Source: Moscow Stock Exchange
To increase the effectiveness of equity market microstructure, MOEX establishes the new tick size and Decimals parameter for the following stocks starting 2nd May 2019 in the following trading modes:
Main trading mode Т+ (“Т+2” order book)
Odd lots trading mode
Dark pool trading mode
Equities D — Main trading mode Т+
Negotiated trading mode(NTM)
Equities D (NTM) trading mode
NTM with CCP trading mode
The methodology ensures that European and Russian regulations are in alignment in this area. This reduces the possible regulatory issues that may arise for European entities when operating in the Russian market due to this particular MiFID II requirement. At the same time by adopting a recognized standard trading on Moscow Exchange will be easier and better. The new approach to setting the tick size was approved by the MOEX Securities Market committee.
The methodology includes:
The tick size equals (1,2,5)*10N, where N – integer;
Increasing the number of price ranges to 25, and the ranges of liquidity – up to 7;
For each liquidity range a recommended range price tick sizes in the spread is established;
The maximum allowed relative tick size – 1%.
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