Published on: 2026-04-03
Source: Moscow Exchange – Московская Биржа –
An important disclaimer is at the bottom of this article.
We invite you to participate in testing a financial instrument — Digital Certificate for Utilitarian Digital Right (Digital Certificate for Utilitarian Digital Property). The functionality of concluding transactions with the “Digital Certificate” instrument in the “PSEQ: Shares, D, Digital Certificate” mode (PSEQ) is available on the designated test contour T1 of the stock market (INET_GATEWAY).
It is planned that the technical installation of changes for the implementation of the instrument in the industrial environment of the stock market system will be carried out no earlier than April 20, 2026. The technical installation does not imply the actual launch of the instrument. We will additionally inform about the date of the start of operations.
General description
For testing purposesA type of financial instrument is introduced — the “Digital Certificate” (hereinafter — DC), relating to the global type “Digital Instruments”.
Instrument parameters in the stock market system
For the correct integration of CS into the trading and clearing system of the Moscow Exchange, additional parameters are introduced into the existing mode of admission of RP instruments, without changing the system architecture. CS data will be transliated through a gateway interface with the addition of the following elements:
- The tool group “Digital Tools” in the INSTRUMENTS directory with INSTRID=’DIDC’.
- Asset type “Digital instruments” in the ASSETS directory with ASSETTYPE=’N’.
- Type of financial instrument “Digital Certificate” in the SECTYPE directory with SECTYPE=’N’.
Note: the value of the enumerated type TAssetType = N has been added starting from version 57 of the interfaces for connecting to trading and clearing systems of the stock market.
Trading Regime
Participation in RTS trading is carried out in the RPS mode (regulated trading with codes Z0, B0–B30) without the involvement of a central counterparty (CCP).
All participants admitted to trading on the exchange have access to trading. The trades are conducted in rubles. At this stage, the PSQ instrument is allowed to trade in the “RPS: Shares, Bonds, PSQ” (PSEQ) trading mode.
A standard trading calendar is applied, without any special exceptions for the CIS. Trading days correspond to the general schedule of the Moscow Exchange for the stock market.
TS participates in the morning, evening sessions and in the DSVD session and does not participate in discrete auctions in any of the modes.
The following market indicators are calculated and transmitted for the CSI: current price, weighted average price, closing price (weighted average price of the last transaction at the end of the main session), market price, trading volume, number of transactions, price change.
Data on the CSC are included in the bulletin “Negotiation Regime of Deals (Main Trading Session)”.
Formation of reports on trading results
Information about the application and transaction with the CS is included in the reports:
- SEM02 — Extract from the application register;
- SEM03 — Extract from the transaction register;
- SEM21 — General market data.
No changes to the report format are provided.
Tariffing
Commission fees for transactions with securities are identical to the standard tariff applied to shares on the Moscow Exchange stock market. Tariffs are established in accordance with the official document:Stock Market Prices — Moscow Exchange | Markets.
No fixed value for the face value and the currency of the face value has been set at the issue level for CS.
The nominal currency is determined dynamically based on the trading modes and boards in which the instrument participates.
Sequence of actions in the system for organizing work with the CS at the UCP
Testing the functionality on the designated test contour T1 of the stock market (INET_GATEWAY) was organized within the framework of paragraphs 2, 3, and 4 in the resale section of the secondary market.
Functionality for the issuance, physical delivery of an asset, conversion into a central securities depository (CSD) — is outside the scope of testing and is described informationally.
- The issuer places an investment offer
A legal entity or an individual entrepreneur places an investment offer on the investment platform, containing:- Description of USP (for example, the right to receive a gold coin, ingot, or service);
- Conditions for the execution of the law;
- Quantity of available WTP and crushing (if applicable);
- Procedure for converting securities into a physical asset or service.
- The investor acquires CS through the brokerage platform.
- CS do not have a nominal value;
- Trading is carried out on the Moscow Exchange in the RTS mode (with codes Z0, B0–B30);
- Currency traded — rubles (RUB).
- CSs are traded on the secondary market. Investors can freely trade CSs on the exchange within the established sessions:
- Morning additional session (06:50–09:50);
- Main session (09:50–19:00);
- Evening additional session (19:00–23:50);
- All sessions include DSVV, UDS, OS and VDS — that is, the CS participate in all types of trading in the RPS mode.
- The investor chooses the method of exit from the position from one of the available options:
- Sell CS on the secondary market;
- Wait for the execution of the CSP and receive a physical asset (for example, a coin or a bar);
- Convert CS to UCP — according to the terms set forth in the issuance documentation and investment proposal.
- Conversion of the Central Securities Depository (CSD) into a Central Counterparty (CCP) and physical delivery
When choosing to receive an asset:- The investor initiates the process of converting CS into UCP through the investment platform;
- The system checks for compliance with conditions (term, quantity, availability of the asset);
- After confirmation — the transfer of a physical asset or the provision of a service occurs.
Please note; This information is unprocessed content obtained directly from the source of information. It represents an exact report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.