Trading mode T+ (market T+2) applied at the Moscow Exchange is a new trading mode providing partial preliminary payment and final transaction settlement within 2 trading days. The new trading standard has been implemented to reduce the costs to the market participants for the funding of transactions and to increase the liquidity of the Russian stock market. A detailed description of the T+2 market is available on the stock exchange website at http://moex.com/s549.
It is planned that starting from September 2, 2013, T+ trading mode shall be applied to all shares, RDR, federal loan bonds, investment stocks and ETF. Parallel circulation of the said instruments (except for FLB) in T0 mode will be terminated. Only bonds (including FLB) will be traded in the T0 mode.
Thus, according to the Moscow Exchange's plan, starting from September 2, 2013, equity market liquid instruments shall be traded just in T+ mode.
From August 28, 2013, access to main T+ trading will be automatically provided to all Sberbank customers choosing the MICEX Stock Exchange Trading System. For T+ and T0 trading in securities, the same brokerage account is used. Thus, no special transfers between the accounts are required to perform trading operations. When placing orders, the client's code used for trading in T+ mode shall be the same as that used for trading in T0 mode.
Applications in T+ trading may be submitted by phone and via the QUIK Internet trading system. The customers choosing brokerage services with QUIK do not need to execute or sign any additional documents, but have to set up the display of new classes of instruments.
All customers who have enabled the service for unsecured transactions can work on the T+2 market "with leverage". By default, a leverage equal to the leverage in the T0 main trading is enabled for customers in the T+ main trading. In other words, for customers included in the Higher Risk Customer Category, the leverage is 1:3. For other customers, the leverage is 1:1.
The maximum amount of the leverage in T+ main trading may be changed due to the enactment of new margin trading rules prepared by the Federal Financial Markets Service. Follow the changes in the conditions of T+2 market transactions on Sberbank's website.
Please note that FOCUS IV online Internet trading system will not be adjusted to fit the new market T+2. It is planned that individual placing of orders in the T+ main trading may only be in the QUIK Internet trading system. Due to the above, we recommend our customers choose the option of brokerage services using FOCUS IV online to shift to QUIK. The transition is free. For shifting from FOCUS IV online to QUIK you need to:
- contact a specialist at a Sberbank branch performing brokerage services;
- sign the new investor's questionnaire;
- install QUIK Internet trading system on your personal computer.