At its meeting on 9 September, the Supervisory Board adopted new tariffs for the Moscow Exchange Derivatives Market on the back of a new billing concept. The tariffs were agreed with the MOEX Derivatives Market Committee in August.
The new billing concept envisages switching to fees in basis points (as a percentage of the trade price) set per each group of contracts (BaseFutFee is the fee base rate in the table below):
| Group of contracts | BaseFutFee* | |
|---|---|---|
| 1 | FX | 0.14 |
| 2 | Interest | 0.50 |
| 3 | Equity | 0.60 |
| 4 | Index | 0.20 |
| 5 | Commodity | 0.40 |
Scalper trades** will be charged 50% off the relevant exchange fee.
To ensure that brokers” back office systems will migrate smoothly to the new billing system, the Exchange offers a one year transitional period starting from the launch of the new fees. In the transitional period:
- Current effective fee rates are to be aligned in every group of contracts and set in RUB to correspond with fees in basis points (BaseFutFee);
- The fees in RUB per contract are adjusted quarterly to be in line with BaseFutFee;
- The fee for a group of contracts is set quarterly on the basis of BaseFutFee for every futures contract. It is charged in RUB per contract. The futures price used to calculate the fee 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. Such settlement prices and absolute values of fees in RUB will be published on the Exchange”s website on the next day.
After the transitional period expires, the fee for every group of contracts will be set on the basis of BaseFurFee and charged in RUB per contract. The futures price used to compute the fee will be the trade price.
During the transitional period and thereafter, options will be charged on the basis of exchange fees for futures contracts as follows:
- During one year after the launch of new fees, options will be charged at 0.5% of their theoretical value 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;
- After that, options will be charged at 10% of their theoretical value 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;
The new fees will come into force on 3 October 2016.
* One basis point is 0.01%
** Scalper trades in futures are trades executed on the basis of anonymous orders giving rise to positions in the futures opened and closed within a 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.