OREANDA-NEWS. October 15, 2012. The Moscow Exchange Securities Market Committee meeting minutes are out. At the meeting the Committee raised the Exchange's most topical issues, such as the Т+n project, changing the iceberg orders parameters, SPO implementation strategy and new fees for the securities market.

First, the Securities Market Committee considered the newly provided model of the T+n trading on the Securities Market, which offers partial collateral of trades. It is expected that trading with partial collateral will be held within the three new trading modes of the Main Market sector including "T+n main trading mode", "Negotiated trades with the CCP", "Repo trades with the CCP — order book orders", "Repo trades with the CCP — off-order book orders". Only the 15 most liquid securities are supposed to be traded in the new Т+n segment at the primary stage of project development. At the same time, the number of Clearing participants to be admitted to Т+n is likely not be limited and all active Clearing participants of the Main Market sector who will make a contribution to the Guarantee Fund of the Clearing Center will be authorized for trading. Enter of orders and execution of trades in the Т+n segment as well as collateral recording, determination of collateral requirements and limits, interaction with NSD will be based on the ASTS technology platform, which is used now to register trade positions and perform settlement in the Main Market sector.

Second, the Committee voted positive to settle trades in the Т+n segment on the second trading day after execution, i.e. on Т+2, which is different from the initial proposal to settle trades on the third trading day after execution.

Third, while discussing the point of prospective changes in iceberg order parameters, the Committee recommended strengthening requirements with regard to the minimum visible quantity of securities in such orders to bring them in compliance with the current market condition.

In addition, some proposals were made to improve the present-day procedure for conducting on-exchange equity offerings based on the results of selling a block of ordinary shares of Sberbank on September 17-20, 2012.

Finally, the members of the Committee examined and adopted the proposals to change the Securities Market transaction fees with the provision coming into force in January, 2012. In particular, it is planned to introduce fee schedules with fixed rates and reduced variable rates, provide a 50% discount on trades executed by clients of the same trading member and raise fees for trades under the iceberg orders by 0.0025%. Moreover, the Committee approved the new proportion for the trading fee, clearing fee and the fee for ITS of 42.5%, 42.5% and 15% from the Total fee respectively.