Moscow Exchange Launches Zero Fees in USD/RUB Trading

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

moscow exchange

Moscow Exchange Launches Zero Fees in USD/RUB Trading

August 30, 2019

Moscow Exchange (MOEX) has introduced a zero fee for big liquidity demanders within the foreign exchange market, starting 2 September.

An asymmetric maker/taker fee structure will take shape and be applied to USD/RUB trading, with market takers being charged no trading fee and market makers paying $16 per one million of currency.

USD/RUB trading at MOEX will benefit from same day settlement and a speed bump mechanism (USDRUB_TDB instrument) with added flexibility in USDRUB_TDB trading thanks to the lot size being set at USD 1,000, with the minimum order size remaining unchanged at USD 1,000,000. Therefore, trades can be for any amount exceeding USD 1,000,000 executed with one ticket.

The experimental USD/RUB order book, launched in April 2019, was designed to stimulate on-exchange FX liquidity, advance the matching techniques and evaluate their impact on market liquidity. The minimum lot size is USD 1 million. The simulated random delay is applied at order entry to eliminate arbitrage between technical access of different trading members. ‘Cancel’ transactions will not be delayed, according to the statement issued by the Russian exchange.

Last year, Moscow Exchange (MOEX) signed a memorandum of cooperation with 20 other Russian financial market participants in order to develop a retail investor platform, named Marketplace. Operated by MOEX, Marketplaces allows access from anywhere in the world to offerings of Russian financial institutions (banks, asset managers and insurance companies), tools to compare them and the means to purchase them remotely. Initiated by the Bank of Russia in 2017 jointly with market participants, the prototype was presented in June 2018.

Moscow Exchange’s Supervisory Board approved changes to the company’s management team in April 2019. Alexander Afanasiev stepped down and was replaced by Yury Denisov, who took charge in 15 May 2019. The veteran executive had previously held a role at Moscow Exchange, serving as Deputy CEO in 2010-2011. During this time, he was involved in the development of new financial instruments and services, and was responsible for the establishment of the fully-fledged central counterparty and financial risk-management function, as well as the development of the Group’s cash management system.

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