Tariffs for the Moscow Exchange Information Services

TARIFFS & FEES

(PDF-versions of approved documents with Tariffs)

1. Tariffs applicable for subscribers consuming the Moscow Exchange market data
   via an authorized access to the Exchange's proprietary web interfaces and databases
   (with no rights for further dissemination of the data)
   1. Real time streaming data
   2. Trading results (daily updates)
   3. Archive data
2. Tariffs applicable for local (Russian) data distributors (data vendors)
   (with rights for further dissemination of the data)
   1. Real time streaming data (including orderbooks)
   2. Real time deal data (without orderbooks)
   3. Delayed (15 min.) streaming data for further public displaying/dissemination
   4. Trading results for further public displaying/dissemination
   5. Training data
3. Tariffs applicable for foreign (non-Russian) data distributors (data vendors)
   (with rights for further dissemination of the data)
   1. Real time streaming data (including orderbooks)
   2. Real time deal data (without orderbooks)
   3. Delayed (15 min.) streaming data for further public displaying/dissemination
   4. Trading results for further public displaying/dissemination
   5. Training data
4. Tariffs for provision of the Market Data (direct access) for Non-display Usage and for creating Derived Data
   1. Tariffs for provision of the Market Data for Non-display Usage
   2. Tariffs on providing the data to be used for creating Derived data
5. Tariffs on providing the data from the "MOEX Board" system of indicative quotes, applicable for data distributors (data vendors)

I. Market Data Services for end-users (direct access to the Exchange datafeed)

1) Real time streaming data

Remarks:

1. EQUITIES – trading in equities, fund units and depository receipts on the Moscow Exchange Group markets.
2. BONDS –trading in bonds on the Moscow Exchange Group markets.
3. CURRENCIES – trading in foreign currencies at the Moscow Exchange.
4. FUTURES AND OPTIONS – trading in standard contracts at the Moscow Exchange.
5. The Market Data provided to end-users is purposed for individual use, except Non-display Usage, and excluding systems for calculation of the Derived Data purposed for further public distribution). The end-users are not allowed to distribute the received Market Data without the written consent of the Exchange.
6. The service of providing Real time streaming data is rendered by an authorized (logon/password) access to the Exchange web-server.
7. The minimum period of access (subscription) is 1 month. Access (subscription) periods shall be multiple of 1 month.
8. The Tariffs are applied for the subscription periods lasting from 1 to 3 months. For the subscriptions lasting from 4 to 6 months a 5% discount is provided. For the subscriptions lasting from 7 to 12 months a 10% discount is provided.
9. The Tariffs do not include VAT. VAT is charged in the cases stipulated in the legislation of the Russian Federation. In cases where the service recipient is not a resident of the Russian Federation, the tariff for the information service is not subject to VAT, provided that the recipient of the service presents the documents proving that the recipient of the service executes his business activity not on the territory of the Russian Federation.

2) Trading results

Remarks:

1. The Market Data provided to end-users is purposed for individual use, except Non-display Usage, and excluding systems for calculation of the Derived Data purposed for further public distribution). The end-users are not allowed to distribute the received Market Data without the written consent of the Exchange.
2. The service of providing Trading results is rendered by an authorized (logon/password) access to the Exchange web-server.
3. The services indicated herein include an additional option for the end users. The option implies receiving of notifications on updates of Trading results (trading results historical data) ordered by an user on the Exchange's web-server.
4. The services indicated herein include providing Trading Results (Trading results) from the trading modes intended for qualified investors to registered users subscribed to the Trading Results (Trading results).
5. The services indicated herein include providing registers of transactions (anonymous, impersonal data on registered trades) concluded at trading sessions within the period of a user subscription, excluding transactions (trades) registered in the trading modes intended for qualified investors.
6. The minimum period of access (subscription) is 1 month. Access (subscription) periods shall be multiple of 1 month.
7. The Tariffs do not include VAT. VAT is charged in the cases stipulated in the legislation of the Russian Federation. In cases where the service recipient is not a resident of the Russian Federation, the tariff for the information service is not subject to VAT, provided that the recipient of the service presents the documents proving that the recipient of the service executes his business activity not on the territory of the Russian Federation

3) Archive data

Remarks:

1. (*) The information item shall mean a numeric value of a parameter describing the Trading results (trading results historical data) (for example, price, volume, etc.)
2. The Archive Data provided to end-users is purposed for individual use.  The end users shall refrain from disseminating the Archive Data received without the prior written approval of the Exchange.
3. The order logs is provided in electronic format or by allowing an authorized access to the Exchange's FTP-server for downloading thereof.
4. VAT is charged in the cases stipulated in the legislation of the Russian Federation.

