Fixed Income Fees
Trades in bonds excluding trades with Federal loan bonds (OFZ) and come within tariff "Placement – fixed rate"
| Trading mode | Trading fee of Moscow Exchange, not subject to VAT |
Clearing fee of National Clearing Centre, not subject to VAT |
Fee as per the Agreement on Integrated Technological Services with the Moscow Exchange1, not subject to VAT |
Total fee |
|---|---|---|---|---|
| Main trading mode | 0.0000575% from sum of the trade * term to maturity, but not more than 0.00575% from sum of the trade |
0.0000425% from sum of the trade * term to maturity, but not more than 0.00425% from sum of the trade |
- | 0.0001% from sum of the trade * term to maturity, but not more than 0.01% from sum of the trade |
| Negotiated trades, negotiated trades for qualified investors |
0.0000575% from sum of the trade * term to maturity, but not more than 0.00575% from sum of the trade or RUB 1035 |
0.0000425% from sum of the trade * term to maturity, but not more than 0.00425% from sum of the trade or RUB 765 |
- | 0.0001% from sum of the trade * term to maturity, but not more than 0.01% from sum of the trade or RUB 1,800 |
| Settlement of derivatives contracts | 0.0013% from sum of the trade |
0.0007% from sum of the trade |
- | 0.002% from sum of the trade |
| Other trading mode | 0.0000575% from sum of the trade * term to maturity, but not more than 0.0071875% from sum of the trade |
0.0000425% from sum of the trade * term to maturity, but not more than 0.0053125% from sum of the trade |
- | 0.0001% from sum of the trade * term to maturity, but not more than 0.0125% from sum of the trade |
Trades with Federal loan bonds (OFZ)
Trading mode |
Tariff plan |
Trading fee of Moscow Exchange, not subject to VAT |
Clearing fee of National Clearing Centre, not subject to VAT |
Fee as per the Agreement on Integrated Technological Services with the Moscow Exchange1, not subject to VAT |
Total fee |
|---|---|---|---|---|---|
| Main trading mode Т+ (TQOB) |
Tariff 1 | 0.0000575% from sum of the trade * term to maturity, but not more than 0.00575% from sum of the trade |
0,0000425% from sum of the trade * term to maturity, but not more than 0,00425% from sum of the trade |
- | 0,0001% from sum of the trade * term to maturity, but not more than 0,01% from sum of the trade |
| Tariff 2 | On deals based on passive orders (maker): 0,0000575% from sum of the trade * term to maturity, but not more then 0,0023% from sum of the trade On deals based on active orders (taker): 0,0000575% from sum of the trade * term to maturity, but not more than 0,0069% |
On deals based on passive orders (maker): 0,0000425% from sum of the trade * term to maturity, but not more then 0,0017% from sum of the trade On deals based on active orders (taker): 0,0000425% from sum of the trade * term to maturity, but not more than 0,0051% from sum of the trade |
- | On deals based on passive orders (maker): 0,0001% from the sum of the trade * term to maturity, but not more then 0,004% from sum of the trade On deals based on active orders (taker): 0,0001% from the sum of the trade * term to maturity but not more than 0,012% from sum of the trade |
|
| Tariff 3 | 0,0000575% from sum of the trade * term to maturity, but not more than 0,0046% from sum of the trade | 0,0000425% from sum of the trade * term to maturity, but not more than 0,0034% from sum of the trade | - | 0,0001% from the sum of the trade * term to maturity, but not more than 0,008% from the sum of the trade | |
| Trading mode "Negotiated trades with CСP" (PTOB) |
Tariff 1 | 0,0071875% from sum of the trade |
0,0053125% from sum of the trade | - | 0,0125% from the sum of the trade |
| Tariff 2 | 0,00575% from sum of the trade |
0,00425% from sum of the trade | - | 0,01% from the sum of the trade | |
| Tariff 3 | 0,00575% from sum of the trade |
0,00425% from sum of the trade | - | 0,01% from the sum of the trade | |
| Negotiated trades mode (PSOB) |
Tariff 1 | 0,00575% from sum of the trade, but not more than RUB 1035 per trade | 0,00425% from sum of the trade, but not more than RUB 765 per trade | - | 0,01% from the sum of the trade, but not more than RUB 1800 per trade |
| Tariff 2 | 0,00575% from sum of the trade, but not more than RUB 2012,5 per trade | 0,00425% from sum of the trade, but not more than RUB 1487,5 per trade | - | 0,01% from the sum of the trade, but not more than RUB 3500 per trade | |
