The Exchange imposes a surcharge in order to boost order book liquidity and reduce unproductive load on the FX market trading system that occurs due to ineffective orders generated by brokers and/or their HFT clients.
Main principles of the surcharge calculation:
- The surcharge serves as remuneration for the provision of the Integrated Technological Service. It is calculated if the order threshold is exceeded.
- The surcharge is calculated in RUB based on trades and orders of a broker and end client.
- The surcharge is calculated with regard to orders and trades in spot instruments (negotiated orders and trades are not considered).
- The surcharge is not imposed if number of orders entered is 30,000 or less.
- The surcharge cannot be greater than RUB 300,000 per day per broker or end client.
- The first ever positive surcharge is not imposed.
Beginning January 1, 2016 the Exchange will apply different coefficients in calculating the surcharge that will depend on the size of the order giving rise to the trade. The coefficients are differentiated at the level of 500 lots in an order. If the volume-related fee is calculated for the trade arisen from the order of less than 500 lots, four orders are allowed per one rouble of the fee. If the volume-related fee is calculated for the trade arisen from the order of 500 lots and more, 20 orders are allowed per one rouble of the fee as before. Other parts of the surcharge calculation process have remained unchanged.