Saturday, 29.11.2014 06:22
(495) 363-3232
(495) 232-0555
Markets Indices Market data Listing Connectivity News and events About MOEX Investor Relations
Русский Русский
Main Market
Classica sector
Frequently asked questions
Closing auction
Organization of trading
Market Making
Trading Members
Trading schedule
Main page » » »
 Subscriptionprint version

The T+2 settlement cycle at the Moscow Exchange

Main features of Т+2 at Moscow Exchange

Purpose of the project

  • Trading system with partial collateral and deferred settlement of trades on T +2 will make Russian assets more accessible for foreign investors, enhance transaction efficiency for domestic brokers due to lower funding costs, and create opportunities for improving cash management and streamlining their business processes (HFT).

Project start date

  • 25.03.2013

The main features of the market:

  • Market sector: "Main market sector";
  • Trading modes: "Main Trading Mode T+", "Negotiated deals mode with the CCP" based on central clearing;
  • Related markets: Repo with the CCP;
  • Trade technology: transactions with partial collateral and deferred settlement.

Order placement and transaction:

  • Trading time
    • "Main Trading Mode T+" (Trades with settlement codes Y2):
      • Pre-trading period: 9:45-10:00 (Moscow time)
      • Main trading period: 10:00 — 18:40 (Moscow time)
      • Closing auction: 18:40 — 18:50 (Moscow time)
    • "Negotiated deal mode with the CCP":
      • Trades with settlement code Y0: 09:30 — 16:00 (Moscow time);
      • Trades with settlement codes Y1 and Y2: 09:30 — 19:00 (Moscow time);
  • Order collateral: partial collateral;
  • Collateral control procedure: in the period of order placement;
  • Currency: Russian rubles;
  • Price tick:
    • by instruments (except bonds): set by decision of the Exchange;
    • bonds: Set by the Rules of Securities Trading at the Closed Joint-Stock Company "MICEX Stock Exchange";
  • Standard lot: set by decision of the Exchange;
  • Partial satisfaction of orders: yes;


  • Settlement date:
    • "Main Trading Mode T+": T+2;
    • "Negotiated deal mode with the CCP": T+0, T+1, T+2;
  • Delivery: until 17:00 (Moscow time);
  • Execution of margin calls: until 17:30 (Moscow time);
  • Clearing session: 19:00 (Moscow time);
  • Time of buyer"s Depo account crediting: until 20:00 (Moscow time);
  • Order of obligations" execution: multilateral clearing;
  • Settlement terms: delivery-versus-payment (DVP);
  • Currency: Russian rubles;
  • Liabilities of transactions must be settled: after trading session;
  • Assets taken by the Clearing Organization as collateral: Securities traded at T+2, Russian rubles, foreign currency.

Trading system:

  • Trading and clearing platform: ASTS;

Market Infrastructure:

  • Central Counterparty (CCP): CJSC National Clearing Centre;

Exchange infrastructure:

  • Exchange: Closed Joint-Stock Company "MICEX Stock Exchange"
  • Clearing Organization: National Clearing Centre (NCC)
  • Settlement Depository: National Settlement Depository (NSD)

Corporate events:

  • Stocks: votes, dividends on securities transactions are not transmitted;
  • Bonds: Coupons, amortization of securities transactions are not transmitted;

Price formation:

  • Bonds: The price at the day of the transaction T is added with ACI on day T +2;

Commission of the Exchange:

  • Commission of the Exchange is charged on the day of the transaction by the end of the trading day.

Additional materials:

  1. Т+2 Flow Sheet  (doc, 98 Kb)
  2. Presentation: T+2 Project Overview  (pdf, 1 Mb)
  3. Т+2. Version 4. Description  (pdf, 281 Kb)
  4. Corporate Actions for T+2 Participants (pdf, 750 Kb)


Clearing and Settlement

  1. Presentation "Risk Management System"  (pdf, 1.7 Mb)
  2. Detailed information about clearing and settlement of repo with the CCP and T+2 trades (in Russian)
  3. Clearing Schedule for Trades with Partial Collateral  (doc, 36 Kb)
  4. Security Market Risk Parameters Determination Method  (pdf, 706 Kb)
  5. Account structure. On-exchange settlements (pdf, 290 Kb)
Copyright © Moscow Exchange, 2011 - 2014. All the rights for the information and analytical materials published on this website are protected in compliance with the Russian legislation. Before you start using the website, please read User Agreement carefully. Display, distribution or any other use of the information published on the Exchange’s website or any of its parts is allowed only upon receiving prior written authorization from the Exchange.