Izindleko eziyinhloko zemakethe ye-derivatives ku-Moscow Exchange

Abahlanganyeli abahweba ngokuphuma kokunye bakhokha imali yekhomishini kumadili abawaphethayo. Ubukhulu balawa makhomishana buyahlukahluka kuye ngenkokhelo ekhethwe umhlanganyeli. Sizokhuluma ngabo esihlokweni, kanye nazo zonke lezo zimali (amakhomishini) okudingeka uzikhokhe.

Contents

Izintela eziyinhloko ekushintsheni kweMoscow
Imali yokwamukelwa ekubambeni iqhaza endalini
Imali yokushintshanisa nokusula
Imali yezinkontileka zesikhathi esizayo
Inkokhelo yezinkontileka ezisekelwe kumajini
Imali yokuhweba nge-scalping
Imali Yokusabalala Kwekhalenda
Ezinye izimali

Izintela eziyinhloko ekushintsheni kweMoscow

Ithebula libonisa amanani amanje e-Moscow Exchange (i-VAT ayikhokhiswa):

Igama	Iqoqo lokushintshisana ngokwalo	Iqoqo HKO NCC (National Clearing Centre)	Ikhomishini Ephelele
I-Tarifi No. 1
Ingxenye engashintshi (ama-ruble)	–	–	–
emuva	0.00575%	0.00425%	0.01%
Intengo №2
Ingxenye engashintshi (ama-ruble)	14.38 izinkulungwane	10.63 izinkulungwane	25 izinkulungwane
emuva	0.0053475%	0.0039525%	0.0093%
Inani lentengo yesi-3
Ingxenye engashintshi (ama-ruble)	143.75 izinkulungwane	106.25 izinkulungwane	250 izinkulungwane
emuva	0.0050025%	0.0036975%	0.0087%
Inani lentengo yesi-4
Ingxenye engashintshi (ama-ruble)	258.75 izinkulungwane	191.25 izinkulungwane	450 izinkulungwane
emuva	0.0047725%	0.0035275%	0.0083%
I-Tarifi No. 5
Ingxenye engashintshi (ama-ruble)	460 izinkulungwane	340 izinkulungwane	800 izinkulungwane
emuva	0.0046%	0.0034%	0.0080%

Ingxenye ehlala njalo (engaguquki) – ikhokhwe ngosuku lokuqala lokuhweba (inkathi yesikhathi ngosuku lapho ukushintshanisa kuqhuba ukuhweba) kwenyanga ngayinye, kungakhathaliseki ukuthi bekunesicelo (i-oda) noma isiphetho/ukuqedwa kokwenziwe noma cha.
Ingxenye engemuva ikhokhwa enanini lokuthengiselana ngosuku lokuthengiselana, ikhomishini ngayinye okungenani ingama-ruble angu-0.01.

Ukushintsha kwezindleko kusekelwe esicelweni sombambi qhaza sokukhethwa kwalolo hlelo lohwebo lokushintshisana. Isicelo kufanele sithunyelwe eBhange le-HKO NCC zingakapheli izinsuku zokusebenza ezi-5 ngaphambi kokuqala kwenyanga yekhalenda elandelayo (imali ekhethiwe izosebenza kuyo).

Imali yokwamukelwa ekubambeni iqhaza endalini

Amanani eminikelo, kuye ngesigaba sabahlanganyeli umthengisi ayingxenye yabo, avezwa kuthebula:

Izigaba Zabahlanganyeli Bokwenziwe	Umnikelo ngesigaba ngasinye
“O”	5,000,000
“O” (imali eyengeziwe)	250 000
“F1” noma “F2”	3,000,000
“T1” noma “T2”	1,000,000
“D1” noma “D2	1,000,000

Inkokhelo eyengeziwe ithathwa kubahlanganyeli besigaba “O” sokubhaliswa. Ayikhokhiswa njalo. Isinqumo ngokutholakala kwezizathu zokukhululwa kule mali senziwa ngesincomo se-Derivatives Market Committee ye-PJSC Moscow Exchange.

