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National Settlement Depository (NSD) is the central securities depository of the Russian Federation
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Central Counterparty National Clearing Centre acts as a Clearing House and CCP in the Russian financial market
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              5. Trading modes
              Subscription Print version

              Main trading mode and Odd lots trading mode

              The Main trading mode includes three trading periods: the pre-trade period, the trading session and the closing auction. 

              During the pre-trade period only limit orders are allowed. At the end of the pre-trading period the pre-trading period price is determined for each security based on orders entered during that period. The price is set to be the pre-trading period price if it allows the greatest number of securities to be involved in trades. 

              The trading session is the order-driven market where orders compete for execution and trades are made automatically in the trading system by matching opposite anonymous orders.

              At the closing auction orders of the Trading members are collected to set the single closing auction price. Prices of the closing auction trades are determined based on aggregate demand and aggregate supply per each price value. Then a price that would allow the greatest trade volume is taken as the closing auction price.     

              Specific features of submitting orders and executing trades in the Odd lots trading mode are similar to those applied to the Main trading mode. Securities with a standard lot size of 100 units may be admitted to trading in the Odd lots trading mode.

              There are limit and market orders which differ in the way they are filled. A limit order is intended for buying or selling a specified number of a financial instrument indicated therein at a specified price or better. A trade is executed based on a limit order when its price matches the price of the opposite order being available in the Trading system.  A market order is intended for buying or selling a specified number of a financial instrument indicated therein at the best price available in the market at the moment. A subsequent trade is executed provided that the opposite order is available.