Moscow Exchange migrates equities and bonds market to T+2

Source: Moscow Exchange

The first day of T+2 trading on the Equities and Bonds market following the full switch to partial preliminary depositing of funds and postponed accounting has gone smoothly.

Turnover in equities and bonds was RUB 56.3 bln, of which RUB 14.3 bln was volume in equities. The volume of repo trades with the Central Counterparty (CCP) was RUB 18.0 bln. All of Moscow Exchange's markets were quiet due to the US public holiday.

Of the 567 market participants, 222 companies made deposits in the Financial Stability Fund, which was created to cover risks from partially secured deals. 242 participants are admitted to trading with 100% prior depositing.

We thank participants for their prompt technical support of end users, who updated their trading terminals and reconfigured them during the first trading day under the new mode.

The Closing Auction was held to define a representative closing price for the first time. A new algorithm was adopted that uses the principle of random auction termination, which precludes the market price from being artificially increased or decreased.

The Closing Auction generates price which are recognised as the official closing price for the Russian market.

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