Trading schedule

Reports on the results of the trading day are distributed to market participants in the following manner:

• an extract from the trades registry is provided by 08.00 p.m. (Moscow time zone) on the previous trading day;
• other reports (except for the extract from the trades registry) are disseminated at 09.30 a.m. on the current trading day.

Trading modes and Boards, type of orders, settlement codes (xlsx, 36 Kb)

1. Trading schedule on the equities market

   Main Trades - Stocks

   Security	Trading mode	Settlement code	Main trading mode, IIR sector
   			Main session	Evening session
   Russian stocks, stocks (DR) of quasi-Russian issuers:	Mode Т+1 (RUB)	Y1	09:50:00 — 18:50:00 OA: 09:50:00 - 09:59:(31-59)* TP: 10:00:00 - 18:39:59 CA: 18:40:01 - 18:50:00	19:00:01 — 23:49:59 OA: 19:00:01 — 19:04:59 TP: 19:05:00 — 23:49:59
   	Incomplete lots (RUB)	Y1	10:00:00 — 18:39:59 TP: 10:00:00 - 18:39:59	19:05:00 — 23:49:59 TP: 19:05:00 — 23:49:59
   	NTM with CCP; NTM (RUB)	Y0; T0	09:50:00 — 18:59:59	19:00:01 — 23:49:59**
   		B0	09:50:00 — 18:59:59	—
   		Y1-Y14; B1-B30	09:50:00 — 18:59:59	19:00:01 — 23:49:59
   	NTM (RUB)	Z0	09:50:00 — 18:30:00	—

   * - Duration is determined randomly for each security in the range of 1-29 s" добавляем сноску " ** - Within one trading and clearing account 
   
   Carrying out trading in securities in the form discrete auction (DA).

   During the trading period, in the event of a significant price deviation, a discrete DA auction may be launched instead of an open continuous two-way auction.

   Security	Trading mode	Settlement code	Main session	Evening session
   When the price of an individual security changes
   For Russian stocks, stocks (DR) of quasi-Russian issuers from IMOEX	Mode Т+1 (RUB)	Y1	Main trading mode TP: 10:14:00 — 16:40:00 Possible numbers of DA starts – no more than 2 times (2 DA х 30 minutes) - 1st DA on a security Runs IF for 10 minutes in a row: Current Price of the security more / less than Closing Price of the security (T-1) by 20% - 2nd DA on a security Runs IF for 10 minutes in a row: Current Price of the security more / less than Current Security Price at the beginning of the 1st DA for the security by 20%	- (DA is not carried out)
   For Russian stocks, stocks (DR) of quasi-Russian issuers non IMOEX	Mode Т+1 (RUB)	Y1	Main trading mode TP: 10:09:00 — 18:10:00 Possible numbers of DA starts – no limits (each DA х 30 minutes) - 1st DA on a security Runs IF for 5 minutes in a row: Current Price of the security more / less than Closing Price of the security (T-1) by 20% - 2nd and following DA on a security Runs IF for 5 minutes in a row: Current Price of the security more / less than Current Security Price at the beginning of the 1st (previous) DA for the security by 20% During the main session of the first trading day for security, DA isn’t carried out (until the Closing Price of the security is available).	Main trading mode TP: 19:14:00 – 23:20:00 Possible numbers of DA starts – no limits (each DA х 30 minutes)
   When the value of the Moscow Exchange Index (IMOEX)* changes
   DA is held for all stocks and share depositary receipts	Mode Т+1 (RUB)	Y1	Main trading mode, IIR sector, TP: 10:14:00 — 16:40:00 Possible numbers of DA starts – no more than 2 times (2 DA х 30 minutes) - 1st DA on IMOEX Runs IF for 10 minutes in a row: Current IMOEX Value more / less than Last IMOEX Value (T-1) by 15% - 2nd DA on IMOEX Runs IF for 10 minutes in a row: Current IMOEX Value more / less than Last IMOEX Value at the start of the 1st IMOEX DA by 15%	- (DA is not carried out)

   * Note: if there are conditions that lead to the need to simultaneously conduct a DA for one security on two grounds (when the price of a security included in the calculation base of the Moscow Exchange Index changes, and when the value of the Moscow Exchange Index changes, with an intersection in time), trading in the indicated securities in the form of DA are held within 30 minutes on the basis that occurred earlier, after which trading in the security is suspended until the required time for trading in the form of DA expires on the basis that occurred later.

