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MICEX Fees

Beginning on July 1st, 2007, the commission fees charged by MICEX in the government-backed securities market and the money market are as follows:

I. On Sale Trades of Bonds (excluding sale trades of bonds to the Bank of Russia by the Russian Ministry of Finance in order to exchange bonds of one issue for bonds of another issue):

  1. On trades in bonds made by the Trader at primary placement auctions and secondary trading (except for the trades mentioned in subsections 2 and 3 of Section I), the commission fee is 0.0001% (one ten thousandth percent) of the sum of each trade, without accumulated coupon income (ACI), multiplied by the period until repayment (in days), including VAT, but no more than 0.01% (one hundredth percent) of the sum of each trade, without ACI, including VAT.
    Regardless of the period until redemption for trades made by the Trader with Bank of Russia Bonds (hereafter – BBR), the issue decision stipulates the BBR’s early redemption date(s) by the Bank of Russia and if the maturity (of the latest one) has not been reached as of the date of trading, the commission fee is the product of 0.0001% (one ten thousandth percent) of the sum of each trade, with ACI, and the period until the soonest early redemption date of the BBR by the Bank of Russia (in days), including VAT, but no more than 0.01% (one hundredth percent) of the sum of each trade, with ACI, including VAT.
  2. For non-systemic trades in bonds made by the Trader, the amount of the commission fee is 0.0001% (one ten thousandth percent) of the sum of each trade, without ACI, multiplied by the period until redemption (in days), including VAT, but no more than 0.02% (two hundredths percent) of the sum of each trade, without ACI, including VAT, and no more than 5,000 (five thousand) rubles, including VAT.
    Additionally, for non-systemic trades with settlement code Sn, the above-mentioned period until redemption is considered to start on the date of the trade.
    Regardless of the period until the bonds’ redemption for trades in BBR made by the Trader, the issue decision stipulates the early redemption date(s) of the BBR by the Bank of Russia and if maturity (of the latest one) has not been reached as of the date of the trade, the commission fee is 0.0001% (one ten thousandth percent) of the sum of each trade, with ACI, multiplied by the period until the soonest early redemption date of the BBR by the Bank of Russia (in days), including VAT, but no more than 0.02% (two hundredths percent) of the sum of each trade, with ACI, including VAT, and no more than 5,000 (five thousand) rubles, including VAT.
  3. For trades in bonds from the Bank of Russia’s portfolio with the obligation of return redemption, auctions for the sale of bonds from the Bank of Russia’s portfolio with the obligation of return redemption, and trades in bonds from the Bank of Russia’s portfolio with the obligation of return redemption at secondary trading, the commission fee is 0.0001% (one ten thousandth percent) of the sum of each trade, with ACI, multiplied by the period until the Bank of Russia’s irrevocable public offer (in days), including VAT, but no more than 0.01% (one hundredth percent) of the sum of each trade, with ACI, including VAT.
    The above-mentioned period until the Bank of Russia’s irrevocable public offer is calculated from the date that the respective trade is executed.

The MICEX commission fee charged for offering bonds or selling bonds from the portfolio of the Bank of Russia includes the MICEX commission fee charged for trades on the sale of bonds to the Bank of Russia on the date of irrevocable public offer or on the early redemption date, which were established when the bonds were offered for sale from the Bank of Russia’s portfolio.

The MICEX commission fee charged for executing bond trades at a bond offering/sale auction, provided that the conditions of this auction stipulate the possibility to pay for the bonds purchased therein using monetary assets received by the Trader from the sale of bonds to the Bank of Russia on the day that the auction is conducted and such redemption is only carried out by the Traders who bought the bonds at auction for a sum less than the sum of the bonds’ purchase at auction, includes the MICEX commission fee for trades in the sale of bonds to the Bank of Russia that have been repurchased from Traders who purchased the second issue of the bonds at the bond offering/sale auction corresponding to this issue (established by the Bank of Russia).

