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Fees and Charges calculator

The amount of fees:
Maintenance: Please input capitalization of shares in roubles
*Out of QL – securities not admitted to quotation lists

Fees

take effect since 09.06.2014

Payment for services provided by Moscow Exchange in accordance with Moscow Exchange's Listing Rules

Fees
Abbreviations:

  • DR — depositary receipt, representing the relevant type of security
  • SMB — subfederal and municipal bonds

Inclusion and maintenance of securities

2.1. Fees* for inclusion services (change of listing level) of securities are:

Inclusion (change of listing level) of securities
Security type Fee, RUB
Listing level
Level 1 Level 2 Level 3
1. Securities (excluding those indicated in points 2-4 of this table) 200,000 100,000 20,000
2. SMB 60,000 40,000 20,000
3. Central Bank bonds 60,000 40,000 20,000
4. Mutual investment funds/ Mortgage backed certificates 80,000 60,000 20,000

* not refunded in case of listing level reduction

2.1.1 Fees for inclusion and maintenance of Level 3 securities are not charged in the following cases:

  • The securities underwent listing with another trading organiser;
  • Inclusion of foreign depository receipts representing securities of a Russian or foreign issuer that are admitted to organised trading on a Russian exchange;
  • Securities are transferred to Level 3.

2.2. Fees for inclusion and maintenance of securities in the Premium Segment are:

Premium Segment
  Fees, RUB
Inclusion 300,000
Maintenance 300,000 p.a.

2.3. Fees for maintaining securities (excluding cases stipulated in points 2.4. and 2.1.1.) are:

Maintenance
Type of security Fee, RUB p.a.
Listing level
Level 1 Level 2 Level 3
1. Securities (excluding those indicated in points 2-4 of this table) 100,000 80,000 60,000
2. SMB 40,000 30,000 20,000
3. Central Bank bonds 40,000 30,000 20,000
4. Mutual investment funds/ Mortgage backed certificates 60,000 50,000 40,000

2.4. Fees for maintaining shares are:

Share maintenance
Listing level Range Range limits (capitalisation) Fee calculation methodology, RUB p.a.
Lower limit, RUB bln Upper limit, RUB bln Fixed component, RUB Variable component
% of amount
exceeding
lower limit
Maximum, RUB
Level 1 1   1 100,000 0.0015 15,000
2 >1 10 100,000 0.001 105,000
3 >10 20 100,000 0.00075 180,000
4 >20 50 100,000 0.0005 330,000
5 >50   100,000 0.00025 950,000
Level 2 1   1 80,000 0.00075 7,500
2 >1 10 80,000 0.0005 52,500
3 >10 20 80,000 0.00025 77,500
4 >20 50 80,000 0.0002 137,500
5 >50   80,000 0.00010 300,000
Level 3 - - - 60,000 - -

2.4.1. Fees for share maintenance are calculated thus:

  • fees comprise fixed and variable components;
  • the fee size depends on the listing level and capitalisation of shares of the relevant type (five ranges are used depending on the issuer's capitalisation);
  • the variable component is calculated as a percentage of the amount exceeding the capitalisation above the lower limit plus maximum amount of the variable component established for the previous range; the size of the variable component should not exceed the maximum level range;
  • capitalisation, for the purpose of these Tariffs, is defined as the capitalisation of shares of the relevant type (total market price), calculated by the Exchange, for the purpose of listing, according to the last calculated price.

2.4.2. If capitalisation in accordance with this point cannot be calculated, the fee is charged in accordance with point 2.3 of these Tariffs.

