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Friday, March 19, 2010 ..:: documentation ::..
Rules Book
  1. General provisions
    • Scope of Application
      • The following Rules shall govern all transactions on Internet Direct-access exchange (INDX or INDX.ru ), hereafter referred to as the Exchange.
    • Procedure of Trading
      • Exchange is a fully automatic robot, executing the following Rules. Rules infringement is avoided by technical means.
      • Direct-access Exchange grants equal opportunity to trade to all admitted Traders, but does not assure unified access quality from different Internet service providers.
    • Exchange days
      • Exchange operates in 7/24/365 regime with technical brake from 23:45 to 23:59:59 Moscow time.
      • Exchange day starts on 00:00 MSC (GMT+3, East standard time (USA)+8, Central American Standard time (USA)+9, West standard time (USA)+11) and ends on 23:44:59 MSC.
  2. Clearance system
    • Main clearance system
      • INDX is a multi-currency Exchange.
      • WebMoney Transfer is a main clearance system of Exchange.
      • All clearing is implemented in WebMoney Z payment units.
      • WebMoney Z payment units are divisible up to minimum quantity of 1/100 -th.
      • Indivisible (countable) low face value Instruments (lots) are issued to represent other currencies.
    • Admission rule
      • Only the members of above mentioned payment system (Clearance system of Exchange), who had joined it at http://www.webmoney.ru site, can get an admission to Exchange Tenders.
  3. Admission
    • Trader admission
      • To get an admission as a Trader, member of clearance system has to join the "Agreement of participants of Tenders" at the Exchange site and pay all necessary fees, established by the moment of the admission.
    • Suspension of admission
      • Trader's admission is suspended in case of proven attempt of: "attack" on Exchange, theft of other Trader's rights on Instruments or money from Trading System, or usage of other Trader's requisites and identification in Trading System.
  4. General Trading Rules
    1. Instruments
      • Definition
        • Instrument is a unified and specified for trading on the Exchange contract entered into in public net (Internet).
        • Contract is based on a right on specific underlying item or right (an "Underlying"), exercised in legal relations.
        • Property rights on Instrument and liabilities of Instrument are traded together with rights on Underlying.
        • Infringement of Underlying rights of Instrument are eliminated by means of Jurisdiction where these rights are exercised.
      • Tradable Instruments
        • The Board of Management of the Exchange shall designate the Instruments (contracts) to be traded on the Exchange and decide upon changes thereto or cancellation thereof.
    2. Orders
      • All transactions at the Exchange are effected in accordance with orders submitted by Traders.
      • Submission of Order to the Exchange means a desire and firm intention of Trader to make a transaction with another Trader on mentioned in the Order or better terms.
      • Orders are submitted to Order Books and ranked according to their price and time of their reception by the Exchange.
      • Trader can revoke his orders from Order Book and amend their parameters (terms of Offer) if this is permitted by rules of procedure of tenders type carried on.
      • Orders in the Order Book are automatically canceled after the Exchange day end.
      • To assure that all orders are immediately executable and instant clearing of Exchange transactions can be effected, Traders upon submission of orders surrender a Guarantee deposit to the Exchange.
      • Necessary amount of payment units is automatically transferred to Exchange Guarantee account upon submission of Buy order.
      • Necessary quantity of Instruments is automatically blocked on Trader's Position account upon submission of Sell/Exchange order.
      • The Exchange shall immediately notify Trader through the Trade system of matching of his orders.
      • Submission of two orders in same Instrument with the same price from one Trader is avoided by technical means.
    3. Transactions
      • Transactions are effected between Traders during the Trading Day with accordance to Transaction Rules.
      • Making a transaction means that rights and liabilities of parties corresponding to bought/sold Instrument specifications occur.
      • If an order submitted to the Exchange by a Trader is matched with another order a transaction and a corresponding clearing is effected between such Traders simultaneously.
      • Cross-Trades in which same Trader could act as a buyer and seller simultaneously are avoided by technical means.
      • Subsequent to the matching process, the Trade system of Exchange shall update the position account of Trader.
    4. Consummation of Transactions
      • Transactions on the Exchange are effected with Instant Clearing directly between Traders in public net (Internet).
    5. Instant clearing
      • Basic principles of Instant clearing
        • The Exchange is built on principle of full advance depositing of Instruments and means of payment and instant simultaneous payment on delivery in single indivisible transaction.
      • Rules of procedure for Instant clearing
        • Clearing and Instrument Delivery are effected simultaneously at the moment of consummation of Transaction between Traders in Trade System.
        • In a Transaction Trade system automatically surrenders the Guarantee deposit of Seller (in Instruments) to Buyer, subtracts double Exchange commissions from Guarantee deposit of Buyer (in means of payment) and surrenders the resulting sum to Seller.
    6. Accounting of rights
      • Rights on Instruments
        • Rights on Instruments in Trader's possession emerge as a consequence of transactions effected on the Exchange, are kept and accounted in the Register of Exchange and are guaranteed and effected if that is stated by contract Specifications by the Exchange or other entity according to it's order.
