Attention Traders: The Unified Fee Scale for Foreign Currency Operations in the UTS Goes into Effect on August 3, 2009

July 30, 2009

In order to create equal opportunities for UTS Trading Participants performing operations in various segments of the currency exchange market, on July 30, 2009 (Minutes №9) the Board of Directors of MICEX CJSC made the decision to approve and implement a new amount and settlement and payment procedure for the commission fee charged to UTS Trading Participants for performing foreign currency purchase/sale operations (hereafter – MICEX CJSC commission fee) starting in trading sessions ending on August 3, 2009.

The goal of this decision was to simplify the current regressive fee scales and establish a unified fee scale for foreign currency operations in three segments of the exchange currency market, interrelated through traded currencies and with similar instruments: USD/RUB, EUR/RUB, and EUR/USD.

A similar decision was made by the Supervisory Board of the National Clearing Center JSCB CJSC (hereafter – NCC) with respect to commission fees for services provided as part of the clearing services for UTS Trading Participants (hereafter – NCC fees).

According to these decisions, the general fee, including the MICEX CJSC commission fee and NCC fees (hereafter – fees) when UTS Trading Participants perform foreign currency purchase/sale operations in each of the mentioned segments of the currency exchange market will be 0.00225% for up to 10 mln units of currency and 0.0015% when performing operations exceeding 10 mln units of currency.

The unified minimum amount of the fee charged for one trading session on operations with USD/RUB, EUR/RUB and EUR/USD currency pairs is RUB 600. Differences in fee rates for system and off-system deals, valid in the USD/RUB segment, are eliminated.

The fee paid by UTS Trading Participants when making swap trades, the fixed constituent of the fee for rendering integrated technological services in the currency market (hereafter – ITS), and the general ratio of fee types charged as the interest of the total amount of foreign currency purchase/sale operations made by UTS Trading Participants in the course of the trading session remain the same.

In view of the changes in the fee for providing ITS, MICEX CJSC, as the Technical Center, unilaterally made the respective amendments to Annex No. 3 to the ITS Agreement (Amount and Payment Procedure for the Technical Center’s Fee for Providing ITS) on the basis of Section 3.2.1 of the Agreement on Providing Integrated Technological Services in the Currency Market (hereafter – ITS Agreement).

We suggest reviewing the new amount and settlement and payment procedure for the commission fee of MICEX CJSC and the NCC and draw your attention to the end of the marketing period for commission fee payment on purchase/sale operations on EUR for USD, as validity period, in accordance with the resolution of the Board of Directors of MICEX CJSC on June 30, 2009 (Minutes No. 7), ends on August 1, 2009.