The second stage of the T+2 trading regime will be implemented on 8 July 2013. The first stage of T+2 started on 25 March 2013, which allowed trading of the 15 most liquid equities and 34 OFZ.
Starting 8 July 2013 the number of equities traded on T+2 will increase to 25. Furthermore, for all securities admitted to T+2 it will be possible to continue the T+0 trading regime until 2 September 2013. The new version of the stock market trading system is to come into effect on 8 July 2013 and it will include the following:
"T+2" segment:
- Consolidated cash position on "T+2" and "T+0" segments
- Consolidated securities position on "T+2" and "T+0" segments
- The new regime of transactions "T + without short sales"
- The new regime of transactions "T + without unsecured purchases"
"REPO with the CCP" segment:
- The start of the equities trading on "REPO with the CCP – the address applications"
- The new period of the settlement with REPO (settlement code Y1/Y2)
According to the new CJSC JSCB National Clearing Centre’s (NCC) rules on clearing, starting 8 July 2013 the new requirements for the equity capital for all participants will be set up at a level of no less than RUB 180 mn and will determine the size of contributions to the Financial Stability Fund:
- RUB 5 mn for all T+2 market participants concluding transactions both on their own behalf and on behalf of the clients, as well as for the market participants concluding REPO transactions with the CCP only on their own behalf
- RUB 10 mn for all market participants concluding REPO transactions with the CCP only on their own behalf
Furthermore, starting 8 July 2013 in accordance with the new rules for clearing on the securities market of the Moscow Stock Exchange, up to 100% of foreign currency (USD) can be used as collateral for T+2 transactions, which will reduce the cost of the transactions.
Related Newsflashes: Newsflash Russia - T+2 to be Launched on 25 March 2013
Impact on investors: The launch of the second stage of the T+2 trading regime is another step towards further developing the Russian trading floor.