Russian futures exchange stops trade indefinitely
MOSCOW, June 1 (Reuters) - The president of Russia's Rossiiskaya Birzha, a prominent futures exchange in Moscow, suspended all trade indefinitely from 1030 GMT on Monday due to problems in settling brokers' orders.
The order, a copy of which was obtained by Reuters, said that all open positions must be closed at the closing price as of Friday, May 29 if trade had not been restarted by 1130 GMT on Monday. A spokeswoman for the exchange said the deadline had passed without trade resuming.
''Trade is so far still suspended and all the conditions of the order are being carried out,'' the official said, speaking at about 1300 GMT.
The Rossiiskaya Birzha is Russia's leading exchange for futures on shares in a number of leading Russian companies. But volumes for futures trading on the Rossiiskaya Birzha are small in comparison to trade on the electronic, over-the-counter Russian Trading System, the main shares market.
The order said that trade would be suspended due to clearing firms' non-payments until the further orders of the exchange's president.
A general meeting of the heads of all clearing firms working on the exchange would be held on Tuesday morning, the order said.
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