| Tariff 3 | 0,00575% from sum of the trade, but not more than RUB 2012,5 per trade | 0,00425% from sum of the trade, but not more than RUB 1487,5 per trade | - | 0,01% from the sum of the trade, but not more than RUB 3500 per trade | |
| Block trading (TQDB) |
Tariff 1 | 0,0043125% from sum of the trade |
0,0031875% from sum of the trade |
- | 0,0075% from the sum of the trade |
| Tariff 2 | 0,002875% from sum of the trade |
0,002125% from sum of the trade |
- | 0,005% from the sum of the trade | |
| Tariff 3 | 0,002875% from sum of the trade |
0,002125% from sum of the trade |
- | 0,005% from the sum of the trade | |
| Settlement of derivatives contracts |
Tariffs 1,2,3 | 0,0013% from sum of the trade |
0,0007% from sum of the trade |
- | 0,002% from sum of the trade |
| Other trading modes |
Tariffs 1,2,3 | 0,0000575% from sum of the trade * term to maturity, but not more than 0,0071875% from sum of the trade | 0,0000425% from sum of the trade * term to maturity, but not more than 0,0053125% from sum of the trade | - | 0,0001% from sum of the trade * term to maturity, but not more than 0,0125% from sum of the trade |
Tariff plan for transactions in trading modes "Placement – fixed rate" and "Buy back – negotiated orders"
| Volume of the transaction, RUB | Type of commission |
Trading fee of Moscow Exchange, not subject to VAT |
Clearing fee of National Clearing Centre, not subject to VAT |
Fee as per the Agreement on Integrated Technological Services with the Moscow Exchange1, not subject to VAT |
Total fee |
|---|---|---|---|---|---|
| Securities with circulation period from 1 till 7 days (included) | |||||
| Without depending on the volume of the transaction | Turnover fee | 0,000023% * term to maturity * sum of the trade | 0,000017% * term to maturity * sum of the trade | - | 0,00004% * term to maturity * sum of the trade |
| Other securities | |||||
| Less or equal RUB 10 000 000 000 | Additional turnover fee | ((0,000023% * term to maturity(1) + 0,0000575% * (term to maturity - term to maturity(1)), but not more than 0,0071875%) * sum of the trade | ((0,000017% * term to maturity(1) + 0,0000425% * (term to maturity - term to maturity(1)), but not more than 0,0053125%) * sum of the trade | - | ((0,00004% * term to maturity(1) + 0,0001% * (term to maturity - term to maturity(1)), but not more than 0,0125%) * sum of the trade |
| Fix rate per trade | - | - | - | - | |
| More than 10 000 000 000 and less or equal RUB 25 000 000 000 | Additional turnover fee | ((0,000023% * term to maturity(1) + 0,0000575% * (term to maturity - term to maturity(1)), but not more than 0,00575%) * (sum of the trade – 10 000 000 000) | ((0,000017% * term to maturity(1) + 0,0000425% * (term to maturity - term to maturity(1)), but not more than 0,00425%) * (sum of the trade – 10 000 000 000) | - | ((0,00004% * term to maturity(1) + 0,0001% * (term to maturity - term to maturity(1)), but not more than 0,01%) * (sum of the trade – 10 000 000 000) |
| Fix rate per trade, RUB | 718 750 | 531 250 | - | 1 250 000 | |
| More than 25 000 000 000 RUB and less or equal 50 000 000 000 RUB | Additional turnover fee | ((0,000023% * term to maturity(1) + 0,0000575% * (term to maturity - term to maturity(1)), but not more than 0,002875%) * (sum of the trade – 25 000 000 000) | ((0,000017% * term to maturity(1) + 0,0000425% * (term to maturity - term to maturity(1)), but not more than 0,002125%) * (sum of the trade – 25 000 000 000) | - | ((0,00004% * term to maturity(1) + 0,0001% * (term to maturity - term to maturity(1)), but not more than 0,005%) * (sum of the trade – 25 000 000 000) |
| Fix rate per trade, RUB | 1 581 250 | 1 168 750 | - | 2 750 000 | |
| More than 50 000 000 000 RUB | Additional turnover fee | ((0,000023% * term to maturity(1) + 0,0000575% * (term to maturity - term to maturity(1)), but not more than 0,0008625%) * (sum of the trade – 50 000 000 000) | ((0,000017% * term to maturity(1) + 0,0000425% * (term to maturity - term to maturity(1)), but not more than 0,0006375%) * (sum of the trade – 50 000 000 000) | - | ((0,00004% * term to maturity(1) + 0,0001% * (term to maturity - term to maturity(1)), but not more than 0,0015%) * (sum of the trade – 50 000 000 000) |
| Fix rate per trade, RUB | 2 300 000 | 1 700 000 | - | 4 000 000 | |
Bonds placements and buy-backs in "Placement: negotiated orders" and "Buy back: negotiated orders" trading modes should be tariffed with following rules:
- Fixed rate and additional turnover fee for these trades to be charged at the moment of deal execution.