II. Market Data services rendered to distributors acting in the Russian Federation

1) Real time streaming data

Remarks:

1. EQUITIES – trading in equities, fund units and depository receipts on the Moscow Exchange Group markets.
2. BONDS –trading in bonds on the Moscow Exchange Group markets.
3. CURRENCIES – trading in foreign currencies at the Moscow Exchange.
4. FUTURES AND OPTIONS – trading in standard contracts at the Moscow Exchange.
5. Markets of the ETS – trading on all the Еurasian Тrade System Сommodity Exchange markets (Kazakhstan).
6. The vendor license (the monthly flat fee paid by a distributor) is payable regardless of whether such distributor has clients (end users). The vendor license includes the right of a distributor to disseminate the Delayed streaming data and Trading results (trading results historical data) without paying any additional fees.
7. The monthly per client fee (monthly variable fee) is payable in addition to the vendor license if a distributor has clients (end users).
8.  (*) The information product "The Moscow Exchange by request" implies providing the Real time streaming data for a certain instrument traded on any Moscow Exchange Group market at a specific time including information on best bid/ask.
9. A distributor shall provide the Market Data to its clients (end users) for personal use, inter-alia Non-display Usage (excluding systems for calculation of the Derived Data purposed for further public distribution). The end-users are not allowed to distribute the received Market Data without the written consent of the Exchange.
10. The Tariffs do not include VAT. VAT is charged in the cases stipulated in the legislation of the Russian Federation. In cases where the service recipient is not a resident of the Russian Federation, the tariff for the information service is not subject to VAT, provided that the recipient of the service presents the documents proving that the recipient of the service executes his business activity not on the territory of the Russian Federation.

2) Real time deal data, Delayed streaming data, Trading results

Remarks:

1. The tariff for the Real time deal data also implies the right of a distributor to disseminate the Delayed streaming data and Trading results (trading results historical data) without paying any additional fees.
2. The tariff for the Delayed streaming data also implies the right of a distributor to disseminate the Delayed streaming data and Trading results (trading results historical data) without paying any additional fees.
3. The tariffs applied to an issuer imply dissemination of the Market Data exclusively as for securities of this issuer.
4. The tariffs in the table above are fixed and not related to the number of the data recipients.
5. The information products indicated in the table above include market data for all the markets of the Moscow Exchange Group.
6. The tariffs in the table above imply the right for the distributors to further disseminate the Market Data received by publishing thereof on their proprietary web-sites, sending direct e-mails, messages to mobile devices, distributing via the radio and TV channels, etc. and does not imply distributing the Market Data on web-sites not belonging to the distributor and being maintained (hosted) by it. 
7. The tariff for the Real time deal data does not applied to the distributors' proprietary information systems implying using terminals and products that are not constitute a web-site.
8. VAT is charged in the cases stipulated in the legislation of the Russian Federation.
9. If a distributor disseminates partial volume of data constituting the Information products indicated in the table above, the Exchange is entitled to specify in the agreement with the distributor the adjusted amount of payment based on the tariffs indicated in the table above and partial volume of disseminated data. 

III. Market Data services rendered to distributors acting outside the Russian Federation

1) Real time streaming data

Remarks:

