The FINANCIAL - Suggestions of the Moscow Exchange Council

Suggestions of the Moscow Exchange Council

21/09/2012 04:55 (244 Day 22:43 minutes ago)

The FINANCIAL -- On September 19, 2012 participants of a joint meeting between the Councils of two exchanges, MOSCOW Exchange and CJSC MICEX Stock Exchange, considered an issue of trading on holidays and non-business days. As MOSCOW Exchange reported, the Councils' members discussed a conceptual approach to the issue.

The conception proposed by the members contains recommendations for the Exchange to hold trading on the markets during non-business days in Russia if more than one of such days coincide with business days on the stock exchanges in the UK and US. This does not include official public holidays (1 and 7 January, 23 February, 8 March, 1 and 9 May, 12 June, 4 November).

The participants of the meeting agreed to the recommendation of the Executive board to refrain from opening trading and to conduct a comprehensive testing of the on-exchange software and technological system with an involvement of interested trading members on 4 January. The resolution was made due to the necessity to adjust the Exchange's settlement and clearing systems and market members' infrastructure to bring them in line with the Law “On clearing and clearing activities” (effective from January 01, 2012). In addition, the Councils' members advised to keep the markets closed on Saturday, December 29, 2012 and open trading on all markets from January 8, 2013.

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