REPO market is the market for REPO operations; non-anonymous trading of securities on the terms of their reverse sale (purchase). Trades are conducted without a mandatory preliminary depositing of assets and with the obligatory preliminary deposition, depending on the standard terms and conditions of the settlement (the settlement code) in the REPO orders of the market participants.
REPO transaction consists of two interconnected parts: the first part of REPO transaction (purchase / sale of securities at a specified price in the stipulated amount on due date) and the second part of REPO transaction (sale / purchase of securities at a specified price on a specified date in the same amount as in the first part of the REPO transaction).
A separate exchange contract is concluded for each part of REPO transaction.
The settlement term for the first part of REPO transaction (the first exchange contract) – up to T + 2 (trading days). The settlement term for the second part of REPO transaction (second exchange contract) - up to T + 180 calendar days from the date of fulfillment of obligations under the first part of REPO transaction.