The stock market of the Moscow Exchange is called - the "Main Market" sector. It includes:
- Stock market and shareswhere Russian and foreign stocks are traded, as well as depositary receipts, investment pays of mutual imaging, ISU, ETF.
- The bond market on which the OFZ trade, regional and municipal bonds, Russian corporate (including exchanges) bonds denominated in rubles and foreign currency, corporate Eurobonds and sovereign Eurobonds of the Russian Federation.
Modes of trading shares
The main goal of trading in the stock market and shares is called "Glass T + 2". In this mode, the auction is carried out using the technology with the central counterparty-partial provision-deferred performance. Cash payments With the seller for purchased securities and their delivery to the buyer are carried out on the second day since the conclusion of the transaction. This is called "Calculated cycle - T + 2". Mode of main trading - T +
Modes of trade bonds
Bonds are traded in three main modes: "Glass T0", "Glass T + 1", "Glass T + 2".
- Glass T0 - Calculations Day per day Regional and municipal bonds, as well as corporate bonds, Eurobonds of the Ministry of Finance, Eurobonds (nominated in rubles) are traded in the main trading mode "Glass T0". Sellers and buyers are obliged to ensure the execution of the transaction by 100%. On the score of the seller should be bonds, and on the buyer's account - money. Calculations in the main trading mode ("Glass T0") occur on the day of the transaction. The calculated cycle is called T + 0.
- Glass T + 1 "- calculations the next day OFZ - bonds of a federal loan - are trading in the main mode of trading" Glass T + 1 "according to the technology with the central counterparty-partial provision-and deferred execution. Mode of basic trading - T +. Calculations and delivery are carried out the next day from the date of conclusion of the transaction in the calculated cycle - T + 1.
- "Glass T + 2" - calculations in two days of bonds nominated in US dollars, traded in a glass T + 2. Credentials between sellers and buyers are carried out on a vast day after concluding a transaction in the calculated cycle T + 2. Mode of basic trading - T +.
I will start with the fact that if you want to know the accumulated coupon income On the current date, it can always be viewed on the website of the Moscow Exchange MOEX.com or on the Interfax website RusBond.Ru
Do not surprise the fact that the NKD values \u200b\u200bon the website of the Moscow Exchange and the NKD values \u200b\u200bon the Interfax Agency site differ from each other. This is due to the trading regimen on the Moscow Stock Exchange. The bonds of the federal loan are traded in T + mode, that is, with the calculations transferred to the next trading day. Therefore, the NKD on the website of the Exchange for the OFZ is always greater than the site on the interfax agency website.
Important post
The calculation technique presented in the article is not suitable for all bonds. The number of days of the coupon period can be calculated in various bases. I recently came across a methods with a methodology for calculating bond yields and accumulated coupon income on the website of the Moscow Exchange. I do not remember in which of the sections of the Exchange portal I found it, so I post it here for free download.
In the archive offered to download, except the technique, I attached an Excel file with the construction of graphs for stocks. Here is a reference to download: the methodology for calculating the NKD and profitability download
I will be glad to your opinions and personal experience In the area of \u200b\u200bbonds, when you share them in the comments to this article. I will be glad to questions too and I will try to find answers on them, and maybe they are already known to me - ask questions in the comments to the article, do not hesitate to answer everyone.
That's all for today, my dear readers.
D-bonds is a trading regime on which default bonds are traded, i.e. Bonds whose issuer did not fulfill (partially not fulfilled) the next obligations to pay coupon income or nominal value, or part of the nominal value.
What bonds fall into d-bonds?
If the bond falls into the list of bonds-D, it means that the issuer of these bonds is no longer able to serve its debt in normal mode and is or in a state when it is in bankruptcy, or is already in the bankruptcy procedure (but not yet recognized as such).
The criterion of getting into the d-bond is
- not fulfillment of obligations to pay income on the bond (coupon), as well as partial non-performance of this obligation;
- non-payment of funds at the account of repayment or partial repayment (depreciation payment), as well as parts of such payments;
- refusal to buy bonds if this was provided for by the decision on the issue;
- the proceedings are higher than the designated payments more than 10 days.