Moscow Exchange Kafushane ngezigaba:

“O”. Abahlanganyeli ekuthengiseni banikezwe ilayisense yemisebenzi yomthengisi/yomthengisi noma umsebenzi wokuphatha izimpahla ezibalulekile. Amalungu alesi sigaba anelungelo lokuhweba esigabeni se-Stock, Commodity kanye ne-Money. Bangasebenzisa kusuka:
- egameni lakhe nangezindleko zakhe;
- igama lakhe kanye nezindleko zeklayenti;
- egameni futhi ngezindleko zamaklayenti akhipha abahlanganyeli, kanye nokwenza ukuthengiselana ngenkomba ye-clearing broker (kuye ngokuthi bayayithobela yini ingxenye efanele yemibandela yokufinyelela).
“F1”. Ababambiqhaza kufanele babe nelayisensi yemisebenzi ye-brokerage noma imisebenzi yokuphathwa kwempahla ebalulekile. Amalungu alesi sigaba anelungelo lokuhweba esigabeni Sesitoko kusuka:
- igama lakhe kanye nezindleko zamakhasimende;
- egameni futhi ngezindleko zamakhasimende – ukususa abahlanganyeli, kanye nokuphetha ukuthengiselana ngenkomba yomthengisi osulayo.
“F2”. Abahlanganyeli kufanele babe nelayisensi yokuthengisa. Lesi sigaba Sabahlanganyeli sivunyelwe ukuhweba ngeSitoko Sendawo ukuze benze imisebenzi:
- egameni lalo kanye nangezindleko zalo;
- ekhombisa umthengisi osulayo.
“T1”. Ababambiqhaza kufanele banikezwe ilayisense yokuhwebelana (ilayisensi yokusetshenziswa kwenkontileka enjalo ibalwa – izimpahla zezimali eziphuma kokunye ezinempahla eyisisekelo esesimweni sempahla) noma imisebenzi yokuphathwa kwezimpahla ezibalulekile. Laba Bahlanganyeli banikezwa ukufinyelela eSigabeni Sempahla ngokuthengiselana:
- egameni layo kanye nangezindleko zamaklayenti;
- egameni kanye nangezindleko zamakhasimende – ukususa abahlanganyeli;
- ekhombisa umthengisi osulayo.
“T2”. Abafaka amathenda kumele babe nelayisensi yomsebenzi womthengisi noma kufanele kube izinhlangano ezinenani lemali yabo okungenani ama-ruble ayizigidi ezi-5. Lesi sigaba sinokufinyelela ku-Commodity Section mayelana nemisebenzi:
- egameni lalo kanye nangezindleko zalo;
- ekhombisa umthengisi osulayo.
“D1”. Ababambiqhaza kufanele babe nelayisensi yemisebenzi ye-brokerage noma imisebenzi yokuphathwa kwempahla ebalulekile. Laba Bahlanganyeli bavunyelwe ukuhweba ngeSigaba Semali ukuze benze imisebenzi:
- egameni layo kanye nangezindleko zamaklayenti;
- egameni kanye nangezindleko zamakhasimende – ukususa abahlanganyeli;
- ekhombisa umthengisi osulayo.
“D 2”. Ababambiqhaza kufanele babe nelayisensi yokuthengisa noma babe yinhlangano yekhredithi/yamazwe ngamazwe. Lesi sigaba Sabahlanganyeli sivunyelwe ukuhweba esigabeni Semali ukuze benze imisebenzi:
- egameni lalo kanye nangezindleko zalo;
- ekhombisa umthengisi osulayo.

Ngokuvumelana nezinhlinzeko Zemithetho Yokufaneleka, Abahlanganyeli bangavunyelwa ukuhweba ngesegimenti yemakethe eyodwa noma ngaphezulu ngesikhathi esisodwa, okuhlanganisa isigaba esisodwa noma ezimbili esigabeni esisodwa.

Imithetho yokungena ingatholakala
lapha .

