Moscow Exchange Extends The List Of T+2 Eligible Securities

08/07/2013

On July 8, 2013, Moscow Exchange launches the next stage of T+2 implementation on its Securities Market by extending the list of eligible shares from 15 to 50 names. All sovereign bonds (OFZs) issues have been available for T+2 since March 25, 2013. Parallel trading with T+0 settlement will be available for all T+2 eligible securities until August 30, 2013. All other shares traded on the Moscow Exchange will migrate to T+2 on September 2, when T+0 settlement for all shares, Russian depositary receipts (RDRs) and OFZs will end.

Furthermore, from today the Exchange offers new opportunities to Securities Market members:

  • consolidated positions for T+0 and T+2;
  • execution with options for no unsecured selling and no unsecured buying;
  • launch of off-order book trading with Central Counterparty repo;
  • new settlement code for repo trades: Y1/Y2 (introduction to be announced later).

In addition, from July 8, clearing members of the Exchange's Securities and Money markets will be required to pay contributions to the Guarantee Fund as follows:

  • RUB 5 mln by all members of the T+2 sector that execute trades both on their own and clients' behalf, as well as by those executing repo trades with CCP on their own behalf;
  • RUB10 mln by members executing repo trades with CCP both on their own behalf and on clients' instructions.

Clearing members who have not contributed RUB5 mln to the Guarantee Fund will nonetheless be admitted to trading on a T+2 basis, although with full prefunding required (i.e., on conditions of no unsecured selling and no unsecured buying).