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20.04.2016 14:28

Moscow Exchange change tick sizes from 4 May 2016

To improve efficiency of the equity market microstructure, Moscow Exchange is changing tick sizes for the following securities as part of the regular quarterly review. The new tick sizes will take effect from 4 May 2016:

Ticker

Company
(Asset management company)

 Type, category State registration number (Number of trust management rules) ISIN

Tick size
(before  4 May 2016)

 Tick size (from 4 May 2016)
ARMD Armada ORDS 1-01-10670-A RU000A0JP4J4 0.5 0.1
DZRD Donskoy Factory of Radiocomponents ORDS 1-01-02677-A RU000A0JQW11 5 10
DZRDP Donskoy Factory of Radiocomponents PREFS 2-01-02677-A RU000A0JQW29 5 10
GRNT CIT ORDS 1-01-05280-D RU000A0JV532 0.001 0.005
GTLC GTL ORDS 1-03-22061-H RU000A0JTN19 0.0001 0.001
IDVP Invest-Development ORDS 1-01-15857-A RU000A0JV7V4 1 10
IGST Izhstal ORDS 1-02-30078-D RU0002155292 1 5
KCHEP Kamchatskenergo PREFS 2-02-00235-A RU0006753480 0.0001 0.0005
LNTA Deutsche bank Luxembourg DR   US52634T2006 1 0.5
LNZLP Lenzoloto PREFS 2-02-40433-N RU000A0JP1P7 5 10
MAGEP Magadanenergo PREFS 2-01-00254-A RU0006758893 0.005 0.01
MFON Megafon ORDS 1-03-00822-J RU000A0JS942 1 0.5
MOBB Mosoblbank ORDS 10101751B RU000A0JS7V9 0.1 0.01
MRKC IDGC of  Centre ORDS 1-01-10214-A RU000A0JPPL8 0.0001 0.0005
MRSB Mordovskaya EnergoSbyt Comp. ORDS 1-01-55055-E RU000A0D9AJ7 0.0005 0.001
NNSB Nizhny Novgorod Power Sale Company ORDS 1-01-55072-E RU000A0ET5A1 1 5
PRFN Chelyabinski zavod PROFNASTIL ORDS 1-01-45194-D RU000A0JNXF9 0.001 0.005
QIWI BNY Mellon DR   US74735M1080 5 1
ROLO Rusolovo ORDS 1-01-15065-A RU000A0JU1B0 0.005 0.01
RU000A0JS868 GBM Asset Management Company Mutual fund 2286 RU000A0JS868 0.5 1
RU000A0JUA37 EFG Asset Management Mortgage-backed participation cert. 0003 RU000A0JUA37 5 1
TGKO TKZ ORDS 1-05-30032-E RU0006944105 0.001 0.5
UTAR UTair Aviation ORDS 1-01-00077-F RU0007661385 0.05 0.01
VTRS VTORRESOURCE ORDS 1-01-05287-D RU000A0JS9K8 0.05 0.01
VZRZ V.Bank ORDS 10101439B RU0009084214 1 0.5
YRSB TNS Energo Yaroslav ORDS 1-01-50099-A RU000A0D8760 0.1 0.5
ZILL АМО ЗИЛ ORDS 1-02-00036-A RU0009086193 1 5

The new tick sizes will apply in the following trading modes:

  • T+2 Central order book;
  • Odd lots;
  • Dark pools;
  • Central order book for D Equities;
  • Negotiated trades;
  • D-equities – negotiated trades;
  • Negotiated trades with the CCP.

The Decimals parameter measuring the tick size accuracy will remain unchanged for the above-mentioned securities.

However, it will be changed for the following securities from 4 May 2016 with the tick size remained the same:

Ticker Company Type, category State registration number ISIN

Decimals
(before  4 May 2016)

Decimals
(from 4 May 2016)
EPLN Europlan ORDS 1-02-56453-P RU000A0JVW89 1 0
KLSB Kaluga Power Sale Company ORDS 1-01-65057-D RU000A0DKZK3 2 1
NKHP NKKhP ORDS 1-03-35684-E RU000A0BLWD7 2 0

Changes in tick sizes and Decimals parameters to take effect from 4 May 2016

Note:

To determine the tick size, the security's liquidity is taken into account in addition to its price. This allows the spread between the best bid and best ask to be narrowed, the time for orders to be filled at the best price to be reduced, and encourages investors to enter limit orders in the exchange order book. Improvement of the order book quality broadens the range of securities available for use with algorithmic strategies.

The price ticks are to be reviewed quarterly from the second quarter of 2015.

The price tick method employed by Moscow Exchange was adopted by the MICEX SE's Equity & Bond Market Committee on 27 June 2014.

For further information, please contact the Public Relations Department at (495) 363-3232.

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