Currently, Trading Members pay the following commission fees for centrally cleared trades in foreign currency executed at the Trading Session:
- commission fee for the organization of trading charged by the Moscow Exchange as the organizer of trading;
- commission fee for clearing services charged by National Clearing Centre (NCC) as the Clearing house.
Trading Members pay the fees in Russian rubles. The fees are debited by NCC during the process of settlement after the clearing session from accounts with cash posted by Trading Members for fulfillment of obligations to NCC, or being due to them after relevant obligations were discharged.
From 1 December 2018 the total amount of flat and volume-related commission fees:
- the total amount of flat and volume-related commission fees on spot transactions is divided:
- 42.5% - for clearing services (the size and calculation procedure of payment is approved by the Clearing Rules of the Central Counterparty "National Clearing Centre")
- 57.5% - for trading (the size and calculation procedure of payment approved by the Supervisory Board of Moscow Exchange on 31 July 2019 (Minutes No. 7))
- the total amount of volume-related commission fees for swap deals, swap contracts and deliverable futures contracts is divided:
- 52.08(3)%* - for clearing services (the size and calculation procedure of payment is approved by the Clearing Rules of the Central Counterparty "National Clearing Centre")
- 47.91(6)%* - for trading (the size and calculation procedure of payment approved by the Supervisory Board of Moscow Exchange on 31 July 2019 (Minutes No. 7)).
- the total amount of flat commission fees for swap deals, swap contracts and deliverable futures contracts has not been changed.
Starting from 1 January 2019 according to the fee package SPT_0 the minimum fee for trading services (service fee) is charged on a quarterly basis in the amount of RUB 60.000 (previously – monthly in the amount of RUB 20.000). The minimum fee for trading services (Service Fee) shall not be charged if
- the sum of total volume-based trading fee and a total volume-based clearing fee paid by a Trading Member within a calendar quarter exceeds RUB 60.000;
- the Trading Member moved from the SPT_0 fee schedule to other fee schedule (SPT_1000, SPT_2000) within a calendar quarter.
Fee schedules for spot and swap trades are applied per the registration code of a Trading Member and all settlement accounts opened within this registration code. Applications to choose (change) the fee schedule are filed to the Clearing Centre not later than 5 (five) days before the beginning of the calendar month from which the relevant fee schedule is going to be applied.
Please note that Moscow Exchange introduced a fixed fee of RUB50 for trades of less than 50 lots on 05 August 2019. This fee is applied to all order book spot trades (TOD, TOM and SPT) across all currency pairs. For order sizes of 50 lots or more, fee is calculated as usual based on a FX market fee schedule selected by the trading member. Minimum fee of RUB1 has been remained. The novation aims to boost liquidity and improve the quality of the Moscow Exchange FX market order book. Pricing rules for off order book trades has remained unchanged.
- Acting Fees (presentation)
- FX Fees
- NCC Tariffs (clearing fee)
- Example of fee calculation for trades of less than 50 lots
- Marketing period for the Moscow Exchange’s fee rates imposed on USDRUB_TDB, USDRUB_TMB, EURRUB_TDB and EURRUB_TMB trades
- Marketing program granting rebates on volume-based fees for trades organization (FX spots)