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National Settlement Depository (NSD) is the central securities depository of the Russian Federation
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              "Repo Auction" trading mode

              Trading mode "Repo Auction" provides the holders of securities with extra opportunities to obtain liquidity and allows for the issuers to reduce their borrowing costs/raise revenue.

              Specifics of the trading mode "Repo Auction":

              • Trades are executed based on direct repo orders addressed to a trading participant acting on its own behalf at the expense of and on instruction of the issuer that have been placed by trading participants during repo auction.
              • Auction procedure comprises of orders collection and fulfillment periods.
              • Repo trade requisites are determined by MICEX Stock Exchange based on the issuer"s letter. Whereby shall be specified securities in which repo trades can be executed and the following possible order"s requisites: the repo term, acceptable settlement codes, initial, minimum limit, maximum of the haircut depending on repo term, minimum repo rate, fixed reimbursement rate.
              • The procedure for filling orders is determined by MICEX Stock Exchange based on the suggestions in the issuer"s letter.

              Please note that operations in the trading mode "Repo Auction" can"t be executed from the asset manager"s workstation version 3.20 or older version.