Exchange for few days, according to the rules of the Moscow Exchange, is a technical default, and in such cases does not provide for serious sanctions from the Exchange.
But the most important thing is that the Moscow exchange does not formulate the criteria unequivocally and reserves the right to make a decision, depending on the specific situation, given all the important factors. TO an important factor It can attribute, for example, the significance of the issuer, trading volumes, the number of bond holders, media reports, messages when disclosing the issuer's information, etc.
Exchange can take the following types of solutions:
Exclude paper from the list and stop bidding with these papers;
leave the paper in the list;
leave the paper in the list, but limit the available trading modes - it is understood by the accessing papers into the list of D-bonds.
What are the features of the D-bond regime?
As already mentioned above, the D-bond regime limits some bidding opportunities. Although the main functionality works. Bidding pass through (as usual) oncoming auction.
Allowed to be exhibited only:
- market applications (no specifying price);
- limit applications (indicating the price).
All other applications, such as Iceberg applications, the application of the auction of the closing period, are rejected.
There are also no auctions of the opening and closing of trading.
There is also a regime of negotiation transactions (RPS D-bonds), which allows you to send applications to a specific participant in the auction and expect a counter application on the same conditions to make a transaction.
conclusions
Bond issuers traded in this mode have fallen into a difficult financial situation. Sometimes companies restore creditworthiness after default sometimes not and stop their activities. Restoration of activity does not always go without loss for investors.
But if you stayed or became the owner of default bonds, you can say with confidence the following. Procedures and financial recovery, and liquidation are very long. It may take five years before the lender will receive payments from the company's liquidation. Also with financial recovery, which is also not necessarily crowned with success.
Thus, the D-bond mode may be the last tool to return at least part of the investments - to sell paper to those who are willing to play for a long and with a huge risk.
Successful investments.
IMPORTANT! The changes affected only the shares, the Futures Trade Mode did not change.
The first most important innovation is that now the shares can be traded as both futures contracts, with 1/5 shoulder and more, naturally with all the consequences resulting from this: rapid enrichment or instant ruin. An important feature is that now it is possible to open positions in debt, a rapid account within two days.
Secondly, this change has failed many trading robots, which affected trading volumes.
The third, subjective opinion, that now certain structures will be affordable and more comfortable to manipulate the market.
Now about changes in trade Terminal Quik. Each broker has its own characteristics, but it is usually necessary to make a number of changes.
- Update Quik to version 6.7.1.3 and above, since the new T + 2 trading mode is available only for new versions from 6.7.1.3 and higher.
- Update the tools in Quik, in the Communication menu - Lists Slide checkboxes from the new classes with which you will work. For example: MB FR: T + A2-shares and PAIs (Fig. 1).
- Update the main tables, first of all the current parameter table. Add tools from new classes to it (Fig. 1).
Still build graphs, glasses, etc. Here are all changes.
IMPORTANT! Pre-make a copy of the configuration file Quik-A, save it under a unique name different from behalf of Info.WND to further restore it if necessary.
Examples of display limits on securities and money in the QUIK trading terminal with a new trading mode T + 2.
Introduced the new kind The limit is a planned limit - T + 2.
T2 - determines the planned position or tech. Remains taking into account future parishes and deductions for already open transactions T + 2 (Fig. 2).
T0 - old indicator, it reflects the current remnants of den. Means and papers (Fig. 2).
Example 1. The client purchased 10,000 VTB shares and 10 shares of Gazprom JSC and there are no active applications, therefore the available den. Tools \u003d 10 000 rub. (Fig. 2).
Example 2. The client in trading mode T + 2 is purchased by another 10,000 VTB shares of 0.05 rubles. in the amount of 500 rubles. and sells 10 shares of Gazprom for 120 rubles. in the amount of 1200 rubles. The client limits will change as follows: Limit on VTB T2 \u003d 20,000, Limit on Gazprom T2 \u003d 0, while the available cash is equal to 10,700 rubles. (10 0000 - 500 + 1200) - Fig. 3.
