Order parameters limitation system
Exceeding of the order parameters limits entails automatic rejection of the order by the Trading System placed by the "Moscow Exchange". The limits are established and can vary for different securities, trading modes and/or trading participant categories, for which additional limitations may be established.
At the moment an order is rejected if its price is off the following limits:
Stocks, DRs and fund shares
| Trading mode | Listing level | Price limits |
|---|---|---|
| Negotiated Trades Mode | Any | Closing price ±70% |
| Equities Repo Trading Mode | Any | Closing price ±100% |
Bonds
| Trading mode | Listing level | Price limits |
|---|---|---|
| Main Trading Mode | Any | Closing price ±40% |
| Negotiated Trades Mode | Any | Closing price ±40% |
| Bond REPO trading mode | Any | Closing price ±100% |
| "Bonds D– Main Trading Mode" and "Bonds D – Negotiated deals mode" Trading Modes |
Any | Nominal price -100% |
| Nominal price +50% |
Price Deviation Limits of Securities are established according to the "Risk parameters determining methodology for the securities market of PJSC" Moscow Exchange MICEX-RTS", approved by the decision of the Bank NCC (JSC), in the following trading modes:
- Trading mode "Main market T+";
- Trading mode "Qualified investors – Main market T+";
- Trading mode "D stocks - Main market";
- Trading mode "Odd lot trading";
- Trading mode "Negotiated deals mode with CCP";
- Trading mode "Qualified investors - NDM with CCP";
- Trading mode "REPO with CCP – Off order book orders";
- Trading mode "REPO with CCP – Order book orders ".
The following additional limits are applied to REPO transactions (in stocks and bonds):
- repo rate shall not exceed 100%;
- repo rate shall not cause the second repo leg price to become negative;
For bonds during their first trading day in the MOEX Trading System, 20% maximum price deviation (as compared to the face value of the bonds) is established for the main trading mode by decision of the Moscow Exchange.
If no closing price is available, price deviation limit is established as compared to the calculated price of these securities determined by decision of the Moscow Exchange.
Calculated price may be changed by decision of the Moscow Exchange.