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To reduce participants’ costs and improve the conditions of trading in the exchange-based currency market, the Moscow Interbank Currency Exchange has decided to lower by 25% the rate of commission charged for operations connected with trading in the US dollar in the Unified Trading Session of inter-bank currency exchanges (UTS). The new rate comes into effect as of 18 December 2006.
On 13 December 2006, the MICEX Board decided to set the following commission rates for system and out-of-the-system transactions in the US dollar in the UTS, beginning from trading sessions whose closing day falls on 18.12.2006:
- for instruments USD/RUB_UTS_TOD and USD/RUB_UTS_TOM: from 0.003% to 0.0015% of the amount of each transaction, depending on the total volume of transactions made by the participant in trading;
- for US dollar swaps made in the UTS; 0.00075% of the amount of each transaction.
Before, the commission rate for transactions in instruments USD/RUB_UTS_TOD and USD/RUB_UTS_TOM was from 0.004% to 0.002 % of the amount of each transaction, depending on the total volume of transactions in US dollars in the UTS. For US dollar swaps in the UTS the commission was 0.001% of the amount of each transaction.
According to the MICEX President Alexander Potemkin, the Exchange pays particular attention to the development of the foreign exchange market and implements a tariff policy which promotes the growth of trading volumes. This policy covers the whole range of traded instruments. The new scale of commission rates will help to improve the conditions of operations in the dollar/ruble segment, which is the largest segment of the MICEX foreign exchange market. The Exchange’s initiatives aimed at lowering its commission rates contribute to the growth of activity of participants in trading and consequently the growth of turnovers.
Brief information:
In the second half of 2006, the daily average volume of exchange-based trading in the US dollar has amounted to 3.9 billion US dollars, up 63% on the same period of 2005. In January-November 2006, the volume of trading in the US dollar reached 851 billion US dollars, up 64% on 2005.
