Market-Makers

According to the Access Rules of MICEX SE Derivatives Market (hereafter – Access Rules) Market Participants have opportunity to get Market-Maker status.

How to Become a Market-Maker

To get market-maker status a Market Participant needs to conclude the Agreement of performing Market-Maker functions (hereafter – Market-Maker Agreement) with MICEX SE.

Market-Maker status can be given to a Market Participant for one or several types of futures contracts included in the List of quoted futures contracts (hereafter – List ).

Market-Maker Functions

The Market Participant concluded the Market-Maker Agreement contract liabilities to perform market-maker functions with a futures contracts series selected from the List.

A Market-Maker contract liabilities to set up counter direction market-maker orders to the STFO on a daily basis during the trading session:

• with price conditions under which actual spread volume does not exceed the spread limit volume;
• with an aggregate volume of active one direction market-maker orders that does not exceed the minimum acceptable volume of market-maker orders.

According to the Access Rules the aggregate trading volume concluded on market-makers orders may be settled. Reaching this trading volume on certain types of futures contracts within one trading day Market-Maker is released from his obligations until the end of this trading day.

The number of trading days until the series execution with a near-term execution day during which Market-Makers can terminate their obligations can be specified for each type of futures contracts included in the List.

Market-Makers’ obligations are established by the Management of MICEX SE.

Market-Makers Remuneration

Market-Makers remuneration is paid each calendar month. The amount of remuneration for performing Market-Maker functions is calculated in accordance with the Methodology for Calculating Market-Makers Remuneration on MICEX SE Derivatives Market.

The amount of Market-Maker remuneration is established by the Management of the MICEX SE.

The amount of Market-Maker remuneration is calculated for each type of derivatives contracts in respect of which the Market Participant performs Market-Maker functions. The amount of Market-Maker remuneration differs depending on the time of quotes maintaining during the trading session.