The MICEX Executive Board Decides To Put Into Effect The New Version Of The Rules Of Clearing In The Securities Market As Of 26 March

On 9 March 2007, the MICEX Executive Board decided to put into effect, as of 26 March 2007, the new version of the Rules of Clearing in the Securities Market, adopted by the MICEX Board of Directors in December 2006. The new version of the Rules takes into account the demand of the RF Federal Service for Financial Markets to terminate trading in the exchange-based stock market at 18:00.

The decision was made in pursuance of the direction of the RF Federal Service for Financial Markets requiring the Moscow Interbank Currency Exchange to provide participants in clearing with reports on results of clearing upon the execution of obligations for transactions. In accordance with the direction, the MICEX may begin to provide reports on results of clearing for transactions effected on the MICEX Stock Exchange before 18:00 only after receiving confirmations of entries on participants’ trading accounts (sections of depo accounts) with the settlement depository and the settlement organization.

The period between the termination of trading at 18:00 and the provision of reports on results of clearing will be at least 30 minutes (under current procedures). The Executive Board thinks that, given the existing technologies, these conditions make it inexpedient for professional participants to resume trading on the MICEX Stock Exchange after 18:00.

Considering the above, the MICEX Executive Board deemed it inexpedient to resume trading in securities within the MICEX Group after the termination of trading at 18:00 and decided to change the time of certain operations when effecting clearing and settlements for transactions in securities.

At the same time, the MICEX Executive Board commissioned to prepare measures enabling to develop and implement the procedure of the «night trading session» on the MICEX Stock Exchange.