Imali yokushintshanisa nokusula

Zombili lezi zimali zikhokhiswa ezinkontilekeni zekusasa ne-margin, futhi imali yokushintshanisa nayo ikhokhiswa ekuhwebeni kwe-scalping.

Imali yezinkontileka zesikhathi esizayo

Inani lamakhomishana okushintshanisa (izinkokhelo) okusebenzisa ama-oda angaqondile noma aqondiwe ekusasa libalwa ngendlela elandelayo:
I-FutFee = Umjikelezo (Umjikelezo (abs(FutPrice) * Umjikelezo(W(f)/R(f);5) ;2) * I-BaseFutFee;2)

I-FutFee ≥ 0.01 rub.

Ukukhishwa kwekhodi kwamanani efomula kuvezwa etafuleni:

Igama	Ukususa ukubethela
imali yonyawo	Usayizi wekhomishini yekusasa lokuhweba (ngama-ruble).
Umjikelezo	Umsebenzi owakhelwe ngaphakathi umsebenzi wawo uwukuzungeza inombolo ngokunemba okunikeziwe.
abs	Umsebenzi wokubala inani eliphelele (le nombolo ayisayiniwe).
W(f)	Inani lesinyathelo senani eliphansi, elinqunywa ngokuya ngekusasa elihambisanayo (ngama-ruble).
R(f)	Intengo encane ehambayo, enqunywa ngokuya ngekusasa elihambisanayo.
I-BaseFutFee	Izinga lokushintshana eliyisisekelo lesilinganiso sempahla yesikhathi esizayo seQembu Lenkontileka eliyingxenye yalo: izinkontileka zokushintshaniswa kwamanye amazwe – 0.000885%; inzalo – 0.003163%; isitoko – 0.003795%; izinkontileka zenkomba – 0.001265%; impahla – 0.002530%.
FootPrice	Inani lentengo yesikhathi esizayo, elinqunywa ngokuvumelana nezigaba 3.4.2-3.4.3 zalo mbhalo (ngamayunithi okulinganisa aboniswe enanini lawo lapho kufakwa i-oda).

Inkokhelo yezinkontileka ezisekelwe kumajini

I-Margin umehluko phakathi kwentengo nezindleko (okufana nomqondo wenzuzo). Futhi izinketho eziseceleni ziyimisebenzi ehlobene nokuhweba okukhethwa kukho, lapho kungekho khona ukugeleza kwemali kuma-akhawunti kokubili abathengi nabathengisi, kodwa lonke inani lokuphepha ligcinwa kuma-akhawunti okuhweba abahlanganyeli ekuthengiseni.
Imajini Sebenzisa ifomula elandelayo ukubala inani lekhomishini yokushintshisana yezinkontileka zenketho elinganiselwe ngokusekelwe kuma-oda angahlosiwe noma ahlosiwe:
I-OptFee = Umjikelezo (umzuzu [(FutFee * K); Umjikelezo(I-Premium * Round(W(o)/R(o)) ;5) ; 2) * I-BaseFutFee] ;2)

I-OptFee ≥ 0.01 rub.

Ukukhishwa kwekhodi kwamanani efomula kuvezwa etafuleni:

Igama	Ukususa ukubethela
Inkokhelo Yokukhetha	Inani lekhomishini (ngama-ruble) yokwenza isivumelwano.
Umjikelezo	Kukhona ukuhlukaniswa esigatshaneni esidlule.
imali yonyawo	Inani lekhomishini (ngama-ruble) lokuhweba kwesikhathi esizayo.
I-Premium	Inani le-premium yenketho (ngamayunithi okulinganisa acaciswe ngohlelo lwentengo yenketho).
W(o)	Usayizi wesinyathelo senani eliphansi (ngama-ruble).
R(o)	Ukuhamba kwentengo encane.
I-BaseFutFee	Inani lesilinganiso sesisekelo lapho inketho iqedwa khona ngu-0.06325 (ukushintshanisa). Izinga lenzalo eliyisisekelo elibaliwe lesiphetho ngu-0.04675 (ukusula).
Kuya	I-coefficient eyengeziwe: K=2.

