Market Maker ranking program
The goal of the Market Maker ranking program (hereinafter - the Program) is to boost liquidity by creating a competitive environment among market makers and providing a performance incentive.
Every day market-maker is estimated by quality factors that affect his position in the ranking and cash remuneration at the end of each month.
| Quality factors | Weighting coefficients | Weighting coefficients | Weighting coefficients for futures Si, Eu, ED, MIX, MXI |
|---|---|---|---|
| Time of spread maintenance Pcf | α | 0.4 | - |
| Trading volume from passive orders VT | β | 0.4 | 1 |
| Open interest OP | γ | 0.05 | - |
| Average Effective spread AvgEffS | δ | 0.15 | - |
| The Coefficient | λ | 0.3≤λ ≤1 | - |
The ranking
The ranking indicating market makers with the best results will be published on the website with monthly update.
Every day market-makers receive updates of their ranking positions. Full information about the calculation of the market makers' rating is represented in the Standard programs for market makers on the Derivatives market.
Participants
The program is open for all market makers based on concluded agreements with any market making conditions, proposed by the Moscow Exchange. The market maker agreement may enter in force no later than on the 5th trading day of the calendar month from which the market maker becomes a participant of the Program.
Contracts
The following contracts are eligible for the program:
| Programs | Contracts |
|---|---|
| Equity futures GAZR, SBRF, VTBR, LKOH, ROSN, GMKR | Sberbank ordinary shares futures contract |
| Gazprom ordinary shares futures contract | |
| LUKOIL ordinary shares futures contract | |
| VTB Bank ordinary shares futures contract | |
| Rosneft ordinary shares futures contract | |
| Norilsk Nickel ordinary shares futures contract | |
| Index futures MIX, MXI | MICEX Index Futures |
| MICEX Index Futures (mini) | |
| Currency futures Si, Eu, ED | Futures contract on USD/RUB |
| Futures contract on EUR/RUB | |
| Futures contract on EUR/USD |
Reward
The prize funds (Fix and exchange fee return) will be allocated among the top ranked participants, in addition to remuneration paid under the standard agreement (exchange fee return).
| Programs | Remuneration according to the rank position | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Place 1 | Place 2 | Place 3 | Place 4 | Place 5 | ||||||
| Fix (RUB) | Exchange fee return, % |
Fix (RUB) | Exchange fee return, % |
Fix (RUB) | Exchange fee return, % |
Fix (RUB) | Exchange fee return, % |
Fix (RUB) | Exchange fee return, % |
|
| Equity futures GAZR, SBRF, VTBR, LKOH, ROSN, GMKR | 200 000 | a* - 25% p* – 50% |
150 000 | a* - 20% p – 45% |
100 000 | a* - 15% p – 40% |
50 000 | a* - 10% p – 35% |
- | - |
| Index futures MIX, MXI | 200 000 | - | 150 000 | - | 100 000 | - | 50 000 | - | - | - |
| Currency futures Si, Eu, ED | - |
a* - 25% p* – 50% |
- |
a - 20% p – 45% |
- |
a - 15% p – 40% |
- |
a - 10% p – 35% |
- |
a - 5% p – 30% |
a* – return of exchange fee charged from MM’s active turnover.
p* – return of exchange fee charged from MM’s passive turnover.
In case of inquiries, please contact us at +7 (495) 363-32-32, 26074, 26075.