OFZs is held only in the main trading mode Т+ (T+1 order book).

Trading schedule:

  • 09:45:00 - 09:59:59 – Pre-trading period
  • 10:00:00 - 18:44:59 – Trading period
  • 18:45:01 - 18:49:59 – Post-trading period

Securities market contacts

All orders are submitted only with the T0 settlement code.
Trading member can submit orders that can be executed during the trading period:

  • limit orders with specified price and amount of securities in it;
  • market orders with only the specified amount of securities in it;

The ability to place iceberg orders for this trading mode is not provided

Thus it provides the ability to specify the type of features of order execution:

  • "Insert to queue" - Order is queued and the conclusion of the deal occurs in the presence of valid counter orders; (DAY)
  • "Kill balance" - after the conclusion of deals unmet residue is removed; (IOC)
  • "Fill or Kill" – the order is removed if there are no valid counter orders, if matching completely.(FOK)

And to specify the type of price execution

  • One price
  • Different prices

All orders submitted by trading members are met in the following order:
1. by the price of the order;
2. By the time of the order, in the case of specifying the same price in two or more orders

Trading Members during the trading period can access information about their own orders as well as orders with twenty best prices (ten orders for purchase and ten orders for sale) queued in the Trading System, in terms of the amount of these securities (iceberg orders for only part of the "current visible amount of securities") and price.

At the end of the trading period all unexecuted limit orders are withdrawn from trading.