OREANDA-NEWS. On 20 March 2008 MICEX Group announced the launch of a new intraday settlement system that will enable participants using the Group’s stock market trading platform to settle their trades in near real-time fashion on the basis of “delivery vs. payment”.

The new clearing system will provide MICEX clients with an improved mechanism for managing their liquidity when trading on the Group’s on-exchange markets. It also presents clients with more options for both clearing and settlement, and the trade settlement process will now be simplified and accelerated for all trades, including those involving initial offerings or repos.

The delay between the execution of the trade and its processing by the Clearing and Settlement houses of the Group should not exceed five minutes.

The new service is currently being offered for large-scale transactions only, and in the first instance is limited to trades for the minimum amount of RUR 10 million (USD 425,169).

The new clearing process can be used to settle not only those trades executed going forward, but also the trades which have already been executed in the past, if the trading participants so choose.

To enable this intraday settlement, trades should be registered between 10:00am and 5:00pm, Moscow time.

VTB Bank, Renaissance Broker Company, AK BARS Bank and Tatfondbank were the first organizations to use the new system