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

* 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

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)

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"

"Commodities futures development program"

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:

Fee_CS = Т  * F * (1-K)

where:

Fee_cs – 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