   
   Main trades - Units of Mutual Funds, ETF

   Security	Trading mode	Settlement code	Main trading mode, IIR sector
   			Main session	Evening session
   Units of mutual funds, ETF	Mode Т+1 (RUB, CNY, USD, EUR)	Y1	09:50:00 — 18:49:59 OA: 09:50:00 - 09:59:(31-59)* TP: 10:00:00 - 18:44:59 PP: 18:45:01 - 18:49:59	19:00:01 — 23:49:59 OA: 19:00:01 — 19:04:59 TP: 19:05:00 — 23:49:59
   	Incomplete lots (RUB)	Y1	10:00:00 — 18:44:59 TP: 10:00:00 - 18:44:59	19:05:00 — 23:49:59 TP: 19:05:00 — 23:49:59
   	NTM with CCP; NTM (RUB, CNY, USD, EUR)	Y0; T0	09:50:00 — 18:59:59	19:00:01 — 23:49:59**
   		B0	09:50:00 — 18:59:59	—
   		Y1-Y14; B1-B30	09:50:00 — 18:59:59	19:00:01 — 23:49:59
   	NTM (RUB, CNY, USD, EUR)	Z0	09:50:00 — 18:30:00	—
   Units of BPIFs admitted to trading on a reduced schedule	Mode Т+1 (RUB, USD, EUR)	Y1	16:30:00 - 18:49:59 OA: 16:30:00 - 16:34:(31-59)* TP: 16:35:00 - 18:44:59 PP: 18:45:01 - 18:49:59	—
   	Incomplete lots (RUB)	Y1	10:00:00 — 18:44:59 TP: 10:00:00 - 18:44:59	—
   	NTM with CCP; NTM (RUB, USD, EUR)	Y0; T0, B0	09:50:00 — 18:59:59	—
   		Y1-Y14; B1-B30	09:50:00 — 18:59:59	—
   	NTM (RUB, USD, EUR)	Z0	09:50:00 — 18:30:00	—

   * - Duration is determined randomly for each security in the range of 1-29 s

   ** - Within one trading and clearing account

   OA - opening auction, TP - trading period, CA - closing auction, PP - post-trading period

   Other modes

   Trading time is determined by the decision of the exchange in each case	Trading Modes of Placings and Redemptions Trading mode Placement: Address orders - settlement. in RUB, USD, EUR, GBP, CNY Bidding mode Placement: Auction - settlement. in RUB Trading mode Redemption: Address orders - settlement. in RUB, USD, EUR Bidding mode Redemption: Auction - settlement. in RUB
   17:00:00 – until the end of the procedure for termination of obligations under the T+ Trades and REPO trades with the CCP by the Central Counterparty	Technological modes with CC Mode "Fulfillment of obligations under T+ transactions: NTM" (Only for the CCP transfer of unfulfilled obligations of trading participants) - calculated. in RUB Trading mode "Fulfillment of obligations under T+: REPO trades" (Only for the CCP's transfer of unfulfilled obligations of trading participants) - settlement. in RUB
   09:30:00 – 18:59:59	Trading mode "REPO with CCP – Settlement" Trading mode "Settlement with CCP"
   09:00:00 – 17:30:00	Trading mode "Fulfillment of obligations under futures contracts" (in the event of an obligation to deliver on futures), stocks

    

2. Trading schedule on the bonds market

   
   Main trading mode

   Instrument	Trading mode	Settlement code	Morning session	Main session	Evening session
   CBR bonds, regional bonds, municipal bonds:	Main trading mode T+ (RUB)	Y1	—	09:50:00 — 18:50:00 OA: 09:50:00 — 09:59:(31-59)* TP: 10:00:00 — 18:39:59 CA: 18:40:01 — 18:50:00	—
   	NTM with CCP (RUB)	Y0 - Y7	—	09:30:00 — 18:59:59	—
   	NTM (RUB)	Z0	—	09:30:00 — 18:30:00	—
   		T0, B0-В30	—	09:30:00 — 18:59:59	—
   OFZ:	Main trading mode T+ (RUB)	Y1	—	09:50:00 — 18:50:00 OA: 09:50:00 — 09:59:(31-59)* TP: 10:00:00 — 18:39:59 CA: 18:40:01 — 18:50:00	19:00:01 — 23:49:59 OA: 19:00:01 – 19:04:(31-59)* TP: 19:05:00 – 23:49:59
   	NTM with CCP (RUB)	Y0 - Y7	—	09:30:00 — 18:59:59	—
   		Y0**, Y1 - Y7	—		19:00:01 — 23:49:59
   	NTM (RUB)	Z0	—	09:30:00 — 18:30:00	—
   		T0, B0-В30	—	09:30:00 — 18:59:59	—
   		T0**, B1-В30	—		19:00:01 — 23:49:59
   Corporate bonds, exchange-traded bonds:	Main trading mode T+ (RUB, USD, EUR)	Y1 – settlement in RUB Y2 – settlement in USD and EUR	—	09:50:00 — 18:50:00 OA: 09:50:00 — 09:59:(31-59)* TP: 10:00:00 — 18:39:59 CA: 18:40:01 — 18:50:00	—
   	NTM with CCP (RUB, USD, EUR)	Y0 - Y7	—	09:30:00 — 18:59:59	—
   	NTM (RUB, USD, EUR)	Z0	—	09:30:00 — 18:30:00	—
   		T0, B0-В30	—	09:30:00 — 18:59:59	—
   Eurobonds of the Ministry of Finance, Corporate Eurobonds, Government Bonds of foreign issuers:	Main trading mode T+ (RUB, USD, EUR)	Y1 – settlement in RUB Y2 – settlement in USD and EUR	—	09:50:00 — 18:50:00 OA: 09:50:00 — 09:59:(31-59)* TP: 10:00:00 — 18:39:59 CA: 18:40:01 — 18:50:00	19:00:01 — 23:49:59 OA: 19:00:01 – 19:04:(31-59)* TP: 19:05:00 – 23:49:59
   	NTM with CCP (RUB, USD, EUR)	Y0 - Y7	—	09:30:00 — 18:59:59	—
   		Y0**, Y1 - Y7	—		19:00:01 — 23:49:59
   	NTM (RUB, USD, EUR)	Z0	—	09:30:00 — 18:30:00	—
   		T0, B0-В30	—	09:30:00 — 18:59:59	—
   		T0**, B1-В30	—		19:00:01 — 23:49:59

