Fees of Derivatives Market of the Moscow Exchange

1. Admission Fees

	Fee	Fee amount
1.	Admission Fee as a Trading Participant of category "O"	5,000,000
2.	Admission Fee as a Trading Participant of category "F1" and/or category "F2"	3,000,000
3.	Admission Fee as a Trading Participant of category "T1" and/or category "T2"	1,000,000
4.	Admission Fee as a Trading Participant of category "D1" and/or category "D2"	1,000,000

2. Contribution to the Guaranteed Fund

The minimum size of the contribution to the guaranteed fund for each clearing member is 10 000 000 roubles.

3. Exchange and Clearing Fees

3.1. Exchange and Clearing Fee for Futures Contracts

Exchange Fee for futures contracts entered into on the basis of order book or negotiated orders is calculated according to the following formula:

FutFee ≥ 0,01 RUB.

Parameters:

FutFee	size of Futures Exchange Fee (in RUB);
FutPrice	Futures price set under the Fee Schedule's (in units of measure of the Futures order's price);
W(f)	the value of a tick (in RUB);
R(f)	the Futures' minimal price interval;
Round	mathematical rounding to the specified precision;
BaseFutFee	the Futures' fee base rate for the Group of Derivative Contracts to which the Futures relates (in basis points).

Groups of Contracts by Types of Underlying Assets

	Group of contracts	Underlying asset sub-group	Exchange BaseFutFee %	Clearing BaseFutFee %	Summary
1	FX Contracts	Exchange rate of foreign currency against RUB Exchange rate of foreign currency against USD Exchange rate of USD against foreign currency	0.000885	0.000655	0.00154
2	Interest Rates Contracts	Interest rated Federal loan bonds (OFZs) Eurobonds of the Russian Federation	0.003162	0.002338	0.00550
3	Securities Contracts	Shares of Russian issuers Shares of foreign issuers	0.003795	0.002805	0.00660
4	Indices Contracts	SE and other indices (except for commodity indices) Russian market volatility	0.001265	0.000935	0.00220
5	Commodities Contracts	Energy commodities Metals Agricultural commodities	0.002530	0.001870	0.00440

3.2. Exchange and Clearing Fees for Futures-Style Options Contracts

Exchange Fee for Future-Style Options Contracts entered into on the basis of order book or negotiated orders is calculated according to the following formula:

OptFee ≥ 0,01 RUB.

Parameters:

OptFee	size of the Options Exchange Fee (in RUB);
FutFee	size of Exchange Fee for Futures, which is the Option's underlying asset (in RUB);
W(o)	the value of a tick (in RUB);
R(o)	the Option's tick;
Round	mathematical rounding to the specified precision;
K	additional coefficient, K=2
Premium	the Option premium (in units of measure of the Option order's price (premium));
BaseOptFee	Exchange fee - 0.06325 Clearing fee – 0.04675

3.3. Exchange Fee for Scalping

3.3.1. Scalping in Futures are order book derivative trades resulting in the opening or closing of Futures positions within one Trading Day.

3.3.2. The size of exchange fee for scalping in Futures is calculated according to para 3.1 hererof applying the coefficient of 0.5 (five tenths) to the total size of exchange fee charged on such trades.

3.3.3. Scalping in Options are order book derivative trades resulting in the opening of opposite positions on the underlying asset of the Option (Futures) if the Option (whatever the strike is) is executed within one Trading Day.

3.3.4 .Buying of CALL option (CALL) or selling of PUT option (PUT) may result in the opening of a long Futures position. Selling of CALL option and buying of PUT option may result in the opening of a short Futures position.

Scalping pairs for Options (buy the underlying asset – sell the underlying asset):

buy CALL – sell CALL;
buy CALL – buy PUT;
sell PUT – buy PUT;
sell PUT – sell CALL.

3.3.5. Total exchange fee for scalping in Options will be calculated using the following formulas:

where:

Fee	Total exchange fee size for scalping (in Russian roubles);
OptFee₁	Total exchange fee size for scalping in Options that resulted in the opening of a position for the underlying asset of such Options (Futures), calculated according to para 3.2. of the Fee Schedule;
OptFee₂	Total exchange fee size for scalping in Options that resulted in the closing of a position for the underlying asset of such Options (Futures), calculated according to para 3.2. of the Fee Schedule;
K	Coefficient equals 0.5.

4. Clearing fees

Clearing fee

Clearing fee at settlement

5. Transaction fees

There are 3 type of fees:

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

6. Fees for Calendar Spreads

Calendar Spread mean concurrent buying and selling of Futures on the same underlying asset and different execution dates by a Trading Participant on the basis of a Calendar Spread Order.

Fee for Calendar Spreads is set on each Trading Day for each section of clearing registers on the basis of Exchange Fees for each of Futures Contract executed on the basis of order book or negotiated Calendar Spread Orders.

