The MICEX Introduces A Continuous Trading Session On The Government Securities Market With The Effecting Of Settlements In The Course Of Trades

To improve the technique of trade on the government securities market, the MICEX has launched today a continuous trading session (from 11:00 till 16:45), keeping the existing time of clearing and settlements for transactions (13:00 and 16:45, Moscow time). Before, the session was held in two stages: from 11:00 till 13:00 and from 14:30 till 16:45 with interim settlements. Exchange trades with settlements, effected in the course of the session, have been introduced on Russia's securities market for the first time.

According to the MICEX CEO Alexander Zakharov, the innovation will improve the quality of services, provided by the MICEX trading system to the participants of the government securities market, and will help to reduce transaction costs by adding "mobility" to the flow of funds.

Considering the additional trading and settlement session from 18:00 till 20:00, introduced for REPO deals, market participants can enjoy more flexibility in managing funds when bringing them to the market, withdrawing them from the market or transferring them to other sectors of the MICEX financial market, using the four phases of the multi-phase handling of payments in Moscow region.

Besides, the continuity of the trading session is a necessary condition for the launching of the market of inter-dealer REPO transactions. Today, this is the most dynamic segment of transactions involving government securities. This year, the volume of direct and reverse REPO transactions of dealers with the Bank of Russia has reached over 73 billion rubles, or 2,3 times more than in 2002.