   
   * - The duration is determined randomly for each security in the range of 1-29 s
   ** - Within one trading and clearing account
   OA – Opening auction, TP – Trading period, CA – Closing auction

   HRI Sector

   Instrument	Trading mode	Settlement code	Morning session	Main session	Evening session
   Corporate bonds, exchange-traded bonds, corporate Eurobonds, government bonds of foreign issuers:	HRI Sector – Режим основных торгов (RUB, USD, EUR)	Y1 – settlement in RUB Y2 – settlement in USD and EUR	—	09:50:00 — 18:50:00 OA: 09:50:00 — 09:59:(31-59)* TP: 10:00:00 — 18:39:59 CA: 18:40:01 — 18:50:00	—
   - admitted to trading in the evening trading session		Y1 – settlement in RUB Y2 – settlement in USD and EUR	—		19:00:01 — 23:49:59 OA: 19:00:01 – 19:04:(31-59)* TP: 19:05:00 – 23:49:59
   	HRI Sector – NTM with CCP (RUB, USD, EUR)	Y0 - Y7	—	09:30:00 — 18:59:59	—
   - admitted to trading in the evening trading session		Y0**, Y1 - Y7	—		19:00:01 — 23:49:59
   	HRI Sector - NTM (RUB, USD, EUR)	Z0	—	09:30:00 — 18:30:00	—
   		T0, B0-В30	—	09:30:00 — 18:59:59	—
   - admitted to trading in the evening trading session		T0**, B1-В30	—		19:00:01 — 23:49:59
   Issuer Default (Bonds D)	Bonds D – Main trading mode (RUB, USD, EUR)	Y1 – settlement in RUB Y2 – settlement in USD and EUR	—	09:50:00 — 18:50:00 OA: 09:50:00 — 09:59:(31-59)* TP: 10:00:00 — 18:39:59 CA: 18:40:01 — 18:50:00	—
   - admitted to trading in the evening trading session		Y1 – settlement in RUB Y2 – settlement in USD and EUR	—		19:00:01 — 23:49:59 OA: 19:00:01 – 19:04:(31-59)* TP: 19:05:00 – 23:49:59
   	Bonds D – NTM with CCP (RUB, USD, EUR)	Y0 - Y7	—	09:30:00 — 18:59:59	—
   - admitted to trading in the evening trading session		Y0**, Y1 - Y7	—		19:00:01 — 23:49:59
   	Bonds D - NTM (RUB, USD, EUR)	Z0	—	09:30:00 — 18:30:00	—
   		T0, B0-В30	—	09:30:00 — 18:59:59	—
   - admitted to trading in the evening trading session		T0**, B1-В30	—		19:00:01 — 23:49:59

   
   * - The duration is determined randomly for each security in the range of 1-29 s
   ** - Within one trading and clearing account
   OA – Opening auction, TP – Trading period, CA – Closing auction

   Other trading modes

   9:30:00 — 18:59:59	Trading mode Anonymous NTM: bonds (RUB, USD, EUR settlement), settlement code T0
   The trading time is determined by the decision of the exchange in each individual case	Trading modes of placements and redemptions Trading mode 'Placement': Negotiated deals (RUB, USD, EUR, GBP, CNY settlement) Trading mode 'Placement': Auction (RUB settlement) Trading mode 'Redemption': Negotiated deals (RUB, USD, EUR settlement) Trading mode 'Redemption': Auction (RUB settlement)
   17:00:00 — 19:30:00	Technological modes with CCP Trading mode 'Settlement of T+: NTM' (Only for transferring with CCP of outstanding obligations of market participants) (RUB settlement) Trading mode 'Settlement of T+: REPO' (Only for transferring with CCP of outstanding obligations of market participants) (RUB settlement) Transfers Settlement of Т+: SWAP (Only for transferring with CCP of outstanding obligations of market participants)
   Other trading periods:
   11:29:59 — 11:45:00 16:29:29 — 16:45:00	Trading mode for large blocks of securities (Т+ Order book): bonds Time of price fixing and orders execution, RUB, USD settlement: The first auction: Price fixing 11:29:59, collection of orders and orders execution 11:30:00-11:45:00 The second auction: Price fixing 16:29:59, collection of orders and orders execution 16:30:00-16:45:00 Settlement codes: OFZ – Y1, GOVOZ –Y2.   Trading mode "Fulfillment of obligations for futures contracts " (in case of obligations to supply by futures, bonds)

    

3. Trading schedule on the money market (REPO market)