Trading and Clearing System Testing in the Production Environment

On July 06, 2013 a public testing of the ASTS Trading and Clearing system will be held in the production environment of the "Main Market" sector of the Moscow Exchange's Securities market.

Tentative schedule is as follows (all times are Moscow time):

• 12:00 The Trading and Clearing System is available to connect.
• 12:30 Pre-trading period start for T0 and T+ trading modes (till 13:00); start of repo and negotiated trades. .
• 13:00 Start of the main trading period for T0 and T+ modes.
• 15:00 Orders with "today" settlement are not accepted in the "Negotiated trades with CCP" mode; end of order registration in the "REPO with CCP" mode. (Operations are performed as at 16:00 on a real trading day).
• 15:30-16:30 transfer orders are not accepted; settlement with CCP; rollover REPO (TADM) trades and negotiated (NADM) trades; risk parameters adjustment. (Operations are performed as at 17:00 on a real trading day). Trading continues in the T0 and T+ modes.
• 16:30 Resumption of transfers ("TRAN" board) for clearing members.
• 16:45 Trading end for T0 and T+ modes.
• 16:35-17:30 Closing auction (T0 equities); post-trading period (T0 bonds).
• 17:30 Trading session end, settlement; closing price calculation. (Operations are performed as at 19:00 on a real trading day, including operations with CCP).
• 18:00 End of public tests.

Key changes in this new version of the Trading and Clearing System are:

• Consolidated T0 and T+ position in money and securities for Ruble-based settlement.
• Negotiated REPO with CCP with Y1/Y2 settlement code (will be available in production later).
• Negotiated REPO with CCP in shares.
• REPO trades with settlement in USD (available only to credit organizations and only to conclude trades on own behalf and from own accounts).
• Automatic cancellation of active orders at the end of the T+ trading session (at 18:45 for main T+ trading mode and at 16:00 for anonymous REPO with CCP trading mode).
• New risk management options "No short selling" and "No buying without full prefunding".
• Removal of 3F trading sub-accounts.
• Ratio of visible to invisible parts of iceberg orders is now set for each security individually.
• Changes in structure of end-of-day clearing XML reports.
• Traders' permissions can now be set per trading board.

To participate in this public testing please send an e-mail to help@micex.com

Please indicate if you would like the following options to be set for your account (to use these options in real trading relevant applications should be submitted to the Moscow Exchange Client Center):

• mark a T0 trading-clearing account as having consolidated position with T+ (please specify account ID);
• create a trading-clearing account that is linked to money account in foreign currency (please specify USD account number and depository sub-account number);
• add a Clearing Manager permission to be able to use transactions to prohibit short selling, prohibit buying without full prefunding and to set short selling limit (please specify User ID);
• disable automated transfers from T0 to T+ accounts during settlement;
• disable automated return of net claims to T0 accounts for securities and/or money after T+ settlement;
• in case of lack of money during T+ settlement transfer the whole amount required for settlement from T0 (instead of just the lacking amount).

Attention: if you do not plan to join the test please disconnect your production systems during this weekend to avoid receiving test market data.

For further information, please contact the Public Relations Department at (495) 363-3232.