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          Ban on cross-trades may be lifted

          The proposed Bank of Russia regulation "On Requirements for Trading Organisers" Operations" includes lifting the ban on cross-trades. Point 1.13.4. states that "orders submitted by one and the same entity (relating to that entity"s code) are not bases for concluding contracts (cross-trades), except for contracts concluded with the participation of a central counterparty".

          As such, FX Market brokers are to be able to authorise cross-trades for certain client codes. Please note that the mechanism will be implemented after the Bank of Russia's Regulation comes into force.

          The "CLIENTS" file containing information on clients that is sent by brokers to register clients is to have Field 11, "Allow Cross-Trades", added, where either "Y" or "N" may be indicated (with "Y" meaning cross-trades permitted, "N" meaning cross trades not permitted). To permit cross-trades for already registered clients, brokers should send a standard registration file with Field 11 market "Y". Until this is received, cross trades will not be permitted ("N" by default).

          When submitting orders, please note:

          • If one of two brokers that have the same client registered indicated "N" for that client, then when a matching order is placed, the order submitted later is rejected.
          • If two brokers that each have the same client registered have indicated "Y" for that client, then when an order is submitted, no verification of permission to conduce cross-trades is conducted.