According to MICEX officials, the new trading session will concentrate market liquidity and enhance the reliability of the trading system, combining individual and collective risk management solutions.

The new system is based on the principles of the Unified Trading Session, providing access to the liquid foreign exchange market for all market participants. US dollar/ruble trading with “today” clearings will be held from 10:00 Moscow time to 14:00 Moscow time (to 11:00 Moscow time – on regional currency exchanges). Ruble/dollar trading with “tomorrow” clearings will be held from 10:00 Moscow time to 16:45 Moscow time on all currency exchanges.

In addition, the members of the Risk Covering Fund will not be limited by pre-deposited funds in their operations at the unified session, but they will operate within net operation limits established by MICEX. The participants of dollar trading will be able to make SWAP_USD/RUB_TOD/TOM deals. Additional instruments - KZT/RUB_TOM, UAH/RUB_TOM, BYR/RUB_TOM – will be introduced in the new session.

As of now, there were two trading sessions on MICEX: the afternoon session (SELT) and the Unified Trading Session. The SELT was designed for over-the-counter interbank trading, based on net operation limits. The Unified Trading Session was created in 1999. Designed to help overcome the consequences of the 1998 financial crisis, it provided access to trading for all market participants, using pre-deposited funds.