Fees of Derivatives Market of the Moscow Exchange

  1. Fee for registration as a Trading Member on the Derivatives Market of the Moscow Exchange
  2. Contribution into the Contingency Fund
  3. Exchange and clearing fees (from 03.07.2017)
  4. Incentive programs
  5. Transaction fees
  6. Calendar Spread fee
  7. Clearing Fees
  8. Derivatives Markets information and Technical Support Service Fees
  9. Changes in exchange fees from 02.10.2017

 

1. Fee for registration as a Trading Member on the Derivatives Market of the Moscow Exchange

  Fee Amount (RUB)
1. Fee for registration as a General Trading Member of the Derivatives Market of the Moscow Exchange 5,000,000
2. Fee for registration as a Special Trading Member of the Securities Market of the Moscow Exchange 3,000,000
3. Fee for registration as a Special Trading Member of the Commodity Market of the Moscow Exchange 1,000,000
4. Fee for registration as a Special Trading Member of the Money Market of the Moscow Exchange 1,000,000
5. Additional commission fee for registration as a General Trading Member of the Derivatives Market of the Moscow Exchange* 250,000

* This fee is charged on the Candidates for admission to Trading on the Moscow Exchange"s Derivatives Market that are registered as General Trading Members of the Derivatives market pursuant to provisions in Appendix 1 to the Rules of organized trading on the Moscow Exchange"s derivatives market. Under these provisions the fee paid by a Trading participant for registration as a Trading Member may be used to offset the outstanding registration fee payment of the Candidate. The fee shall not be charged provided that registration is required in view of reorganization of the General clearing member or it is not charged on a Candidate being an affiliated company of the General clearing member whose admission to trading is to be terminated, and in other events as determined by the Moscow Exchange. The decisions on existence of valid reasons to exempt from the additional commission fee for registration as a General Trading Member shall be made taking into account the recommendations of the Derivatives Market Committee.

 

2. Contribution to the Contingency Fund

Participant Minimum
contribution (RUB)
General Trading member  10,000,000
Special Trading member of  the securities section  10,000,000
Special Trading member of the money section  1,000,000 
Special Trading member of the commodity section  500,000 
Trading member of the derivatives market of OJSC "Mosenergoexchange"  500,000 
Trading member of the derivatives market of OJSC National Mercantile Exchange  500,000 

The contribution is returned to the Clearing member upon termination of the membership.

3. Exchange and clearing fees for derivatives.
Effective from 3 July 2017 (from 19:00 MSK) to 2 October 2017 (to 19:00 MSK)

Contract's
Group
 
Underlying
Asset
 
Code  Futures'
Settlement
Price
(FutPrice)

as of
15 Jun 2017*
(points)
Futures'
Exchange Fee**
Scalper's
Fee
**
Clearing Fee
(settlement
arrangement)
basis points RUB
****
% of trade value*** RUB RUB
 
FXs U.S. Dollar/Russian Ruble USD/RUB Si 57 356 0,80 0,0014 0,400 1,00
Chinese Yuan/Russian Ruble CNY/RUB CY 8,4384 1,18 0,590 2,00
Euro/Russian Ruble             EUR/RUB Eu 64 094 0,90 0,450 1,00
Euro/ U.S. Dollar EUR/USD ED 1,1160 0,90 0,450 1,00
British Pound/ U.S. Dollar GBP/USD GBPU 1,2700 1,03 0,515 1,00
Australian Dollar/ U.S. Dollar AUD/USD AUDU 0,7586 0,61 0,305 1,00
U.S. Dollar /Japanese Yen USD/JPY UJPY 109,78 0,80 0,400 1,00
U.S. Dollar /Swiss Frank USD/CHF UCHF 0,9747 0,81 0,405 1,00
U.S. Dollar/Turkish Lira USD/TRY UTRY 3,5093 0,81 0,405 1,00
U.S. Dollar/Canadian Dollar USD/CAD UCAD 1,3281 0,81 0,405 1,00
U.S. Dollar/Ukrainian Hryvnia USD/UAH UUAH 26,0071 0,80 0,400 10,00
 
