The MICEX Stock Exchange lowers its rates for trades in non-government bonds
September 18, 2006
As of 18 September 2006, the MICEX Stock Exchange lowers the aggregate rate for trades in non-government bonds made in the main (anonymous) trading mode from 0.019% to 0.01% of the trade value.
The aggregate rate for bond trades includes the MICEX Stock Exchange▓s commission, the fee paid to the MICEX for the provision of the integrated technological service (ITS) and the commission paid to the MICEX for clearing services.
The new rate for trades in corporate, regional and municipal bonds, effected in the main trading mode, amounts to 0.0035% of the trade value, including VAT. The rate is charged from each party to the deal. It is equal to the MICEX commission for clearing for these trades. The fee paid to the MICEX for providing the integrated technological service (ITS) is 0.003% of the trade value, including VAT, and is charged from each party to the deal.
The MICEX Stock Exchange also lowers the aggregate rate charged from market makers for trades in non-government (corporate, regional and municipal) bonds made in the main trading mode from 0.0095% to 0.005% of the trade value.
Changes in rates for bond trades are aimed at promoting exchange-based trading in the anonymous (market) main trading mode, providing favorable conditions for the inflow of new categories of clients to the market of fixed-income instruments, supporting stable market quotations of bonds and the overall growth of liquidity in this market segment.
The MICEX Stock Exchange is Russia▓s leading floor, where stocks, corporate and regional bonds of over 500 Russian issuers with the total capitalization of almost 20 trillion rubles (about 740 billion US dollars) are traded daily. The MICEX SE▓s membership is made up of about 550 organizations — professional participants in the securities market representing over 220 thousand investors. In recent years bonds have become the main type of securities which Russian companies use to attract investments. In January-August 2006, 129 issues of corporate and regional bonds for the total amount of 263.5 billion rubles were placed on the MICEX SE. Over the same period the value of secondary trading in these instruments exceeded 2 652.1 billion rubles and reached about 23% of the total turnover on the MICEX SE.
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