1. EQUITIES – trading in equities, fund units and depository receipts on the Moscow Exchange Group markets.
2. BONDS –trading in bonds on the Moscow Exchange Group markets.
3. CURRENCIES – trading in foreign currencies at the Moscow Exchange.
4. FUTURES AND OPTIONS – trading in standard contracts at the Moscow Exchange.
5. Markets of the ETS – trading on all the Еurasian Тrade System Сommodity Exchange markets (Kazakhstan).
6. The vendor license (the monthly flat fee paid by a distributor) is payable regardless of whether such distributor has clients (end users). The vendor license includes the right of a distributor to disseminate the Delayed streaming data and Trading results (trading results historical data) without paying any additional fees.
7. The monthly per client fee (monthly variable fee) is payable in addition to the vendor license if a distributor has clients (end users).
8.  (*) The information product "The Moscow Exchange at the request" implies providing the Real time streaming data for a certain instrument traded on any Moscow Exchange Group market at a specific time including information on best bid/ask.
9. A distributor shall provide the Market Data to its clients (end users) for personal use, inter-alia Non-display Usage (excluding systems for calculation of the Derived Data purposed for further public distribution). The end-users are not allowed to distribute the received Market Data without the written consent of the Exchange.
10. All tariffs are exclusive of VAT and not subject to VAT provided that documents proving rendering the Market Data services outside the Russian Federation as per the law of the Russian Federation have been submitted.

2) Real time deal data, Delayed streaming data, Trading results

Remarks:

1. The tariff for the Real time deal data also implies the right of a distributor to disseminate the Delayed streaming data and Trading results (trading results historical data) without paying any additional fees.
2. The tariff for the Delayed streaming data also implies the right of a distributor to disseminate the Delayed streaming data and Trading results (trading results historical data) without paying any additional fees.
3. The tariffs applied to an issuer imply dissemination of the Market Data exclusively as for securities of this issuer.
4. The tariffs in the table above are fixed and not related to the number of the data recipients.
5. The information products indicated in the table above include market data for all the markets of the Moscow Exchange Group.
6. The tariffs in the table above imply the right for the distributors to further disseminate the Market Data received by publishing thereof on their proprietary web-sites, sending direct e-mails, messages to mobile devices, distributing via the radio and TV channels, etc. and does not imply distributing the Market Data on web-sites not belonging to the distributor and being maintained (hosted) by it. 
7. The tariff for the Real time deal data does not applied to the distributors' proprietary information systems implying using terminals and products that are not constitute a web-site.
8. All tariffs are exclusive of VAT and not subject to VAT provided that documents proving rendering the Market Data services outside the Russian Federation as per the law of the Russian Federation have been submitted.
9. If a distributor disseminates partial volume of data constituting the Information products indicated in the table above, the Exchange is entitled to specify in the agreement with the distributor the adjusted amount of payment based on the tariffs indicated in the table above and partial volume of disseminated data. 

IV. Services for provision of the Market Data (direct access) for Non-display Usage and for generation of the Derived Data intended for onward public distribution and usage. Services for provision of Training Data

1) Services for provision of the Market Data (direct access) for Non-display Usage

Remarks:

1. The tariffs for the provision of Market Data for Non-display Usage imply optional provision of the Real Time Streaming Data, or Real Time Deal Data, or Delayed Streaming Data, or Trading Results (Trading results).

2. The tariffs do not VAT. VAT is charged in the cases stipulated in the legislation of the Russian Federation. In case when the recipient of the service is not the resident of Russian Federation, the Russian VAT is not applicable to the service cost, provided that the recipient of the service presents to the Exchange the documents proving that the business activity of the recipient of service is located outside the territory of the Russian Federation.

3. (*)Money Market includes the REPO Section of the Stock Market and the Market of Deposits.

2) The Market Data being used in generation of the Derived Data intended for further distribution

Remarks:

1. The tariffs for the Market Data being used in generation of the Derived Data imply optional provision of the Real time streaming data (including orders), or Real time streaming data Snapshot, or Delayed streaming data, or Trading results (without orders).
2. The tariffs in the table above are fixed and not related to the number of the derived parameters created based on the Market Data and number of the Derived Data recipients.
3. VAT is charged in the cases stipulated in the legislation of the Russian Federation.

3) Training data (derived data used for mock trading)

Remarks:

1. The tariffs for the Game Data being used for mock trading are applied where such Game Data is provided both through accessing directly the Exchange's Game (mock trading) servers and distributors.
2. The tariffs for the Game Data being used for mock trading are charged on/per each distributor disseminating such data to end users. Number of such end users is not capped.
3. VAT is charged in the cases stipulated in the legislation of the Russian Federation.

V. Tariffs on providing the data from the "MOEX Board" system of indicative quotes, applicable for data distributors (data vendors)

Remarks:  VAT is charged in the cases stipulated in the legislation of the Russian Federation.

Documents to download

• Tariffs for the Moscow Exchange Information Services
• Information Services Contracts