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In accordance with the decision of the MICEX SE Directorate, the new versions of the Rules of trading in securities on the MICEX SE, the Rules of listing, admission to placement and trading in securities on the MICEX SE and the Rules of calculating the MICEX Index come into effect on 1 March 2009.
On 27 February 2009, the new versions of the Rules of trading in securities on the MICEX SE, the Rules of listing, admission to placement and trading in securities on the MICEX SE and the Rules of calculating the MICEX Index were registered by the Federal Service for Financial Markets (FSFM) of Russia. The Exchange’s internal normative documents have been brought to conformity with the requirements of the order of the RF FSFM N08-52/pz-n “On making amendments to some orders of the Federal Service for Financial Markets of Russia” of 13.11.2008.
The new version of the Rules of trading in securities on the MICEX SE provides for the following procedure for the suspension of trading:
- Trading will be suspended as a result of changes in the value of the MICEX Index value only in the mode of main trading in shares, subject to decrease or increase in the value of the MICEX Index against the value of the previous trading day’s closure:
- by 15%: for one hour (if this event occurred before 16:00, local time)
- by 25%: till the end of the current trading day.
- Suspension of trading in a single security is provided only for the stocks included on the 1st and 2nd level “A” Quotation List, as well as stocks comprising the MICEX Index if the current price of the security decreases or increases against the value of the previous trading day’s closure:
- by 20%: for one hour (if this event occurred before 16:00, local time)
- by 30%: till the end of the current trading day.
The current price of the security is calculated not less often than once a minute during the trading day.
The Rules of trading provide for a new procedure for calculating the current prices and the closing prices of securities used for the purposes of suspension of trading. The new procedure satisfies the requirements of statutory acts of the RF FSFM.
Beginning from the date of implementation of the new version of the Rules of trading, the Rules of trading in securities on the MICEX Stock Exchange, approved by the Board of the MICEX SE on November 6, 2008, are rendered inoperative.
The new version of the Rules of listing, admission to placement and trading in securities on the MICEX SE:
- specifies and expands certain requirements for issuers and securities when securities are included and maintained in Quotation lists of the MICEX SE.
- The period of maintaining a security in “V” Quotation List of the MICEX SE is extended from 6 months to 1 year.
