What is the trading mode and settlement of trades T0, T 1 and T 2 on the exchange

Many novice investors are faced with incomprehensible meanings of the trading mode. Those who are used to trading through the broker's mobile applications may not see these parameters. But when trading through QUIK or other terminals, they probably noticed. Also, when generating a brokerage report, there are "unfinished transactions". What does all this mean?

Below I attach a screenshot from my OLB office. As we can see, there is an available cash limit for each day. In this example, it is the same, but it can be different.

What instruments are traded in T

On the Moscow Exchange, only corporate bonds and TOD currencies are settled on the same day. This means that if today you need to buy currency on the exchange through a broker and withdraw it, then the contract must be selected TODAY. All brokers have this contract. It's just that TOM is often the default currency.

Corporate bonds are free from the problems discussed below. For corporations, it is almost impossible not to get on the date of fixing the lists for receiving coupons. For some brokers in the application, everything looks as if it is in T0 that the calculations take place. But this is not the case. Also, the commission for most brokers is debited on the settlement date for an exchange transaction.

Confusion arises precisely when an investor does not receive coupons or dividends. Usually, due to ignorance of the features of the modes, traders make mistakes. Also, when writing off the commission, questions may arise. For example, you saw less money in your brokerage account than it did on Monday night. The question arises to the broker where he wrote off your money. It turns out that the brokerage commission was withheld, which was debited on Tuesday, although you did not make transactions on Monday. The answer lies in the perfect stock trade on Friday. After all, the calculations are only through T + 2 on Tuesday occurred. And before the market opened, there was a write-off.

List of instruments with T + calculations

In the T + 1 mode, currency pairs are traded on the Moscow Exchange in the Foreign Exchange Market. Only those marked with TOM or Tomorrow. That is, it turns out that today at T0 you bought dollars, in fact, they will only be put on your account tomorrow, and only after that they can be withdrawn from the brokerage account. Likewise, if you sold dollars today, then rubles from them will be on your account the next day. And if you sold today and withdrew money today, then the broker's margin lending mode is activated.

T + 1 settlements on the exchange also go through OFZ. The scheme is the same: on Monday you bought federal loan bonds, you will become the owner only from Tuesday. Therefore, if you want to get a coupon, you need to buy paper in advance. Not on the list commit date, but in advance.

Shares are traded on a T + basis

The T + 2 mode is used when trading shares on the Moscow Exchange and St. Petersburg Stock Exchange. The Moscow Exchange switched to T + 2 calculation back in 2013. The most common mistake novice investors make is buying before dividends. Due to the fact that settlements take place on the second business day, you need to buy securities in advance to get into the register.

For example, Wednesday's dividend cut. You need to buy shares on Monday (two days in advance) so that you get into the cutoff and receive dividends. Even if you bought on Tuesday (one day earlier), then you will no longer receive dividends, since the transactions will be settled only on Thursday. This is worth considering. For example: the deal to buy shares was on Thursday, the shares will actually appear only on Tuesday. Of course, no one will “take them away” in these days, but you will be the owner in the register of NSD and the depository only from Tuesday.

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