Fees for Calendar Spreads for Futures entered into on the basis of order book Calendar Spread Orders within a Trading Day are calculated according to the formula:

FeeCS = ΣFutFeeCS × (1-K),

where:

FeeCS	the Fee for Calendar Spreads based on order book Calendar Spread Orders within a Trading Day (in RUB);
K	discount rate of 0.2 effective within the marketing period. The marketing period is 6 (six) months from the first Trading Day from which Futures may be entered into on the basis of order book Calendar Spread Orders. When the marketing period is over the discount rate is not applied (equals zero);
ΣFutFeeCS	the Exchange Fee payable for entering into Futures based on order book Calendar Spread Order is calculated according to the following formula (in RUB): FutFeeCS = Round((Round((FutPrice₁+ FutPrice₂) × Round( W(f)/R(f) ;5)) ;2)× BaseFutFee;2) где: FutPrice₁– the Settlement Price of futures (with the proximate expiration) set in accordance with the Derivatives Rules upon the results of the evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made (in units of measure specified of the Futures order's price specified under the relevant Futures Specifications); FutPrice₂ – total value of the Settlement Price of Futures (with the proximate expiration) determined in accordance with the Derivatives Rules upon the results of the evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made, and the size of the spread (in units of measure of the Futures order's price specified under the relevant Futures Specifications); R(f) – the Futures tick set force in the relevant Futures Specifications; W(f) –the value of a tick set forth in the relevant Futures Specifications (in RUB); R(f) – минимальный шаг цены фьючерса; BaseFutFee – the Futures' fee base rate for the Group of Derivatives Contracts, to which the Futures relates. The rate is established in the Fee Schedule's para 3.5 (in basis points); Round –mathematical rounding to the specified precision.

FeeCS

the Fee for Calendar Spreads based on order book Calendar Spread Orders within a Trading Day (in RUB);

discount rate of 0.2 effective within the marketing period. The marketing period is 6 (six) months from the first Trading Day from which Futures may be entered into on the basis of order book Calendar Spread Orders. When the marketing period is over the discount rate is not applied (equals zero);

ΣFutFeeCS

the Exchange Fee payable for entering into Futures based on order book Calendar Spread Order is calculated according to the following formula (in RUB):

FutFeeCS = Round((Round((FutPrice₁+ FutPrice₂) × Round( W(f)/R(f) ;5)) ;2)× BaseFutFee;2)

где:

FutPrice₁– the Settlement Price of futures (with the proximate expiration) set in accordance with the Derivatives Rules upon the results of the evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made (in units of measure specified of the Futures order's price specified under the relevant Futures Specifications);

FutPrice₂ – total value of the Settlement Price of Futures (with the proximate expiration) determined in accordance with the Derivatives Rules upon the results of the evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made, and the size of the spread (in units of measure of the Futures order's price specified under the relevant Futures Specifications);

R(f) – the Futures tick set force in the relevant Futures Specifications;

W(f) –the value of a tick set forth in the relevant Futures Specifications (in RUB);

R(f) – минимальный шаг цены фьючерса;

BaseFutFee – the Futures' fee base rate for the Group of Derivatives Contracts, to which the Futures relates. The rate is established in the Fee Schedule's para 3.5 (in basis points);

Round –mathematical rounding to the specified precision.

Fees for Calendar Spreads for Futures entered into on the basis of negotiated Calendar Spread Orders within a Trading Day are calculated according to the formula:

FeeCS = ΣFutFeeCS

where:

FeeCS	the Fee for Calendar Spreads based on negotiated Calendar Spread Orders within a Trading Day (in RUB);
ΣFutFeeCS	The total Exchange Fee payable for entering into each of the Futures based on negotiated Calendar Spread Order is calculated according to the following formula (in RUB): FutFeeCS = Round((Round((FutPrice₁+ FutPrice₂) × Round( W(f)/R(f) ;5)) ;2)× BaseFutFee;2) where: FutPrice₁– the Settlement Price of the Futures (with the proximate expiration), set in accordance with the Derivatives Rules upon the results of the evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made (in units of measure of the Futures order's price specified under the relevant Futures Specifications); FutPrice₂ – total of the Settlement Price of Futures (with the proximate expiration), set in accordance with the Derivatives Rules upon the results of the last evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made, and the size of the spread (in units of measure of the Futures order's price specified under the relevant Futures Specifications); W(f) – the value of a tick set forth in the relevant Futures Specifications (in RUB); R(f) – the Futures tick set force in the relevant Futures Specifications; BaseFutFee – the Futures' fee base rate for the Group of Derivative Contracts, to which the Futures relates. The rate is established in the Fee Schedule's para 3.5 (in basis points); Round – mathematical rounding to the specified precision.

FeeCS

the Fee for Calendar Spreads based on negotiated Calendar Spread Orders within a Trading Day (in RUB);

ΣFutFeeCS

The total Exchange Fee payable for entering into each of the Futures based on negotiated Calendar Spread Order is calculated according to the following formula (in RUB):

FutFeeCS = Round((Round((FutPrice₁+ FutPrice₂) × Round( W(f)/R(f) ;5)) ;2)× BaseFutFee;2)

where:

FutPrice₁– the Settlement Price of the Futures (with the proximate expiration), set in accordance with the Derivatives Rules upon the results of the evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made (in units of measure of the Futures order's price specified under the relevant Futures Specifications);

FutPrice₂ – total of the Settlement Price of Futures (with the proximate expiration), set in accordance with the Derivatives Rules upon the results of the last evening Settlement Session on the last Trading Day prior to the Trading Day for which the settlement is made, and the size of the spread (in units of measure of the Futures order's price specified under the relevant Futures Specifications);

W(f) – the value of a tick set forth in the relevant Futures Specifications (in RUB);

R(f) – the Futures tick set force in the relevant Futures Specifications;

BaseFutFee – the Futures' fee base rate for the Group of Derivative Contracts, to which the Futures relates. The rate is established in the Fee Schedule's para 3.5 (in basis points);

Round – mathematical rounding to the specified precision.