Trading in the Negotiated trades mode
In the negotiated trades mode the trading members declare their intention to execute trades through placing direct orders (addressed to a particular trading member).
When executing trades in the negotiated trading mode the trading members may negotiate the trade's settlement date within the range of starting with the current trading day (Т) and throughout 30 days after executing the trade. Settlement codes Т0, В0…В30 are used to refer to a settlement date in the trading system.
The trade's settlement date is determined based on a settlement code:
| Settlement code | Т0 | В0 | В1 | В2 | … | B30 |
|---|---|---|---|---|---|---|
| Settlement date | Т | Т | Т+1 | Т+2 | Т+30 |
The negotiated trades mode allows to:
- Inform trading members on intention to execute trades on the terms specified;
- Execute trades without collateral (for В0–В30 settlement codes), i.e. without enough cash or securities subject to further replenishment of resources;
- Execute trades with a selected circle of counterparties.
A trade shall be automatically executed in the trading system when the terms specified in two opposite direct orders match each other pursuant to the Trading Rules.
Whereby the trade may be settled in advance starting with a settlement day following the day the trade has been executed.