Surcharge
The Exchange imposes a surcharge in order to boost order book liquidity and reduce unproductive load on the FX market trading system that occurs due to ineffective orders generated by brokers and/or their HFT clients.
Main principles of the surcharge calculation:
- The surcharge serves as remuneration for the provision of the Integrated Technological Service. It is calculated if the order threshold is exceeded;
- The surcharge is calculated in RUB based on trades and orders of a broker and end client;
- The surcharge is calculated with regard to orders and trades in spot instruments (negotiated orders and trades as well as BYN/RUB currency pair instruments are not considered);
- The surcharge is not imposed if number of orders entered is 30,000 or less;
- The first ever positive surcharge is not imposed.
The main changes to the surcharge from November 2, 2024
On non-working days (weekends and holidays), as well as working days postponed to weekends, the number of free applications covered by a turnover of 1 million rubles increases from 200 to 400 for all Bidders (the value of the turnover factor for transactions (coefficient K) in the formula for calculating the surcharge on such days increases from 0.02% to 0.04%).
Key changes in calculating the surcharge since August 1, 2022
- Instead of using the fee paid by the Member on trades, the turnover on the Member’s trades will be used to compensate for excess orders when calculating the surcharge;
- When calculating the surcharge according to the new scheme, the weight of the paid fee on transactions does not depend on the volume of orders from which these fee were executed. Prior to August 1, trades executed at the request of 500,000 units of currency or more had a greater weight in the calculation of the surcharge.
- Fee schedules are not considered, as since August 1, 2022 all the fee schedules for SPOT trades are canceled and a single tariff rate for all the Members of the maker/taker trading model is applied;
- Trades and orders on BYNRUB (BYNRUB_TOD, BYNRUB_TOM) currency pair are excluded from the calculation of the surcharge;
- New sections, considering the share of trades of the Member or the client on the market, are added to the Surcharge Report for the Trading Member (CUX16).
Key changes in calculating the surcharge since November 14, 2022
- The surcharge cannot be greater than RUB 3 000 000 per day per broker or end client;
- If a Member or his client (by a unique code) has executed an anonymous spot trade with a volume of less than 3% of the entire spot market, then the surcharge of RUB 0.1 per each uncompensated by the turnover of trades order.
- If a Member or his client (by a unique code) has executed an anonymous spot trade with a volume of 3% or more of the entire spot market and the number of orders has not exceeded 3 000 000 during the trading day, then he is exempt from paying the surcharge.
- If a Member or his client (by a unique code) has executed an anonymous spot trade with a volume of 3% or more of the entire spot market and the number of orders has exceeded 3 000 000 during the trading day, then the surcharge of RUB 0.1 per each uncompensated by the turnover of trades order.
Table of changes:
| Number of orders (mio.) | % of spot market | Surcharge* |
|---|---|---|
| – | <3% | RUB 0,1** |
| <3 | ≥3% | No |
| ≥3 | ≥3% | RUB 0,1** |
*max – RUB 3 000 000
** for orders, which were not compensated by the turnover of trades
Key changes in calculating the surcharge since February 13, 2023
- BYNRUB (BYNRUB_TOD, BYNRUB_TOM) orders and deals are added to the calculation of Surcharge.