OREANDA-NEWS. October 14, 2011. On 10 October the Russian authorities made the decision on functioning of the Russian banking system during the New Year holidays in January 2012. The decision was made in order to ensure settlement processes after the trading sessions take place on the exchange during this period. The issue of on-exchange trading during the public holidays in Russia, i.e. from January 3rd to January 10th, 2012 except for on January 7th and 8th, is being under preliminary study at the moment. The members of the user committees of RTS and MICEX discussed this initiative and the National Securities Market Association, Russian National Association of Securities Market Participants and Association of Russian Banks supported it.

The innovation will allow market participants to manage risks during the New Year holidays, lower costs on open position margining as well as it will reduce the market systematic risk.

To implement the initiative the banking system and the refinancing system of the Bank of Russia are to be available in time for holidays.  In addition, the regulator has to amend the legal documents and instructions for working on the holidays must be given.

A trading schedule will be approved and published by the Exchange subject to all mentioned issues are coordinated.