2.5. Fees for inclusion, maintenance, and placement of sovereign securities are not levied.

2.6. Fees provided for by these Tariffs are not levied if the Exchange lists its own securities.

Admission of securities for placement

2.7. Fees for bond placement are:

Bond placement
Range Range (issue volume) limits Fee calculation methodology
Bonds (DRs) SMB
Lower limit, RUB bln Upper limit, RUB bln % of issue size Maximum, RUB Fee, RUB
1   1 - 350,000 300,000
2 > 1 3 0.0033% 450,000
3 > 3 5 0.0020% 550,000
4 > 5 10 0.0005% 600,000
5 > 10   0.0003% 650,000

2.7.1. Fees for bond placement are calculated thus:

  • fees comprise only a variable component;
  • the fee size depends on issue volume (five ranges are used depending on the issue volume);
  • the variable component is calculated as a percentage of the issue size for the relevant range plus maximum fee established for the previous range; the size of the variable component should not exceed the maximum level range;
  • Upon confirmation of a decision to increase an issue's (additional issue's) par value (increase the issue size), the placement fee is calculated by the Exchange according to the new size. In this case the Exchange presents a bill for the difference between the adjusted fee size and the fee paid.

2.7.2. Bond placement services include the following: inclusion (change of listing level), admission to placement, and maintenance for the year in which the bonds are placed. When a fee is charged for placement, these fees are not charged.

2.7.3. Fees for placement are charged for additional placements.

2.7.4. When submitting documentation for more than one issue, the issuer may select the following placement fee option (hereafter Package):

Bond placement: Package fee
Tariff structure Fee size
Fixed component RUB 3 mln
Variable component: for first and last issues* RUB 200,000 for each issue (additional issue)

* which issue is the first and which follow is determined when documentation for multiple issues is submitted simultaneously.

2.8. Fees for admitting Central Bank bonds for placement are:

Admission of Central Bank bonds for placement
Number of issues p.a. Fee, RUB
First issue 150,000
Subsequent issues (if documentation is submitted to for admission to placement
in the same calendar year as the first issue)
50,000

Exchange-registered bonds

2.9. Fees for assigning exchange-registered bonds an ID number are:

Assigning exchange-registered bonds an ID number
Number of issues Fee size
First issue RUB 150,000
Subsequent issues* RUB 50,000 per issue

* which issue is the first and which follow is determined when documentation for multiple issues is submitted simultaneously.

2.10. The fee* for approval of changes to Decision on exchange-registered bond issue (additional issue) and/or prospectus of exchange-registered bonds is RUB 20,000.

* fee is applicable in the following cases:

1. with simultaneous submission of changes to Decision on exchange-registered bond issue and to prospectus of exchange-registered bonds;

2. with submission of changes to Decision on exchange-registered bond issue or to prospectus of exchange-registered bonds.

2.11. The fees for preliminary consideration of exchange-registered bond documentation are:

Preliminary consideration of exchange-registered bond documentation
Number of issues Fees
First RUB 75,000
Subsequent * RUB 25,000 each

* which issue is the first and which follow is determined when documentation for multiple issues is submitted simultaneously.

Transitional provisions

3.1. Fees for maintaining securities on Level 3 are not charged if the securities were included on the List of securities admitted to trading as of 29 September 2013.

3.2. Up to 1 January 2014, fees for including and maintaining securities on Level 3 are not charged for securities of issuers that are obliged to conclude agreements (contracts) relating to results of purchases or placements of orders in accordance with the law № 94-FZ "on placement of orders for delivery of goods, conduct of work, provision of services for government or municipal requirements" dated 21 July 2005 or the law № 223-FZ "On purchases of goods, work, services by separate types of legal entity" dated 18 July 2011, if not otherwise established in agreements (contracts) signed by 31 December 2013.

3.3. Regarding bonds included on Quotation lists before these Tariffs come into force, when the exchange determines the start date of trading, the fee for placement of these bonds, established in point 2.7 of these Tariffs, is reduced by the fee already paid to the Exchange:

  • For inclusion of bonds on the relevant quotation list and evaluation of these bonds;
  • For maintenance of bonds on the relevant quotation list (listing level) for the current year.

3.4. Regarding bonds included on the Out of quotation list and in the section "Securities admitted to placement" before these Tariffs come into force, placement fees established in point 2.7 of these Tariffs are charged in full when the Exchange determines the date of the trading commencement.

Fees and Charges before 09.06.2014

Fees and Charges before 30.09.2013

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