II. For REPO Trades and Trades Made at REPO Trade Collateral Auctions:

  1. For REPO trades (including direct REPO trades against the Bank of Russia)—0.0001% (one ten thousandth percent) of the sum of the first part of REPO trade, with ACI, multiplied by the REPO period (in days), including VAT, but no more than 0.01% (one hundredth percent) of the sum of the first REPO trade, with ACI, including VAT.
    The REPO period mentioned at the conclusion of the relevant REPO trade is considered to be the above-mentioned REPO period. With early execution of the second part of the REPO trade, the REPO period is not recalculated for the purposes of charging the commission fee. For a REPO trade in which the first and second parts are executed on the same day (“inter-day REPO”), the REPO period mentioned in this subsection is assumed to be zero.
  2. For REPO trades with margin calls, – 100 (one hundred) rubles, including VAT, for each margin call made by a Trader who is party to the REPO trade upon fulfillment of a margin call (except for fulfillment by entering an offset order or offset confirmation into the Trading System).
    If the Trader who is party to the REPO trade fulfils his obligations for making a margin call by entering an offset order or offset confirmation into the Trading System, the MICEX commission fees on the REPO trades with margin calls mentioned in this subsection are not charged.
  3. For trades made at REPO trade collateral sale auctions:
    1. in the amount established for trades in bonds made by the Trader at secondary trading, according to subsection 1 of Section I. (except when the bid to buy bonds and the bid to sell bonds are entered by the same Trader on his own account or on the behalf of and under the orders of the same Investor);
    2. if the bid to buy bonds and the bid to sell bonds are entered by the same Trader on his own account or on the behalf of and under the orders of the same Investor: for each satisfied bid to sell bonds – in the amount established for trades in bonds made by the Trader at secondary trading according to subsection 1 of Section I; for each satisfied bid to buy bonds – 100 (one hundred) rubles, including VAT.

III. For Operations Made During the Additional Trading Session – 500 (five hundred) rubles, including VAT, for each operation made during the additional trading session.

IV. Operations that Change the Dealer’s Money Positions corresponding his trading accounts with various OMS Clearing Centers in the Trading System – 200 (two hundred) rubles, including VAT, for each operation made by the Trader changing his money positions (100 (one hundred) rubles each, including VAT, for each changed position).

Operations that change the Dealer’s money positions corresponding to his trading accounts with various OMS Clearing Houses in the Trading System are understood as operations that actively change the Dealer’s money positions and are not connected with trading in bonds, submitting bids to buy bonds, or modifying the initial values of money positions.

V. For Operations Offsetting the Counter Obligations (claims) of a Trader on similar non-systemic trades with the settlement code Sn and on similar REPO trades, the commission fee is:

  1. for each operation offsetting counter obligations (claims) without confirmation made by the Trader initiating the offset – 500 (five hundred) rubles, including VAT, from the Trader who submitted the application for offset without confirmation to the Trading System;
  2. for each application for offset or offset confirmation registered in the Trading System by the Trader with respect to counter obligations (claims) – 250 (two hundred fifty) rubles, including VAT, from each Trader who submitted an application for offset without confirmation or offset confirmation to the Trading System.

VI. The monthly fixed component of the commission fee, which amounts to 4,500 (four thousand five hundred) rubles, including VAT, per month, is paid by Traders admitted to the MICEX Electronic Trading System for trades in government-backed securities whose aggregate monthly turnover on bond trades executed in the secondary market (excluding REPO trades and trades in bonds from the Bank of Russia’s portfolio with the obligation of return redemption) on their own account and on the behalf of Investors served by them was less than 10 (ten) million rubles (without ACI).

The monthly fixed component of the commission fee is paid by the Trader no later than the fifth working day of the first month after the month in which his aggregate monthly turnover on bond trades made in the secondary market (excluding REPO trades and trades in bonds from the Bank of Russia’s portfolio with the obligation of return redemption) on his own account and on the behalf of Investors served by him was less than 10 (ten) million rubles (without ACI).

VII. The monthly fixed component of the commission fee on REPO trades, which amounts to 1,200 (one thousand two hundred) rubles, including VAT, per month, is paid by Traders admitted to execute REPO trades in the Trading System whose aggregate monthly turnover on REPO trades in bonds (excluding direct REPO trades against the Bank of Russia and trades in bonds from the Bank of Russia’s portfolio with the obligation of return redemption) made on their own account and on the behalf of Investors (clients) served by them was less than 10 (ten) million rubles.

The aggregate monthly turnover on REPO trades in bonds is understood as the aggregate amount of the first parts of REPO trades, with ACI, executed with a Trader on his own account and on the behalf of Investors (clients) served by him for the respective calendar month.

The monthly fixed component of the commission fee on REPO trades is paid by the Trader no later than the fifth working day of the first month after the month in which his aggregate monthly turnover on REPO trades in bonds (excluding direct REPO trades against the Bank of Russia and trades in bonds from the Bank of Russia’s portfolio with the obligation of return redemption) made on his own account and on the behalf of Investors (clients) served by him was less than 10 (ten) million rubles.

VIII. The commission fee for delivering hard copies of documents from the Trading System to Traders, which amounts to 3,200 (three thousand two hundred) rubles, including VAT, for each calendar month, is paid by Traders who do not have an effective electronic signature key designated for “Electronic Document Circulation in the MICEX Government-Backed Securities Market” in accordance with the EDC Regulations approved by the MICEX Management.

The commission fee for delivering hard copies of documents from the Trading System to Traders is paid by the Trader no later than on the fifth working day of the first month after the month during which the Trader did not have an effective electronic signature key designated for “Electronic Document Circulation in the MICEX Government-Backed Securities Market” in accordance with the EDC Regulations approved by the MICEX Management.