RUSSIA: MOEX Switches to a Single T+1 Trading and Settlement Regime

Monday June 5 2023

Moscow Exchange (MOEX) announced that it will transfer trading in shares and bonds to a single T+1 settlement cycle on 31^st July 2023. Settlement of concluded transactions in the main trading modes with securities and delivery of securities, including futures contracts for shares, will be carried out on the next trading day.

Stocks, as well as bonds and Eurobonds in foreign currency on the Moscow Exchange are traded in the T+2 mode, OFZs and corporate bonds in rubles in the T+1 mode. In the foreign exchange and money markets, the main settlement cycle is T+1.

The transition to the T+1 billing cycle will improve the market experience for participants and their clients and allow them to:

• Reduce the time spent on operations in the markets of the Moscow Exchange Group;
• Synchronize settlements on securities with foreign exchange market instruments with TOM settlements;
• optimize liquidity management mechanisms by synchronizing with the money market.

The unification of the settlement cycle for different classes of instruments will greatly simplify the formation of the stock market’s trading and settlement calendar for the holidays.

Also, the introduction of the T+1 cycle will add an additional trading day for corporate events of Russian public companies.

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