        • Rights on Instruments can be transferred from one Trader to another only in a transaction on the Exchange.
        • Public net (Internet) is a place where rights on Instruments are kept registered and accounted.
      • Position
        • Position in Instrument is a record on Positional account certifying the right of Trader to dispose of the number of Instruments specified.
        • Positions of Trader in Instruments are opened and closed as a consequence of his transactions on the Exchange.
      • Positional account
        • Positional account on the Exchange is opened for Trader at the moment of his admission.
        • Positional account is used for accounting of Trader's positions in instruments and is used for registration and accounting of his rights on instruments in Register of instrument holders.v
        • Positions opened by Trader as a consequence of his transactions on the Exchange are registered and accounted on Positional account.
        • Trader's rights on different Types of Instruments are registered and accounted on separate sub accounts of Positional account.
        • Position in Instrument remains unchanged until it is partially or fully closed, i.e. until selling, redemption or cancellation of held quantity of Instruments.
        • Transfer of positions between positional accounts of Traders (transfer of Instrument without commitment of an Exchange transaction during trade hours) is not permitted.
        • Snapshot of Positional account is a Statement of Register of Instrument holders, kept by the Exchange.
    7. Types of Tenders
      • Tenders
        • After the beginning of Exchange day the relevant instruments will be traded on a continuous basis.
        • Every Trader can buy the instruments offered for sale by their holders at the price of offer (sell order) or higher during Tenders.
      • Auctions
        • Every Trader can buy instruments offered for sale by their issuer at the price of his bid (buy order) during Auctions.
        • Issuer is in the control of Auction (gives an orders to Makler of Exchange).
        • Issuer can decrease the quantity of instruments offered for sale during the Auction.
    • Appendix 1. Glossary
      • Exchange
        • INternet Direct-access eXchange, INDX or INDX.ru, deployed in public net (Internet), situated in the domain INDX.ru.
      • Trade System
        • Fully automatic system (robot) for submission of orders, commitment of transactions between Traders, storage and accounting of their rights on Instruments in Register of Instrument holders, situated in the domain INDX.ru.
      • Board of Management
        • Board of Managers of the Exchange headed by Chief Executive Officer.
      • Makler
        • Person, authorized by the Board of Managers to start and stop Tenders on the Exchange, issue new instruments, submit or amend orders of Issuers according to their will and present Rules.
      • Trader
        • Admitted member of clearance system (payment system WebMoney Transfer), who had joined necessary agreements and accepted the present Rules.
    • Appendix 2. Transaction Rules
        • To commit a transaction Trader has to submit an acceptable order (according to the Rule of acceptability) to the Trade System. Order can be revoked from Trade system if it meets the Rule of Revocation. Transaction is effected when the submitted order has a priority in the Order Book over other Orders according to the priority Rules; price and volume of effected transaction are set according to the Rules of price and volume respectively.
      • Rule of acceptability
        • Order is accepted by Trade system if all following conditions are met simultaneously:
          1. Order is submitted to Order Book during the time of Tenders or Auction in Instrument.
          2. It is backed by Guarantee deposit (established in specifications), surrendered to the Exchange.
          3. There is no other order of the same Trader in the Order Book with the same price.
          4. There is no other order of the same Trader in the Order Book, that could be immediately matched with the order in question in case of it's acceptance by Trade System.
      • Rule of revocation
        • Order can be revoked from Order Book if both following conditions are met simultaneously:
          1. The Rules of procedure of types of Tenders or Auction in process permit revocation of Orders.
          2. The Transaction has not yet been effected according to this Order or has been effected with the part of it's initial volume. In the latter case only the pending part of initial Order can be revoked.
      • Rule of priority
        • Orders in the Order Book of Trade System can be matched with the resulting transaction in the following order:
          1. Order with the best price, submitted previous to other Orders with the same price.
          2. Orders with the best price, submitted later (in order of their submission),- until all orders with this (best) price are matched.
          3. Order in the Order book with price, following the best price, submitted before other orders with the same price. Etc.
      • Rule of Price
        • The orders in the Order Book are matched and transaction is effected in the following cases. The price of transaction is set respectively.
          1. Two orders are submitted to the Order Book with the same price but with opposite direction (Buy and Sell). In this case the price of transaction is set equal to the price of both orders.
          2. The price of order submitted to the Order Book is better than the price of Order with opposite direction already in the Order Book. In this case the price of Transaction is set as arithmetical average between the prices of Orders.
          3. Note: In the latter case (2.) the commissions of Exchange are charged-off according to the prices of Orders.
      • Rule of Volume
        • The Transaction is effected with the quantity of instrument and amount of means of payment according to the following Rule:
          1. The volume of one of two matching Orders with opposite direction meeting the Rule of price that is lower. In this case the unmatched part of Order resides in the Order Book with the same time of submission and can be revoked by Trader or matched with another Order.
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