Market Making on the Moscow Exchange's Money Market
The Moscow Exchange's Money Market offers Trading Members to take part in the following Market Making programs by entering into an Agreement.
Programs for 2W-1M and 2M-3M repos in GC Bonds*:
OBLIGATIONS:
Obligations for a trading day will be treated as fulfilled if one of the following conditions is met:
- A two-sided 100,000 lot quote is maintained during 55 min from 11:30 to 12:30 MSK with a spread not exceeding the max spread width;
- Minimum 300,000 lot trades are executed from 11:30 to 12:30;
- Maximum spread width:
GC Bonds 2 weeks - 0.8
GC Bonds 1 month - 0.9
GC Bonds 2 months - 1.0
GC Bonds 3 months - 1.1
*Effective from 15 April 2019
INCENTIVES:
- Fixed payment of RUB 300,000
+
- A 100% rebate on passive value, but no more than RUB 700,000
1-day GC Shares REPO and 1-day GC Bonds REPO programs:
OBLIGATIONS:
Obligations are deemed to have been fulfilled with respect to a certain trading day if one of the following conditions has been met:
- A two-way quote of 200,000 lots has been maintained for 4 h 48 min within a 0.50% spread
- The volume of orders executed has reached 600,000 lots
The obligations must be met for at least 80% of the trading days in a month.
REWARD:
- A 70% rebate for passively executed orders
+
- Fixed payments for the top three positions in the ranking:
1st place – RUB 400,000
2st place – RUB 300,000
3st place – RUB 200,000
7-day GC Bonds REPO program:
OBLIGATIONS:
Obligations are deemed to have been fulfilled with respect to a certain trading day if one of the following conditions has been met:
- A two-way quote of 100,000 lots has been maintained for 4 h 48 min within a 0.75% spread
- The volume of orders executed has reached 300,000 lots
The obligations must be met for at least 80% of the trading days in a month.
REWARD:
- A 70% rebate for passively executed orders
+
- Fixed payments for the top three positions in the ranking:
1st place – RUB 500,000
2st place – RUB 400,000
3st place – RUB 300,000
| CCP-cleared REPO programs |
CCP-cleared equity REPO program:
2
THE MAXIMUM NUMBER
OF MARKET MAKERS
REQUIRED FOR
THE PROGRAM
OBLIGATIONS:
- Market Makers will be required to fulfill their obligations in respect of 13 out of 25 equity issues included in the program
- Obligations are deemed to have been fulfilled with respect to a certain trading day if one of the following conditions has been met:
- A two-way quote of the required volume has been maintained for 4 h 48 min within a 1.25% spread according to the program parameters
- Minimum volume of orders executed has been reached according to the program parameters
The obligations must be met for at least 80% of the trading days in a month.
REWARD:
- A 70% rebate for passively executed orders
CCP-cleared OFZ REPO program:
2
THE MAXIMUM NUMBER
OF MARKET MAKERS
REQUIRED FOR
THE PROGRAM
OBLIGATIONS:
- Market Makers will be required to fulfill their obligations in respect of any 20 OFZ issues
- Market Makers’ obligations in respect of an OFZ issue are deemed to have been fulfilled if one of the following conditions has been met on a trading day:
- A two-way quote of 100,000 lots has been maintained for 4 h 48 min within a 1.25% spread
- Volume of orders executed has reached 300,000 lots
The obligations must be met for at least 80% of the trading days in a month.
REWARD:
- A 70% rebate for passively executed orders
Upcoming programs
- At the moment there are no upcoming programs
MARKET MAKING INVOLVING ISSUERS
As part of the enhancement of liquidity of the Equity & Bond Market, Moscow Exchange offers the opportunity to execute a trilateral Market Making Agreement between an issuer (the Customer), Trading Member (the Market Maker) and itself.
Phone: +7 (495) 363-3232, 5399, 5397
Email: MM_Repo@moex.com
