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.

 GCC REPO programs

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

LIST OF MARKET MAKERS:

Program 2W – 1M

  1. Sberbank
  2. Credit Bank of Moscow
  3. Gazprombank
  4. Derzhava
  5. Otkritie Broker
  6. BCS
  7. Bank St. Petersburg
  8. Renaissance Broker
  9. Metallinvestbank
  10. Transcapitalbank
  11. Bank SGB
  12. Ak Bars Bank
  13. Bank Finservice
  14. Promsvyazbank
  15. Bank Soyuz
  16. Freedom Finance
INCENTIVES:
  • Fixed payment of RUB 300,000
    +
  • A 100% rebate on passive value, but no more than RUB 700,000  


 
 
 
 
 
   
 
  


 
 

Program 2M – 3M

  1. Sberbank
  2. Credit Bank of Moscow
  3. Derzhava
  4. Otkritie Broker
  5. BCS
  6. Bank St. Petersburg
  7. Renaissance Broker
  8. Metallinvestbank
  9. Transcapitalbank
  10. Bank SGB
  11. Promsvyazbank
  12. Freedom Finance
  13. Bystro Bank

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 placeRUB 400,000

    2st placeRUB 300,000

    3st placeRUB 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 placeRUB 500,000

    2st placeRUB 400,000

    3st placeRUB 300,000

 CCP-cleared REPO programs

CCP-cleared equity REPO program:

2
THE MAXIMUM NUMBER
OF MARKET MAKERS
REQUIRED FOR
THE PROGRAM
MARKET MAKERS:
  • Otkritie Broker
  • BCS
     
OBLIGATIONS:
  1. Market Makers will be required to fulfill their obligations in respect of 13 out of 25 equity issues included in the program
  2. 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
MARKET MAKERS:
  • Sberbank
  • Derzhava
     
OBLIGATIONS:
  1. Market Makers will be required to fulfill their obligations in respect of any 20 OFZ issues
  2. 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.

 
 
CONTACTS

 

Phone: +7 (495) 363-3232, 5399, 5397
Email: MM_Repo@moex.com