Standard program

This program aims to facilitate liquidity in MOEX Derivatives Market through continuously quoting prices.   

In return for a reward, market makers maintain prices of derivative contracts by displaying and maintaining continuous two-sided quotes.

Terms of maintaining two-sided quotes:

1. Bid-ask spread: the maximum difference between the best ask and best bid in market maker"s orders;
2. Minimum quoted size: total size of all market maker"s bids/asks in the contract within the spread;
3. Minimum time in force: the market maker must maintain two-sided quotes within the prescribed spread and order size for a period of the trading session.

Program participants

Number of the Standard Program participants is limited. Admissible number of market makers is set per contract. Trading members authorised to be a clearing member are eligible for the program provided that the market maker agreement has been signed.     

Contracts

Detailed information on contracts, and Standard Program terms and conditions are given in the Derivatives market making programs.

Incentives

Incentives for market makers depend on a contract and may include the following parts:

1. Variable compensation in the form of a partial rebate of the exchange fee payable by the market maker and/or its counterparty;
2. Fixed compensation.

For any queries regarding the Standard Program, please contact us on +7 (495) 363 32 32, ext. 26074 and 26075.