Stock market 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 seller for purchased securities And their delivery to the buyer is carried out on the second day from the date of 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'll 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... or on the Interfax Agency 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 field of bonds, 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.
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 for securities and cash In the Commercial terminal QUIK with the new mode of trading 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.
Etc., but, this excursion would be incomplete, I do not mention another extremely popular and that the main thing is a reliable asset for stock trading, namely. About them and let's talk in this article.
As opposed to classic exchange tools, I want to bring binary options in which the trader is able to receive fixed profits up to 90% of the amount of investment with a contract expiration date from 1 minute and more. With proper capital and system management and system management, binary options can become an excellent addition to classic types of trading and investment.
Where to get started on the market binary options? One simple and profitable options is the company in which the minimum shopping deposit is $ 10, and minimum size trading position $ 1, which will be interesting for those who wish to only try this type of trading, or start trading with minimal investments.
According to the already established tradition, the features of source trade will begin with the definition of the essence of the asset.
Bonds of the federal loan - These are securities, the issuer of which is the Ministry of Finance Russian Federation. Released in the form of registered documents, on the conditions of compulsory centralized storage.
The trade of OFD on the MICEX and the timing of their appeal can be both secondary and long-term. And as owners can act as physical and legal entities (including foreign).
As I said, OFZ is distinguished by centralized storage, and the general agent for their, exchange and storage is central bank Russia.
Types of Offs on MICEX
The bonds of a federal loan, which are listed on the Moscow Stock Exchange can be divided into several large groups:
- OFZ with variables (unknown) coupon - Owners of such bonds have the right to receive income on them for certain periods. Often they occur two or four times a year. At the same time, the magnitudes of the bond yields and the amount of their bet is formed under the influence of a plurality of factors and is determined shortly before the payment period.
The denomination of such bonds is 1000 rubles, and the rate of treatment varies from one year to five years.
- OFZ with constant coupon income - The size of such coupons determine directly the Ministry of Finance, and the yield of this type of source does not affect the yield of short-term government bonds (in contrast to the previous species).
Nominal - 1000 rubles, the frequency of payments is 1 time per year.
- OFZ with fixed coupon income - not to be confused with the previous type, because Here yield on bonds varies depending on the time in which income is paid.
The frequency of payments is 4 times a year. The term of circulation is from four years.
- OFZ with debt depreciation - The most "young" type of bonds, which is only gaining popularity. Income by bonds is paid by parts in different time periods installed in advance
The term of circulation is from 1 to 30 (!) Years. Nominal - 1000 rubles.
Advantages of investing in OFZ
The main advantage of working with bonds of a federal loan is their high reliability, because there is no one to the issuer here, but the state itself. Also among positive Parties OFF trade can be allocated:
- A fairly decent profitability percentage is significantly higher than that can be obtained at a deposit contribution.
- High income rate in rubles.
- The ability to enter and withdraw money throughout the day.
Quotes OFZ on MICEX
Quotes of bonds of the federal loan, the schedule of their profitability, current prices And the other things important for traders and investors can be found both on the official website of the Moscow Exchange, where the OFZ is devoted to a whole section and in any other resource of financial subjects. But, it is natural that the most relevant and timely information will provide only the stock exchange and your trading broker.
This is how the rate of profitability on the site looks like:
Here you can also find the amount of the estimated profitability of various bonds, indicating their most important indicators.
In principle, this is all that I wanted to tell you. If anything in the process of trade in bonds of the federal loan or conditions on which it passes, it remains incomprehensible to you - leave comments, and together we will analyze all the obscure moments. Well, while all, to new meetings.
Sincerely, Nikita Mikhailov
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.
