From 1 September MICEX, one of Russia's two major exchanges, will extend the trading hours of its equity market.
Participants in the MICEX Stock Market will be able to trade beginning from 09.30 Moscow time (MSK), with the trading session ending at 19.00.
Trading in the negotiated deals mode and repos will begin at 09.30 while the pre-trading period of the main trading mode will be moved to 09.45 from 10.15. The beginning of the trading period of the main trading mode will be brought forward to 10.00 from 10.30.
The new 10.00 start will synchronise the opening of the MICEX Group's stock and currency markets, to enable participants to implement the most effective trading strategies involving the movements of the rates of currencies and securities.
It will also align the stock markets of MICEX and the Russian Trading System, (RTS) Russia's other major exchange, which is due to merge with MICEX following an announcement last month.
The RTS Classic and T+0 markets are open from 10.00 until 18.45 MSK, the RTS Standard and the derivatives market, FORTS, operates from 10.00 until 23.50 MSK.
According to the MICEX President, Ruben Aganbegyan, the move is an important step in the integration of Russia's two leading exchanges and the provision of equivalent services to market participants.
“The beginning of trading in the earlier hours of the morning is not only consistent with best international practice, but also extends the time of simultaneous trading on Russian and Asian floors, which is important for a regional financial center located between Europe and Asia,” he said.
“The moving of the beginning of trading to an earlier time is a correct and timely measure. One of important business problems that the combined exchange will face will be the organisation of 24-hour trading. This requires the unification of the time of trading on the MICEX and the RTS,” added Roman Goryunov, chairman of the RTS.