- Term to maturity(1) – first 7 (seven) days of term to maturity (from 1 (one) till 7 (seven) days included).
- An Example: total fee for the trade RUB 100 bln with the Bond with 1000 days till maturity to be calculated as follow:
Moscow Exchange Trading fee = 2 300 000 + min(0,000023%×7+0,0000575%×(1 000–7); 0,0008625%) × (100 000 000 000-50 000 000 000) = 2 300 000+431 250 = 2 731 250 RUB.
National Clearing Centre commission = 1 700 000 + min(0,000017%×7+0,0000425%×(1 000-7); 0,0006375%) × (100 000 000 000-50 000 000 000) = 1 700 000+318 750 = 2 018 750 RUB.
Total fee = 2 731 250 RUB + 2 018 750 RUB = 4 750 000 RUB
Placements – "Fixed rate" package
Trading fee of Moscow Exchange, not subject to VAT |
Clearing fee of National Clearing Centre, not subject to VAT |
Fee as per the Agreement on Integrated Technological Services with the Moscow Exchange1, not subject to VAT |
Total fee |
|---|---|---|---|
| RUB 7 455 360 | RUB 3 706 500 | - | RUB 11 161 860 |
- Under the Placements-Flat fee package, a trading member pays a flat fee of RUB 11,161,860 for three consecutive calendar months regardless of whether the member submitted orders or executed and/or settled trades.
- The fee applies to trades in bonds, including Eurobonds, between the two issuers stated in the Trading member's application.
- The fee applies to trades where the trading member is a seller in a placement and an additional placement (selling securities to their initial owners), as well as buy/sell transactions where the trading member is a buyer in a buyback or other acquisition of securities followed by depositing the securities to a treasury account in all trading modes.
- Other fees are NOT charged for execution of trades stated in paragraphs 2-3 of the table above.
- The trading member subscribes to the Placements-Flat fee package by completing an application. The application is filed by the trading member with MICEX Stock Exchange, National Clearing Center, and Moscow Exchange no later than five business days before the beginning of the period in which the fee package is to be applied.
- The effective period of the Placements-Flat fee package is 12 consecutive calendar months starting on the day indicated in the application. The fee amount specified in clause 1 herein is paid by the trading member on the first business day of the period (three consecutive calendar months) for which the trading member pays for the right to execute trades.
Tariff plan for transactions in trading mode "Anonymous NTM"
Trading fee of Moscow Exchange, not subject to VAT |
Clearing fee of National Clearing Centre, not subject to VAT |
Fee as per the Agreement on Integrated Technological Services with the Moscow Exchange1, not subject to VAT |
Total fee |
|---|---|---|---|
| RUB 75* per trade | RUB 25* per trade | - | RUB 100* per trade |
| RUB 400** per trade | RUB 100* per trade | - | RUB 500** per trade |
* from 29 October 2018 till 30 April 2019 (marketing period)
** from 01 May 2019
1 – from 01.12.2018 in tariffs per trade:
- MOEX fee charging for trade on the Agreement on Integrated Technological Services was terminated
- Trading fee of Moscow Exchange for trade was increased by the size of terminated fee of trade on the Agreement on Integrated Technological Services
Size of total fee for trade does not change.