Thursday, 29.09.2016 13:06
+7 (495) 232-3363
+7 (495) 363-3232
Markets Indices Market data Listing Connectivity News and events About MOEX Investor Relations
Русский Русский
Equities market
Bonds market
Opening auction
T+1 Mode (OFZ)
Closing auction
Pre-trading period
Т0
Trading mode "Bonds D – Main trading mode"
Instruments
Organization of trading
Admission to trading
Client Segregation
Market Making
Trading Members
Fees
Documents
Marketing materials
Trading schedule
Individual Investment Account
Trade Locally
Frequently asked questions
Main page » » »
 Subscriptionprint version

Bonds market

The mechanism of trade during the trading session is based on the principle of "order driven market" - market of competing orders in which a deal is concluded automatically when counter anonymous orders conditions are crossing.

The following instruments admitted for trading on the bond market:

  • Government securities (OFZs, eurobonds of Ministry of Finance of the Russian Federation);
  • Regional (municipal) bonds;
  • Corporate (including exchange-traded) bonds, eurobonds;
  • Bonds of MFIs.

Securities market contacts

All bonds are traded in the main trading mode T0 ("T+0" order book), except for OFZs.
From 01.06.2015 OFZs trading are held in the main trading mode T+ ("T+1" order book).

Main trading mode T+ Main trading mode T0 ("T+0" order book)
  • Opening auction
  • Trading period;
  • Closing auction.
  • Pre-trading period;
  • Trading period;
  • Post-trading period.
  • OFZs ("T+1" order book)
  • Eurobonds of the Ministry of Finance or Russian Federation, denominated in US dollars ("T+2" order book)
  • Corporate  eurobonds, denominated in US dollars ("T+2" order book)
  • Bonds, denominated in US dollars ("T+2" order book)
  • Eurobonds of the Ministry of Finance or Russian Federation
  • Regional (municipal) bonds
  • Corporate (including exchange-traded) bonds;
  • Corporate  eurobonds (denominated in rubles and foreign
    currency, except US dollars);
  • Bonds of MFIs.

Trading in the 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.

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:

For T0 deals:

  • Planned position is reduced by the amount of the commission at the moment of market order placement
  • The commission is charged from account specified in the order, or from the account for compensation and commissions

For T+ deals:

  • 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
Copyright © Moscow Exchange, 2011 - 2016. All the rights for the information and analytical materials published on this website are protected in compliance with the Russian legislation. Before you start using the website, please read User Agreement carefully. Display, distribution or any other use of the information published on the Exchange’s website or any of its parts is allowed only upon receiving prior written authorization from the Exchange.