MOEX Updates Securities Market Risk Rates, Imposes BTBR Short-Selling Ban
Summary
Moscow Exchange's CCP NCC has updated market risk parameters for the BTBR security on the Securities market, effective April 22, 2026. Market risk rates are being reduced (S1_min from 100% to 50%, S2_min from 100% to 75%), while a short-selling ban is being imposed and new concentration limits (LK1: 78,623 pcs; LK2: 393,115 pcs) are being established. These changes affect investors, broker-dealers, and other market participants trading or holding BTBR.
What changed
Moscow Exchange CCP NCC has modified market risk parameters for the BTBR underlying on the Securities market, effective April 22, 2026. Market risk rate floors have been lowered (S1min reduced to 50%, S2min reduced to 75%, S3_min set at 95%), and a short-selling ban is now in effect for this security. Concentration limits have been established at 78,623 pcs (LK1) and 393,115 pcs (LK2).
Investors, broker-dealers, and other market participants holding or trading BTBR securities should note the reduced risk rate requirements and the newly imposed prohibition on short sales. Concentration positions approaching the LK1/LK2 thresholds may require adjustment to remain within permitted limits.
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Apr 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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Risk parameters changes on Securities market
CCP NCC changes the following risk parameters on Securities market starting from April, 22nd 2026:
Market risk rates and concentration limits on Securities market:
| Underlying | Current m arket risk rates | Market risk rates from April, 22nd 2026 | Concentration limits from April, 22nd 2026, pcs | |
| S1_min | S2_min | S3_min | S1_min | S2_min | S3_min | LK1 | LK2 | |
| BTBR | 100% | 100% | 100% | 50% | 75% | 95% | 78 623 | 393 115 |
| Ticker | Ban on short selling |
| BTBR | Yes |
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