From July 1, primary trade participants start concluding trades with settlements in rubles only by means of the RTS Electronic Agreement Centre under the condition of DVP

On May 28, 1999 at the Board of Directors of the Non-Profit Partnership "RTS Trading System" it was decided that starting from July 1, 1999 the RTS primary trade participants shall conclude trades between each other with further settlement in RF rubles only by means of the Electronic Agreement Centre (EAC). The settlements for these trades shall be carried out only on the condition of delivery versus payment (DVP) with post-deposit. Therewith, from August 1, 1999 all RTS Participants shall conclude trades between each other with further settlements in RF rubles by means of the Electronic Agreement Centre (including primary trade participants). The settlements for these trades shall also be carried out only on the condition of DVP. The Electronic Agreement Centre is the system intended for a contract of purchase conclusion based on a committed trade in RTS. Electronic agreement at EAC is an electronic document containing information on sale-purchase of securities and attested by electronic digital signature of both companies who are the AEC subscribers. Such document has equal legal force and presents the same information as the similar paper agreement. The RTS Electronic Agreement Centre allows to reduce the number of errors caused by manual input, to avoid risk of forgery of paper documents and fax messages as well as cuts down significantly expenses for postage of paper documents, and that is especially important for the regional RTS Participants. "Delivery versus payment" technology implies that all settlements shall be made by contrary exchange of resources and issues with the whole document circulation performed electronically. The settlements by means of "delivery versus payment" technology allow to all trade Participants to simplify significantly the process of trades' conclusion and execution, to minimise risks, to ease the work of back-office, to cut terms of trade execution and costs. For more detailed information please contact the RTS Department of Public relations by telephone: +7 (095) 705-9031