Moscow Exchange is the largest stock exchange in Russia and among the top 30 leading stock exchanges worldwide. MOEX is organized into three segments: Main Market, Standard, and Classica. The Main Market segment is the most liquid, where trades are executed with the Central Counterparty with advance depositing of assets.
Currency: Russian ruble (RUB)
During the pre-trading period, only Limit orders shall be entered in the Trading System. The price of the pre-trading period shall be determined in the Trading System at the end of the period on the basis of orders placed during the pre-trading period for each security. Such price shall provide for the conclusion of transactions with the largest number of securities that are the subject to these transactions. In case several price values satisfy this requirement, the pre-trading period price shall be established as the arithmetical average of the maximum and minimum values.
Limit orders not fully fulfilled will be queued with the price indicated in the order and shall take part in the next trading period. In the case of inequality of supply and demand at the pre-trading period price, priority shall be given to the fulfillment of purchase orders with a higher price and sale orders with a lower price, at prices equal to orders placed earlier.
During the pre-trading period, Trading Members shall have access to information only on their orders.
The closing auction consists of the following successive phases:
The closing auction price allowing execution of trades with the largest amount of securities being the subject of such trades shall be determined in the Trading System for each security based on orders entered to the system at random time of order collection phase and/or order collection phase extension. A moment for the closing auction price fixing can be randomly determined during a period of the order collection phase and/or order collection phase extension.
The closing price is determined as the price value that allows the execution of trades with the largest number of lots. Where several price values meet the requirement, the price shall be chosen at which the modulo an imbalance (the difference between the overall aggregate supply and overall aggregate demand) is the smallest. Where several price values meet the above-mentioned conditions, the lowest price shall be chosen in case of the excessive supply and the highest price shall be chosen in case of excessive demand. Where several price values meet the above-mentioned conditions, the price that is the closest to the last trade price of the trading period shall be chosen. Where the prices deviates equally from the last trade price, the largest of them is taken to be the closing auction price.
Where there is an imbalance in supply and demand during the order collection phase and/or the order collection phase extension, the sequence for orders to be filled at the closing auction price is the following: off order book Market orders, Market orders, off order book Limit orders, and Limit orders to buy at the highest price and to sell at the lowest price. Where prices are equal, the sequence for orders to be filled at the closing auction price is the following: off order book Limit orders entered earlier, Limit orders entered earlier.
Where there is an imbalance in supply and demand during the trading at the closing auction price, the sequence for orders to be filled is the following: off order book Market orders and Market orders, off order book Limit orders, Limit orders, orders at the closing auction price entered earlier.
During the order collection phase and order collection extension phase, Trading Members are allowed to see information on their own orders and on orders with the 20 best prices (10 orders to buy and 10 orders to sell) queued in the Trading System, as for number of securities (for iceberg orders only “current visible number of securities” is available) and prices indicated. During trading at the closing auction price, Trading Members are allowed to see the information on their own orders and the total sizes of all active orders.
1. Opening Auction (09:50:00 - 09:59:(31-59))
2. Continuous Trading (10:00:00 - 18:39:59)
3. Closing Auction (18:40:01 - 18:50:00)
Order Types: Limit orders, Market orders, off order book Limit orders, off order book Market orders, and orders at the closing auction price are eligible to participate in the closing auction.