Example 3. The client has set applications: 20,000 VTB shares for sale and 10 shares of Sberbank for a purchase, then 20,000 VTB shares will be blocked. The limit on money will decrease to 1,18.90 rubles, due to blocking the amount of 9,501.1 rubles. For the purchase of Sberbank (Fig. 4).
Example 4. Client, having 10,000 rubles, bought 400,000 VTB shares in the amount of 19156 rubles. And left the position the next day. In this case, the broker concludes a repo transaction with the client for the missing amount of 9,58 rubles. (Fig. 5), some percentage will be charged for this service.
On the this moment In the list of papers, which can be traded in T + 2 mode, about 50 liquid stocks and OFZ.
With a new trading mode, all customers (by default) are provided with a 1/5 shoulder.
IMPORTANT! A new indicator has been introduced - the level of security. If it decreases to 15% or less, then the client is shown a warning: Margincall.. In the event of a fall in the level of the provision below 10%, automatic and forced reduction occurs - closing positions.
All of the above reminds trade in futures contracts.
This innovation covered the surprise of many developers of robots for the exchange, despite the fact that it was announced in advance. The saying "nothing happens so unexpected as the beginning of winter" remains relevant.
Perhaps one of the first adapted trading robots under the new trade mode T + 2 was the SUPERADX robot. It is designed for connoisseurs technical analysisIt has 17 tactics and is considered one of the most advanced trading robots.
Yesterday, the Moscow Exchange reported the upcoming change in the commodity regime by the bonds of the federal loan (OFS). From April 27, anonymous trade OFZ (in the main section) will be possible only in T + 1 mode. This mode implies calculations on concluded transactions in one day and partial predemption money and valuable papers. Until now, the trade of OFZ (as well as bonds in general) was dominated on the stock exchange in T0 mode - with calculations on the day of the transaction and 100 predemption. From March 23 to April 26 will last transitional period, during which it would be possible to make transactions both in T0 mode and in T + 1.
The Moscow Exchange gradually translates trading in various markets to T + mode. So, bidding with shares, shares and RDDs since September 2013 is translated into T + 2 mode. On the bond market the opportunity to trade in T + 2 was, but, as earlier in the stock market, until investors had the opportunity to choose, they traded in the mode that was familiar to them. As a result, for example, according to the results of March 13, the volume of trade of OFZ in T + 2 amounted to 2 thousand rubles. Now the entire main market OFZ is translated into T + mode. Make transactions in T0 after April 27 it will be possible only in the non-anonymous regime of negotiation transactions (RPS). "The share of anonymous trades in the total bonds of bonds over the past two years reached 16% of OFZ. Our goal is to offer all categories of participants. convenient way trade through partial provision of transactions and postponed settlements, "- commented on the innovation Managing Director for stock market Moscow Exchange Anna Kuznetsova. The question is why the T + 1 mode was chosen for OFZ, and not t + 2, as for stocks, shares and RDDs, left an unanswered on the stock exchange.
The decision of the Exchange on the transfer of major bidding of OFZ to the new regime was taken on the recommendation of the Profile Committee (the stock committees include, in particular, brokers and managers), said the stock exchange. However, not all market participants believe that the innovation will benefit them. "The manager of this regime is not available - the brokers do not provide them with partial predemption services, that is, in the case of a paper purchase, the entire amount is blocked immediately," indicates the management portfolio of Raiffeisen Capital bonds of Konstantin Artemov. "Our company works mainly with managers, institutional investors who carry out their transactions on the terms of 100% security, regardless of the auction regime," Aleksey Kuznetsov recognizes the chairman of the Board of Directors of the BC region.
Market participants working with institutional investors believe that the new production regime of OFD probably could be interesting to retail investors. "The popularity of debt instruments and private investors is growing, whose share in the volume of sources of government reached 6%," notes Anna Kuznetsov. However, brokers working with private investors were pretty indifferent to innovation. "For individualswhich are the basis of the client base "Opening-Broker", there is no fundamental difference between T0, T + 1 and T + 2 for the trade of OFS, "says CEO brokerage company "Opening" Yuri Mintsev.