Imali yokuhweba nge-scalping

Ukuhweba kwe-scalping futures ukuhweba okusekelwe kuma-oda okungahlosiwe. Ziholela ekuvuleni nasekuvaleni izikhundla zesikhathi esizayo phakathi nesikhathi sokuhweba esisodwa. Imininingwane eyengeziwe mayelana namathuluzi alawa madili kuthebula:

Igama	Izincazelo	Ukukhokhisa
Ikusasa	Ukudlulisela phambili okwenziwa ngesisekelo sama-oda okungahlosiwe, kuholela ekuvulweni nasekuvalweni kwezikhundla esikhathini esizayo phakathi nesikhathi esisodwa sokuhweba.	0.5 yenani lezindleko zokushintshanisa zohwebo lwe-scalping.
Izinketho	Ukudlulisela phambili okwenziwa ngesisekelo sama-oda okungezona impokophelo, uma inketho isetshenziswa phakathi nenkathi eyodwa yokuhweba (kungakhathaliseki inani), kuholela ekuvulweni kwezikhundla eziphambene. Ukuthengwa kwezinketho zokuthenga (Shayela) nokudayiswa – ukuthengisa (Put) kungaholela ekuvuleni izikhundla ezinde esikhathini esizayo. Ukuthengisa Izinketho Zocingo kanye nokuthenga Izinketho ze-Put kuzoholela ezikhundleni zesikhathi esizayo ezifushane. Izinketho zamapheya e-scalping: Ukuthola Ucingo – Ucingo lokuthengisa; ukuthenga Ucingo – ukuthenga i-Put; ukuthengwa kwamaPuts – ukuthengwa kwamaPuts; ukuthenga Faka – ukudayiswa Ucingo.

Ikhomishini ephelele yokwenza ukuhweba kwe-scalping usebenzisa izinketho ibalwa kusetshenziswa amafomula alandelayo:

Imali = (OptFee(1) + OptFee(2)) * K → if OptFee(1) = OptFee(2);
Imali = 2 * OptFee(1) * K + (OptFee(2) – OptFee(1)) → uma i-OptFee(1) < OptFee(2);
Inkokhelo = 2 * I-OptFee(2) * K + (OptFee(1) – I-OptFee(2)) → uma i-OptFee(1) > I-OptFee(2).

Ukucacisa izincazelo zamafomula kuvezwa etafuleni:

Igama	Ukususa ukubethela
Imali	Isamba sekhomishini yokushintshisana yokusebenza kwe-scalping (ngama-ruble).
Imali Yokukhetha(1)	Isamba senani lezimali ezikhokhwayo zokwenza ukuhweba esikhathini esisodwa sokuhweba ngezinketho eziholela ekuvulweni kwesikhathi esizayo, ezibalwe ngokwesigatshana “Inkokhelo yezinkontileka ezisekelwe emaphethelweni”.
Imali Yokukhetha(2)	Isamba senani lemali ekhokhwayo zokwenza imisebenzi ngesikhathi sokuhweba …, okuholela ekuvalweni kwekusasa, kubalwa ngokwesigatshana esithi “Inkokhelo … ngokusekelwe kumajini”.
Kuya	Isici esihlala singu-0.5.

Imali Yokusabalala Kwekhalenda

Ukusabalala Kwekhalenda – Ukuthenga nokuthengisa ikusasa elinokuvuthwa okuhlukile ngokusekelwe kuma-oda okusabalalisa ngesikhathi esisodwa.
Ukuhwebelana Inani lenkokhiso linqunywa enkathini ngayinye yokuhweba engxenyeni ngayinye yerejista yokusula ngokusekelwe enanini lemali ekhokhwayo evela ekwenziweni ngakunye kwesikhathi esizayo ngokusekelwe kuma-oda “Okusatshalaliswa Kwekhalenda” angahlosiwe noma ahlosiwe. Isibalo senziwa ngokwefomula elandelayo:
FeeCS = ΣFutFeeCS * (1 – K) Ukuchazwa kwamanani amafomula kuvezwa kuthebula:

