The FINANCIAL -- On February 13, 2012, MICEX-RTS Stock Exchange will launch additional features for submitting and executing trades during the post-trading auction held in the Main Market sector.

According to MICEX -RTS, the innovation implies that limit orders residing on the book that were submitted to the trading system of CJSC MICEX Stock Exchange during the main trading period but were not filled or partially filled, including orders of market-makers and iceberg orders, will also participate in the post-trading auction.

Upon completion of the trading period, such orders will not be removed from the Trading system and will automatically roll over to the post-trading auction. Orders with equal prices will be filled according to the time priority principle. Orders not filled during the post-trading auction, will be removed after the end of the auction, i.e. at 6.50 pm MSK.

During the post-trading auction at the stage of orders collection, the indicative auction price calculated based on an assumption that at a given moment there are counter orders with matching prices in the Trading system, will be disseminated. The above-mentioned price will be recalculated each time the order queue changes. At the same time, the indicative number of securities involved in trades with the indicative auction price will be published.

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