Innovations 2023

Innovations of the FX market since December 4:

New instruments of CNY/RUB
Since December 4 new instruments of the CNY/RUB: WAP Deals and FIX’s Deals will be available on the FX Market.

Parameters of instruments and trading schedule:

Useful links:

Trading Schedule FX and Precious Metals Markets,
List of parameters of spot, fix, weighted average trade and swap deals: FX and Precious Metals Markets
Opportunity for SMA-users to send address orders

The ability to submit and receive orders in the Negotiated Board is added for SMA-users.

SMA access is provided by allocating a personal identifier (SMA_ID) for transmission to the client, which corresponds to the short code of this client, as well as the trade identifier and registration code of the Trading Member who applied for the issuance of this identifier. The Client connects to the instruction processing subsystem of the Moscow Exchange using the SMA_ID received from the Trading Participant. The client sends request to the TCS signed by his SMA_ID. Based on this request, orders are generated and transactions are concluded on behalf of trading participants, but in the interests and at the expense of clients.

Submission of applications in address modes is available for all SMA-logins, which, based on the Application (available from December, 1) for registration of ISA, have been assigned an alias (ALIAS).

To participate in trading in address modes using valid SMA logins, the Participant must re-submit an Application (available from December, 1) for registration of ISA indicating the assigned nickname (ALIAS) for these logins.

Rules for forming SMA aliases:

1. All SMA aliases must be unique within a single Trading Member;
2. Number of symbols– up to 12. Symbols – numbers and letters of the Latin alphabet (case does not affect the uniqueness of the nickname);
3. In different markets, a participant may have the same aliases;
4. The alias can be changed by the participant during re-registration.
5. The alias is optional.

Useful links:

About SMA

The change of CNY/RUB price tick:

Since December 4 the price tick and rate accuracy of CNY/RUB (Chinese yuan/Russian ruble) are changed.

• Price tick is changed for SPOT-instruments of CNY/RUB for Main Board (CETS) from 0,001 to 0,0005;
• Price tick is not changed for SPOT-instruments of CNY/RUB for other boards (CNGD and CPCL);
• For SWAP- instruments of CNY/RUB for all boards (CETS, CNGD, CPCL) rate accuracy and price tick are changed from 6 digits to 5 digits, including the central rate and the basic rate (including when manually selecting the basic course when applying to the CNGD).

Parameters of instruments:

1. Spot deals:

2. Swap deals:

Useful links:

List of parameters of spot, fix, weighted average trade and swap deals: FX and Precious Metals Markets
 

Innovations of the FX market since September 25:

The possibility of making "hide amount" orders for swaps

The possibility of making "hide amount" orders is added to the Main Board for swap instruments.

Maximum allowed ratio of hidden lots to lots displayed in the current quotes window for a hidden order – 100:1.

Minimum allowed number of lots specified in a hidden order as lots to be displayed in the current quotes window for swap deals is determined for each instrument and available here.
 

Development of friendly currencies

New instruments of currency pairs TRY/RUB, USD/TRY, HKD/RUB, USD/HKD are added to the CPCL Board.

Trading time of new instruments in the CPCL:

Innovations of the FX market since July 31:

Extension of trading time in CPCL

Trading time is extended in T+1,T+2 instruments and T+1/T+2 deals of the CPCL Board.

Innovations of the FX market since April 3:

New type of order "book or cancel"

New type of order "book or cancel" is available.

Order "book or cancel" gets to the order book only if there is no valid counter request at the time the order enters the system (there is no order with better price than indicated in the order "book or cancel").

If there is at least one counter order in the order book that meets the conditions of the "book or cancel" order, then the "book or cancel" order is rejected.

Prohibition of cross-deals

In the FX market a prohibition of cross-deals in the Main Board begins to act. Trading Members will have an opportunity to choose a method of the reject of cross-deals in the Main Board and to set a ban or permission to enter cross-deals in the Negotiated Board.

Choosing the method of rejecting cross-deals in the Main Board in relation to:

• Trading Member is carried out according to the application that would be available since March, 21 or 22, application can be submitted since March,27;
• Client of Member since April, 3 in the personal account.

Options of cross-deals reject:

• by rejecting the taker’s order (submitted later in time);
• by rejecting the maker’s order (submitted earlier in time);
• by ignoring the order submitted earlier in time and checking the next valid counter order in the queue (set by default, if the bidder has not chosen the method of rejecting the cross-application).

Notes:

1. If the client is registered with two or more Members and at the same time the client has chosen different methods of rejecting cross-deals, then takers order is rejected;
2. For all Trading Members who didn’t choose a method of rejecting cross-deals the option of ignoring takers order and checking the next valid counter order will be set by default from April, 3.

Innovations of the FX market since February 13:

1) Increase of USD/CNY, EUR/USD, HKD/RUB price tick

To seal the order book and improve liquidity of SPOT-instruments of USD/CNY, EUR/USD, HKD/RUB the price tick is increased.

• Price tick is changed only for SPOT instruments for Main Board (CETS). Other parameters remain unchanged;
• For other boards (CNGD and CPCL) price tick is not changed;
• Base rate accuracy remains the same;
• In SWAPs for all boards base accuracy and price tick remain the same.

Parameters of instruments:

Useful links:

List of parameters

2) BYN/RUB is added to the Surcharge calculation

To the Surcharge calculation is added currency pair BYN/RUB.

Useful links:
Surcharge

Innovations of the FX market since January 30:

1) Extension of CNY and HKD TOD trades

Trading time of HKD and CNY TOD and TODTOM instruments will be extended. After 11:00/12:30 opening auction for spot-instruments and maintenance break for swaps trades will be available until 17:45 for the Main Board and until 19:00 for the Negotiated Board.
For short position in additional periods of trade sufficient CNY/HKD funds in NCC are required, otherwise the position will forcibly be transferred to the next day. Buyers of CNY/HKD will have an option to withdraw CNY/HKD only duringthe next day.

*Settlements are available only for Negotiated Board

More info will be published in the trading schedule: https://fs.moex.com/files/12261.

2) Report on identifiers in the FX market

For the convenience of Trading members of the FX market a new report CUX83 will be launched. After 23:50 of the current day the report will provide to the Trading/clearing members information of identifiers with a sign of changes, including cases of adding or removing an identifier, and on the last trading day of the month for all identifiers in active status.
More information is available here: https://fs.moex.com/files/13904.

3) Control of aggressiveness of limit orders in the FX market
It is planned to launch the mechanism for controlling the aggressiveness of market orders, previously presented in a state of technical readiness. The maximum deviation of the trade price from the value of the best counter order: 1%.

Execution of a limit order can be carried out as long as the price of the accomplished buying (selling) trades is not more (not less) than the established permissible deviation from the best selling (buying) price. Depending on the type of order for the remainder, the unfulfilled volume is either removed, or placed in the order book in the form of a separate application.

Restriction of usage of limit orders will be implemented since 7:00 until 23:50 only for currency pairs’ spot instruments for the Main Board – CETS, SDBP.