Moscow Exchange change tick sizes from 1 November 2016
To improve efficiency of the equity market microstructure, Moscow Exchange is changing tick sizes for the following securities as part of the regular quarterly review. The new tick sizes will take effect from 1 November 2016:
| Ticker | Issuer (Asset management company) |
Type, category | State registration number (Number of trust management rules) | ISIN | Tick size (until 1 Nov 2016) |
Tick size (from 1 Nov 2016) |
|---|---|---|---|---|---|---|
| ARSA | Arsagera | ords | 1-01-03163-D | RU000A0JP0Q7 | 0.005 | 0.01 |
| BGDE | Bogorodskie Delikatesy | ords | 1-01-15042-A | RU000A0JSVY3 | 0.005 | 0.001 |
| CBOM | Credit Bank of Moscow | ords | 10101978B | RU000A0JUG31 | 0.005 | 0.001 |
| CNTLP | Central Telegraph | prefs | 2-03-00327-A | RU0007665139 | 0.05 | 0.01 |
| FESH | FESCO | ords | 1-03-00032-A | RU0008992318 | 0.005 | 0.001 |
| GRNT | Git | ords | 1-01-05280-D | RU000A0JV532 | 0.005 | 0.001 |
| HIMCP | KhimProm | prefs | 2-01-55076-D | RU0009099006 | 0.005 | 0.01 |
| KROT | Krasny Octyabr | ords | 1-02-00060-A | RU0008913850 | 0.5 | 1 |
| MFON | MegaFon | ords | 1-03-00822-J | RU000A0JS942 | 0.5 | 0.1 |
| MTLRP | Mechel | prefs | 2-01-55005-E | RU000A0JPV70 | 0.01 | 0.05 |
| NAUK | Nauka | ords | 1-01-04440-A | RU000A0JRPX9 | 0.5 | 1 |
| NNSBP | TNS energo NN | prefs | 2-01-55072-E | RU000A0ET5B9 | 1 | 5 |
| RNAV | RNT | ords | 1-03-66953-H | RU000A0JQX77 | 0.05 | 0.01 |
| SELGP | Seligdar | prefs | 2-01-32694-F | RU000A0JS2J5 | 0.1 | 0.01 |
| TRNFP | Transneft | prefs | 2-01-00206-A | RU0009091573 | 100 | 50 |
| TUZA | Tuimazinskiy zavod avtobetonovozov | ords | 1-01-30455-D | RU000A0HL7A2 | 0.5 | 1 |
| ZHIV | Live Office | ords | 1-01-05382-D | RU000A0JTVB9 | 0.1 | 0.01 |
The new tick sizes will apply in the following trading modes:
- T+2 Central order book;
- Odd lots;
- Dark pools;
- Central order book for D Equities;
- Negotiated trades;
- D-equities – negotiated trades;
- Negotiated trades with the CCP.
The Decimals parameter measuring the tick size accuracy will remain unchanged for the above-mentioned securities.
However, it will be changed for the following securities from 1 November 2016 with the tick size remained the same:
| Ticker | Issuer (Asset management company) |
Type, category | State registration number (Number of trust management rules) | ISIN | Tick size (until 1 Nov 2016) |
Tick size (from 1 Nov 2016) |
|---|---|---|---|---|---|---|
| RU000A0JVRF4 | Sberbank Asset Management | Fund unit | 3030 | RU000A0JVRF4 | 1 | 0 |
Note:
To determine the tick size, the security's liquidity is taken into account in addition to its price. This allows the spread between the best bid and best ask to be narrowed, the time for orders to be filled at the best price to be reduced, and encourages investors to enter limit orders in the exchange order book. Improvement of the order book quality broadens the range of securities available for use with algorithmic strategies.
The price ticks are to be reviewed quarterly from the second quarter of 2015.
The price tick method employed by Moscow Exchange was adopted by the MICEX SE's Equity & Bond Market Committee on 27 June 2014.
For further information, please contact the Public Relations Department at (495) 363-3232.