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National Settlement Depository
National Settlement Depository (NSD) is the central securities depository of the Russian Federation
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              5. Cash Equities Fees
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              Cash Equities Fees

              Trades in stocks, depository receipts, ETF shares, mortgage certificates, and other securities

              Tariffs in all modes, excepting tariffs in placement and buyback trading modes:

              Effective from 01.11.2022

                MAKER TAKER
                Moscow Exchange,
              trading fee
              not subject to VAT              		 National Clearing
              Centre clearing fee,
              not subject to VAT              		 Total fee Moscow Exchange,
              trading fee
              not subject to VAT              		 National Clearing
              Centre clearing fee,
              not subject to VAT              		 Total fee
              ASYMMETRIC PRICING MODEL (MAKER – TAKER1)
              MAIN TRADING MODE Т+ (MODE T+1), "ODD LOTs", "IIR sector"
              • Trading period
              		 0,00% 0,00% 0,00% 0,01725% 0,01275% 0,03%
              SYMMETRIC PRICING MODEL (MAKER – TAKER)
              MAIN TRADING MODE Т+ (MODE T+1)
              • Opening auction (OA)
              • Discrete auction (DA) in Trading period
              • Closing auction (CA) / Post-trading period


              "IIR sector"
              • Opening auction (OA)
              • Closing auction (CA)
              • Discrete auction (DA) in Trading period

              NTM / NTM with CCP, NTM / NTM with CCP ("IIR sector"),
              Trading mode "settlement of derivatives contracts", trading mode of placement and redemptions and other trading modes
              (including the Placement modes and Buybacks with the exception of shares and depositary receipts)              		 0,008625% 0,006375% 0,015% 0,008625% 0,006375% 0,015%
              Trades executed on the basis of orders with the use of Trading and Clearing Accounts of the Non-Resident as defined by the Clearing Rules - C-type Accounts 0,01725% 0,01275% 0,03% 0,01725% 0,01275% 0,03%

              1The maker is the passive side of the trade, providing liquidity; and the taker is the active side of the trade, receiving liquidity.

              The minimum variable fee (applicable to symmetrical pricing models, as well as to liquidity-taking trades in asymmetrical pricing model) is charged and collected on the trade amount on the trade date and is at least RUB 0.02 (RUB 0.01 - the Trading Fee and RUB 0.01 - the Clearing Fee).

              Iceberg orders
              An extra commission fee charged by the Exchange of 0.0025% of the trade amount is charged to both taker and maker for trades executed on the basis of iceberg orders.

              Closing Auction orders
              An extra trading fee of 0.0025% of the trade amount is charged to both taker and maker for trades executed on the basis of limit or market orders of Closing Auction.

              Market orders in the Opening Auction
              An extra fee of 0.0025% of the trade amount is charged to both taker and maker for trades executed in the Opening Auction on the basis of market orders.
              Preferential tariffs for voluntary rollovers
              Trades on a voluntary rollover of client positions are subject to a fee that applies from 9:30 to 10:00 and from 18:45 to 19:00 Moscow time. The preferential flat fee applies only to cross-agency trades in shares and depositary receipts on shares (not in bonds).

              • The aggregate fee for negotiated trades and negotiated trades with the CCP is RUB 0.35 per trade, irrespective of the trade size.


              Tariffs in placement and buyback trading modes:

              Effective from с 18.03.2024

                Moscow Exchange,
              trading fee
              not subject to VAT              		 National Clearing
              Centre clearing fee,
              not subject to VAT              		 Total fee Moscow Exchange,
              trading fee
              not subject to VAT              		 National Clearing
              Centre clearing fee,
              not subject to VAT              		 Total fee
                BUYER SELLER
              Placements (sales):
              • Trading mode "Placement: Auction",
              • Trading mode "Placement: Off-book Orders"
              		 0,000000% 0,000000% 0,000% 0,08625% 0,06375% 0,15%
                BUYER SELLER
              Buybacks:
              • Trading mode " Buyback: Auction",
              • Trading mode " Buyback: Off-Book orders"
              		 0,08625% 0,06375% 0,15% 0,000000% 0,000000% 0,000%

              The minimum variable fee (for transactions on the issuer's side) is calculated and charged on the trade amount on the trade date and is at least RUB 0.02 (RUB 0.01 - the Trading Fee and RUB 0.01 - the Clearing Fee).
              The maximum variable fee (for transactions on the issuer's side) within one trading day for one security in one trading mode shall be charged in the amount not exceeding RUB 30,000,000 (RUB 17,250,000 - the Trading Fee, RUB 12,750,000 - the Clearing Fee).

              At the same time, for the purposes of fee collection, the volume of a transaction is determined as the greater of:

              • Product of the trade price by the number of securities in the trade,
              • Product of the previous day's closing price by the number of securities in the trade,
              • The product of the indicator "Settlement price for the purposes of determining price deviations" by the number of securities in the trade. The settlement price provided by the issuer to the Moscow Exchange is used as the "Settlement Price for the Purposes of Determining Price Deviations" indicator. The "Settlement Price for the Purposes of Determining Price Deviations" indicator is used for the purposes of calculating the commission fee only if the previous day's closing price is not available on the commission fee calculation date.