Moscow Exchange Changes The Tick Size From The 16th Of May 2023

To increase the effectiveness of equity market microstructure, MOEX establishes the new tick size and Decimals parameter for the following stocks starting 16th May 2023 in the following trading modes:

· Main trading mode Т+ ("Т+2" order book)
· Odd lots trading mode
· Dark pool trading mode
· IIR sector* — Main trading mode Т+
· Negotiated trades mode (NTM)
· NTM with CCP trading mode
· IIR sector — NTM trading mode
· IIR sector — NTM with CCP trading mode
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%

* Sector of companies with increased investment risk