Trading mode

Mode description

Order-input kinds

Settlement codes used in this mode

Continuous double auction

A trading mechanism of continuous matching of orders for buy and sell.  Trades are executed whenever the price of bids and asks is matched

• limit order kept in quotations (an order is kept in the trading system until its full fulfillment);
• limit order non-kept in quotations (it is automatically rejected by the trading system in case it is impossible to fulfill this order. They can be divisible and indivisible.)

Participant offers to buy securities at not more, or to sell at not less, than a specific price.  Trading system verifies if there are unfulfilled orders in queue for selling/buying, the price of which is less/more or equal to the processed one. If there are such orders, a processed order is matched with the first order in queue until such orders come in or until it is completely satisfied.

• at-the-close orders.

S-T+n  - settlements are carried out in the settlements and clearing system through established period "n"

Negotiated deals

• two-sided orders

Two-sided orders are executed and transactions are concluded in the trading system when the following details of both two-sided counterbids are matched:

• Financial instrument;
• volume of financial instrument for buy/sell (quantity in lot);
• exchange rate in a conjugate currency;
• execution date.

NS - settlements are carried out directly between parties