Interest Rates Government Bonds             2-year     OFZ2 9 958 0,50 0,005 0,250 FI Securities Fees
4-year     OFZ4 9 797 0,49 0,245
6-year     OFZ6 10 023 0,50 0,250
10-year   OF10 10 095 0,50 0,250
15-year   OF15 10 706 0,54 0,270
MosPrime Rate MOPR 9,24 1,16 0,580 0,30
RUONIA Rate RUON 91 3,74 1,870 2,00
 
Equities Russian Shares Sberbank SBRF 13 887 0,83 0,006 0,415 Equities Securities Fees
Gazprom GAZR 11 535 0,69 0,345
LUKOIL LKOH 27 240 1,63 0,815
Rostelecom RTKM 6 935 0,42 0,210
Rosneft ROSN 30 100 1,81 0,905
TATNEFT TATN 36 340 2,18 1,090
MTS MTSI 23 943 1,44 0,720
NOVATEK NOTK 62 000 3,72 1,860
VTB Bank VTBR 6 388 0,38 0,190
Surgutneftegas SNGR 24 760 1,49 0,745
NLMK NLMK 10 181 0,61 0,305
RusHydro HYDR 7 857 0,47 0,235
FGC UES FEES 15 147 0,91 0,455
Uralkali URKA 12 600 0,76 0,380
Severstal CHMF 70 000 4,20 2,100
Norilsk Nickel GMKR 79 800 4,79 2,395
Moscow Exchange MOEX 10 008 0,60 0,300
Magnit MGNT 9 409 0,56 0,280
ALROSA ALRS 7 981 0,48 0,240
Aeroflot AFLT 18 220 1,09 0,545
Sberbank (pref.) SBPR 11 094 0,67 0,335
Surgutneftegas (pref.) SNGP 26 902 1,61 0,805
Transneft (pref.) TRNF 158 500 9,51 4,755
Foreign shares Siemens AG GSIE 124,9 4,82 2,410 2,50
BMW AG GBMW 83,7 3,23 1,615 2,50
Daimler AG GDAI 71,3 2,75 1,375 1,50
Deutsche Bank AG GDBK 18,15 0,70 0,350 1,00
Volkswagen AG (pref.) GVW3 140,3 5,42 2,710 4,00
 
Indices RTS Index RTS 97 791 2,26 0,002 1,130 2,00
MICEX Index MIX 178 840 3,58 1,790 3,00
MICEX Index (mini) MXI 1 788,4 0,36 0,180 0,30
Blue Chips Index RTSS 11 558 2,31 1,155 2,00
Russian Market Volatility RVI 27,01 0,06 0,030 0,20
FTSE/JSE Top40 Index ALSI 44 789 5,17 2,585 4,00
 
Commodities BRENT BR 47,01 1,09 0,004 0,545 1,00
Gold GOLD 1 260,25 2,91 1,455 2,00
Silver SILV 16,86 0,39 0,195 2,00
Platinum PLT 934 2,16 1,080 2,00
Palladium PLD 853 1,97 0,985 2,00
Copper CU 328 207,11 1,31 0,655 1,00
Raw sugar SUGR 18,96 0,77 0,385 1,00

Full information about Derivatives Market Fees can be found in "The Moscow Exchange Derivatives Market Fees"
During the transitional period (3 October 2016-2 October 2017), options will be charged on the basis of exchange fees for futures contracts at 0.5% of their theoretical price in RUB set by the end of the evening clearing session of the preceding day. In this case, the fee cannot exceed 200% of the fee for futures.
*according to Clause 3.4.2 of the Derivatives Market Fees, the futures price (FutPrice) used to calculate the exchange fee for futures trading is determined by the nearby futures settlement price set during the evening clearing session on the 15th day of the month preceding the quarter for which the fee is sought (in units of the contract price indicated in the order as set out in the Contract Specifications).
** Scalper trades will be charged at 50% of the applicable exchange fee. Scalper trades are as follows:

  • Scalper trades in futures are trades executed on the basis of anonymous orders giving rise to positions in the futures opened and closed within trading day.
  • Scalper trades in options are trades executed on the basis of anonymous orders which may give rise to opposite positions in the underlying futures if the option is exercised within a trading day. A long position in the futures contract may result from buying the call option and selling the put option. A short position in the futures contract may result from selling the call option and buying the put option. Scalper pairs for options (buying the underlying asset – selling the underlying asset):
    •  Buying a call, selling a call,
    •  Buying a call, buying a put,
    •  Selling a put, buying a put,
    •  Selling a put, selling a call.

