Fees of Derivatives Market of the Moscow Exchange

Overview
Basic fees by contract group
Exchange and clearing fees - trading services
Scalper trades
Clearing fees
Transaction fees
Fees for calendar spreads

Overview

The following fees are currently payable by trading members:

Exchange fee for trading services, which is charged by Moscow Exchange
Clearing fee for trading services, which is charged by NCC
Clearing fee for settlement of trades, which is charged by NCC
Transaction fees
Fees for calendar spreads

Basic rates by contract group by underlying asset type

	Group of contracts	Basic exchange rate (BaseFutFee), %	Basic clearing fee (BaseFutFee), %	Total basic rate (BaseFutFee), %
1	FX Contracts	0.000885	0.000655	0.00154
2	Interest rate contracts	0.003162	0.002338	0.00550
3	Single stock contacts	0.003795	0.002805	0.00660
4	Index contracts	0.001265	0.000935	0.00220
5	Commodity contracts	0.002530	0.001870	0.00440

List of underlying assets

Exchange and clearing fees - trading services

Futures

FutFee	Exchange fee (RUB);
FutPrice	Futures price;
W/R	Tick value/tick (RUB);
BaseFutFee	Basic fee rate for the group

The formula is without the rounding function

Example 1:
The Brent crude futures is priced at USD 102 and refers to the Commodity Contracts group.
Tick - 0.01
Tick value - 7.93
The exchange fee is 102 * (7.93 / 0.01) * 0.002530% = RUB 2.05
The clearing fee is 102 * (7.93 / 0.01) * 0.001870% = RUB 1.51

Options

OptFee	Exchange fee (RUB);
FutFee	the value of the exchange fee for entering into a futures contract, which is the underlying asset of the option (RUB);
W/R	Tick value/tick (RUB);
Premium	the option premium (in the units of the option price);
BaseOptFee	Basic exchange fee for entering into an option is 0.06325 Basic clearing fee for entering into an option is 0.04675

The formula is without the rounding function

Example 2:
Buying a CALL option on Brent crude oil futures costs USD 2.30; the contract is in the Commodity Contracts group.
Tick - 0.01
Tick value - 7.93
The fee will be the lower of the doubled futures fee or the value calculated based on the premium
Exchange fee MIN ((2.05 * 2); (2.30 * 7.93 / 0.01) * 0.06325) = RUB 4.10
Clearing fee MIN ((1.51 * 2); (2.30 * 7.93 / 0.01) * 0.04675) = RUB 4.10

Scalper trades

Instrument	Definition	Tariff (discount)
Futures	Trades (negotiated orders) resulting in establishing and closing out of a futures position within one Trading Day	0.5 of the total exchange fees for scalper trades*
Options	Trades (negotiated and order book orders) resulting in establishing of opposite positions in the option’s underlying asset (futures) in case of option exercise within one Trading day. Scalper pairs: • buy CALL – sell CALL; • buy CALL – buy PUT; • sell PUT – buy PUT; • sell PUT – sell CALL.	0.5 of the total exchange fees for scalper trades*

* Scalper discount does not apply to calendar spreads.

The full formulas for calculating the exchange fee can be found in the Derivatives Market Tariffs.

Clearing fees
The clearing fee for settlement of futures contracts and clearing service fees of NCC shall be set in accordance with the NCC Tariffs (Sections II and V).

Transaction fees
Calculation algorithm applied to Additional fees and charges stipulated in the Integrated IT Service Agreement, coefficients for calculation of the fees are given in the Parameter List.
Read more about the ineffective transaction fee

Read more about the erroneous transaction fee

Read more about the Flood Control error fee

Fees for Calendar Spreads

A calendar spread is a strategy meaning simultaneous entering a long and short futures position on the same underlying asset but with different settlement dates using Calendar Spread Orders.

Read more in the Derivatives Market Trading Rules.
Calendar spread fees: Derivatives Market Fees