SPB Exchange approved the parameters of the weekend trading

On February 4, 2022 the Committee for the Development of the Foreign Securities Market of SPB Exchange determined the parameters of organized securities trading during weekends.

The Committee for the Development of the Foreign Securities Market, which includes brokers of SPB Exchange, approved trading hours for the weekend trading sessions starting from 10:00 Moscow time till 19:00 Moscow time on Saturdays and Sundays. Weekend trading sessions will feature the same list of securities as the additional morning trading session.

Trading on Saturdays and Sundays will be part of an additional morning trading session included in Monday trading day.

The settlement date for all the transactions concluded during Saturdays and Sundays will be the same as the settlement date for all the transactions concluded during Monday as all these days form one trading day. For example, if an investor trades on Saturday, the settlement day for the saturday’s transactions will be on Wednesday, the same as if he did it on Monday day.

Features of the weekend trading sessions:

  • Corporate events will not be processed on weekends (i.e. dividends, splits, etc.).
  • There will be no closing auction for weekend trading sessions.
  • All unexecuted orders on the Exchange will be canceled at the end of each weekend trading session.
  • Brokers’ clients registered over the weekend will be able to trade on the day of registration.
  • Weekends’ market data will be broadcast to all brokers without restrictions.

Features of clearing and settlements on weekends:

  • Settlement prices and risk parameters will not be recalculated during weekends; brokers and clearing houses will not receive margin calls.
  • There will be no delivery and settlement on Saturdays and Sundays.
  • Delivery and settlement of transactions made on weekdays will be carried out according to the standard schedule. For example, trades (T+2) made on Friday will be settled on Tuesday, assuming that trades on Saturday and Sunday are included on Monday trading day.
  • Weekends’ trading fees will be blocked within the trading system until the next weekday’s clearing session where the fees will be withdrawn.

Changing the dynamic limits calculation on the weekend trading sessions

SPB Exchange, together with brokers, developed a mechanism for limiting volatility and unwarranted price movements during weekend trading sessions, which was also approved at the Committee’s meeting.

In accordance with this approach, rigid price fluctuation limits were set, which will be narrower than the limits set on weekday trading sessions. Rigid limits of price fluctuations will not exceed 50% of the indicative risk rates, which are the maximum values ​​used to determine the size of the initial margin for brokers’ clients.

Thus, changing the value of dynamic limits on weekend trading sessions narrows the price movements range and reduces risks for both investors making deals and clients who do not plan investment activity on Saturdays and Sundays, since any significant price change during weekend trading sessions will be impossible.

The launch day will be set after all necessary consultations with all involved parties will be made.

About PJSC «SPB Exchange»

SPB Exchange is the leading exchange for international securities in the Russian financial market. SPB Exchange operates according to a B2B2C model, simultaneously focussing on retail investors and financial intermediaries as direct customers. SPB Exchange provides investment opportunities for Russian and international investors by offering a wide range of investment products, following best-execution principles and using smart order routing. Opening at 7 a.m. Moscow time, SPB Exchange’s proprietary technology platform provides 19-hour access to an expansive pool of investment products of international financial markets, tight spreads, and unique liquidity.

SPB Exchange’s trading hours cover trading sessions on international exchanges, including regular as well as pre-market and a significant part of post-market trading in the United States and Europe.

The value of foreign-securities transactions in main trading on SPB Exchange in 2021 amounted to USD 393.43 billion, up 135.29% from 2020.

SPB Exchange Group includes the subsidiary operating companies MFB Clearing Center (JSC), which provides clearing services, and PJSC Best Efforts Bank, which acts as a settlement depository.