*** 0.01% = one basis point
**** Futures' Exchange Fee applied both to Order Book Trades and to Negotiated Trades.

 

 

4. Derivatives market incentive programs

"Currency futures development program"

Program participants Clearing members (trading members of Derivatives market of the Moscow Exchange)
Condition to receive return premium Monthly trading volume of USD/RUB Exchange Rate Futures is 1 000 000 or more contracts
Period Program period: October 2016 – October 2017
Return premium ratio 25% of Futures on USD/RUB Exchange Rate fee
Payment frequency Monthly
Taxes The return premium is not subject to VAT

"Commodities futures development program"

Program participants Clearing members (trading members of Derivatives market of the Moscow Exchange)
Condition to receive return premium Monthly trading volume of Brent oil and Gold Futures is 1 000 000 or more contracts
Period Program period: October 2016 – October 2019
Return premium ratio 25% of Futures on Brent oil/Gold fee
Payment frequency Monthly
Taxes The return premium is not subject to VAT

Further information about Incentive programs can be found in Derivatives market tariffs.

Incentive programs manager:

Valery Skotnikov
Valeriy.Skotnikov@moex.com
+7(495) 363-32-32 ext. 26059

 

5. Transaction fees

Transaction fees are determined by MB Technologies. There are 3 type of fees:

  1. Ineffective transaction fee
  2. Erroneous transaction fee
  3. Flood Control errors fee

Coefficients used to calculate the fees are published in the Parameters list.

For more details about ineffective transaction fee, please see
For more details about erroneous transaction fee, please see
For more details about Flood Control errors fee, please see

 

6. Calendar Spread fee

Calendar Spread fee is determined every Trading day per each section of the clearing register based on amount of fee charged for registration of each buy/sale trade (direct or indirect) in futures contracts under Calendar Spread Orders, and shall be calculated using the following formula:

FeeCS = Т  * F * (1-K)

where:

Feecs – the amount of Calendar Spread fee within a trading day;

Т – the number of futures contracts executed under the Calendar Spread Orders within a Trading day;

F – the amount of the Exchange fee that is paid for conclusion of futures contract under Calendar Spread Orders within a Trading (for registration of direct or indirect trades pursuant to Section 3 herein);

K – discount rate of 0.2 (two tenth) which is used in calculation of the Calendar Spread fee if futures are executed based in indirect Calendar Spread Orders, and applied during the marketing period). A 6-month (six-month) marketing period is provided since the first Trading day for futures on this underlying asset executed based on Calendar Spread Order. If futures are executed based in direct Calendar Spread Orders, the discount rate K equals zero (0).

7. Clearing fees

No Item Fee
1 A hard copy of the clearing report RUB 100 for a date preceding the request date by less than one month
RUB 150 for a date preceding the request date by one month to one year
RUB 200 for a date preceding the request date by more than one year
2 An electronic copy of the clearing report RUB 50 for a date preceding the request date by less than one month
RUB 100 for a date preceding the request date by one month to one year
RUB 150 for a date preceding the request date by more than one year
3 A hard copy of the clearing report in non-standard format RUB 1,000 per sheet
4 Confirmation of the collateral balance and outstanding liabilities (for auditors) RUB 2,000 per confirmation
5 Processing by hand of an incoming payment for the purpose of recording funds with the Clearing system as collateral or a contribution to the Guarantee Fund RUB 100 per payment
6 Provision of on-request details of a payment document for a refund of funds registered as collateral or a contribution to the Guarantee Fund RUB 250 per request
7 Annulation of payment documents having been prepared for refunding money registered as collateral or a contribution to the Guarantee Fund RUB 250 per payment document
8 Production of reports for a clearing register, per register per month RUB 120
9 Mandatory close-out by the Clearing Center The five Exchange fees applicable to the contract