Amagama	Ukususa ukubethela
I-FeeCS	Imali (ngama-ruble) Yokusabalala Kwekhalenda ngokusekelwe kuma-oda okungahlosiwe phakathi nesikhathi sokuhweba esisodwa.
Kuya	Izinga lesaphulelo elisebenzayo ngesikhathi sokumaketha, elingu-0.2. Lesi sikhathi, kusukela osukwini lokuqala lokuhweba, izinyanga eziyisithupha. Ngalesi sikhathi, ungakwazi ukuphetha ikusasa ngokusekelwe kuma-oda okungahlosiwe. Ekupheleni kwesikhathi, isilinganiso sesaphulelo asisetshenziswa (nansi = 0).
ΣFutFeeCS	Inkokhelo yemisebenzi yesikhathi esizayo (ngama-ruble) ekhokhiswa ngesisekelo sama-oda angahlosiwe Wokusabalalisa Kwekhalenda ibalwa kanje: *I-FutFeeCS = Umjikelezo ((Umjikelezo (((abs FutPrice(1))) + abs(FutPrice(2))) Umjikelezo (W( f)/R(f);5)) ;2) * I-BaseFutFee;2)** lapho: I-FutPrice(1) — inani lentengo yokugcina yokukhokhela ikusasa (leyo enedethi yokuphelelwa yisikhathi eseduze). Iyunithi ubukhulu – lezo ezishiwo ngohlelo lwekusasa; I-FutPrice(2) — inani eliphelele lentengo yokukhokhela ikusasa… (bese ngokufana ne-FutPrice(1)). Kwamanye amanani, kukhona okulotshiwe ngenhla.

Ifomula yokubala inani lemali Yekhalenda Elisabalala ngekusasa ngokusekelwe odabeni lwedili elithi “Ukusabalala Kwekhalenda” phakathi nosuku lokuhweba limi kanje:
FeeCS = ΣFutFeeCS Izincazelo zamanani asetshenzisiwe sezivele zinikezwe ngenhla esihlokweni. .

Ezinye izimali

Kukhona futhi iminikelo elandelayo:

Iminikelo Yesikhwama Sesiqinisekiso. Imali encane engaba khona yelungu ngalinye elizosula kulesi sikhwama ngama-ruble ayizigidi eziyi-10. Idokhumenti ye-PJSC Moscow Exchange ngalolu hlobo lweminikelo – landa .
Ukusula ikhomishini kanye nezintela. Imiqondo nezincazelo zingatholakala kule mibhalo:
- Ukusula imithetho yemakethe yamasheya, idiphozithi kanye nemakethe yemalimboleko – lapha .
- Ukusula imithetho yemakethe yezimpahla – lapha.
Izimali zokwenziwe. Idokhumenti ethi “Izinkokhelo ezengeziwe …” inikezelwa kulezi zimali ngokushintshanisa – bona idokhumenti . Ikhokhiselwe imisebenzi:
- engasebenzi kahle (uma umdayisi noma iklayenti yenza ukuthengiselana okuningi, kodwa ngesikhathi esifanayo yenza ukuthengiselana okumbalwa);
- Ukulawulwa Kwezikhukhula okuyiphutha (uma umthengisi noma iklayenti lenza imisebenzi eminingi enjalo ngekhodi yephutha 9999);
- ibulawe ngephutha, kodwa ihluke ekuLawulweni Kwezikhukhula (uma umthengisi noma iklayenti lakhe lenza imisebenzi eminingi enjalo ngamakhodi ephutha 31, 332, 333, 4103, 3, 14, 50, 0).

Ukuze uhwebe nge-Derivatives Market, okokuqala udinga ukuqonda wonke ama-nuances ayo. Kuhlanganisa nezintela, amakhomishini akhokhiswa wona kanye nezimali ezinikezwa abahlanganyeli kulolu hlobo lwendali.