Published on: 2026-07-21
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
In order to improve the efficiency of the microstructure of the Moscow stock market, the Moscow Exchange, as part of the quarterly review, establishes a new price step and the Decimals parameter starting August 4, 2026 list of securities in the following trading modes:
- Main Trading Mode T+ (“order book” T+1)
- Trading mode “Odd lots”
- Negotiated Transaction Mode (NTM)
- Trading mode “RPS with CC”
The current approach to setting the price step was approved By the Stock Market Committee of the Moscow Exchange.
The methodology provides for:
- the price step size can take values of (1,2,5) * 10^N, where N is an integer;
- number of price ranges – 25, number of liquidity ranges – 7;
- For each liquidity range, a recommended range for the number of price steps in the spread is set;
- the maximum allowable relative price step value is 1%.
For reference:
When determining the price step, the price and liquidity of securities are taken into account. Optimizing the price step helps to reduce the waiting time for order execution at the best price, and also encourages investors to place limit orders in the “order book.” Improving the quality of exchange trading makes it possible for investors to apply algorithmic trading strategies to a wider range of securities and contributes to increasing their liquidity.
The quarterly price step revision has been carried out since the second quarter of 2015.
Please note; This information is raw content obtained directly from the source of information. It represents an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.