Lots of shares on the MICEX. Minimum amount to purchase Gazprom shares. Lots of shares on the Russian stock exchange

Let's talk about changes on the MICEX. Let me remind you what the point is. From March 1, 2011, new lot sizes for shares will be introduced. As we have already said, trading on the stock exchange is carried out not in shares, but in lots, i.e. “packages” of shares. Often there is only one share in a lot - then the investor does not care how to calculate the volume of the transaction. But there are also 10 shares in a lot, and 100, and 1000.

It all depends on the price of the security - it is not very profitable for the exchange to service transactions with a volume of three rubles, for example. For carrying out a transaction, the MICEX takes a certain percentage of its amount (very small), so small transactions bring “income” literally amounting to pennies or even fractions of a penny.

As the exchange itself reports, it is simply impossible to charge trading participants a transaction fee of less than a penny, so some transactions are simply free for traders. The creators of trading robots take advantage of this - they program the system to carry out a large number of transactions with a “cost” of 0 rubles. 00 kop. with at least some profit. If you carry out a lot of such transactions in a day, you can already get quite a noticeable income. Having looked at this disgrace, the exchange decided to limit the activity of robots by introducing a minimum commission for a transaction (18 kopecks) and a minimum lot size (1 thousand rubles). With lots everything is a little more interesting.

In addition to the minimum amount, there is one more restriction: the number of shares in a lot must be equal to “one followed by zeros.” That is, there cannot be a lot size of, say, 20 shares or 450 shares. Only 1, 10, 100, 1000, 10000, 100000 or 1000000 shares. And this creates a situation in which the cost of a lot for shares priced at, say, 80 rubles “flies” far beyond the “minimum” 1000 rubles. We count: 80 rubles. (1 share) - not allowed, 800 rub. (10 shares) - not possible, 8,000 rubles. (100 shares) - possible. This applies, for example, to shares of KAMAZ, Kalina, Aeroflot, Mechel (most likely) and other companies. The exchange made concessions only to securities whose value starts with “9” (i.e. 0.9 rubles, 9 rubles, 90 rubles and 900 rubles with something). It is assumed that the cost of a lot for them may constantly rise slightly above the 1000 ruble mark. and go down a little under it.

Another amendment to the rules concerns preferred securities. The exchange decided that if the prices of preferred shares and ordinary shares of one company are close, then the lot size for preferred shares is set to the same as for ordinary shares. If they differ very much, then preferred shares will have their own lot size. Today, such “special” preferred shares include shares of Bashinformsvyaz (100 ordinary shares per lot and 1000 preferred shares), Vozrozhdenie Bank (1 and 10, respectively), ZMZ (10 and 100), OMZ (100 and 1), Rostelecom (10 and 100 ), Sberbank (10 and 100), WTC (100 and 1000).

Let's look at the future lot sizes for the most actively traded shares and those securities that we have in our medium-term investment portfolio on the Fincake.ru website (“our” shares are marked in bold):

The most sensitive for private investors are changes in the shares of Sberbank-pref (the cost of the lot increased 100 times to 6,600 rubles), Severstal (10 times to 5,000 rubles), FSK (100 times to 3,860 rubles) and Rostelecom-pref (in 100 times up to 8600 rub.). Otherwise, no significant problems are visible.

When should you shake up your portfolio to bring it in line with new listings? It is best to do this right now - before the end of February, so as not to trade in incomplete lots. We will make changes to our portfolio on Monday, along with the purchase of securities for fresh monthly receipts.

And finally, some statistics. The largest lots in terms of the number of shares included in them are for the securities of TGK-2 (common and preferred shares), TGK-9 and TGK-14 - 1 million shares per lot. The cost of these lots is 4-8 thousand rubles. Lots of “hundred thousandths” - 8 pieces, “tenthousands” - 47 pieces. The average price of a lot across the entire market as of mid-February was about 4,700 rubles. But if we discard the most expensive and at the same time almost non-tradable securities, then the average price of a lot will drop to approximately 3,200 rubles. The average lot price for the twenty most popular shares as of yesterday was 4,900 rubles, but without Transneft, which private investors buy very rarely, we get only 3,100 rubles.

If you are focused on long-term investments in securities, but are at a loss as to which shares to buy, Investment Chamber LLC offers you an example of a well-designed investment portfolio based on the MICEX10 index. It includes shares of 10 most famous and reliable companies in equal shares. These are titanic enterprises that generate significant cash flows and at the same time have strong corporate governance.

An example of creating a portfolio starting from 30 thousand rubles:

The share of each issuer is approximately 10% of the total portfolio (3-5 thousand rubles).

* Share prices are as of closing 11/06/2018.

Important:

1. This portfolio is a savings tool.
2. The portfolio is an investment portfolio (not speculative), and involves investing funds for a period of one year or more. Investment strategies are based on the fact that in the long term the population of the planet is growing, the amount of resources is decreasing. As a result, in the long term, demand increases, supply remains unchanged or decreases, prices rise, and the long-term trend is growing (you can read more about the differences between investment and speculative strategies).
3. Don't limit yourself to a one-time investment. Regular additions of funds and additional purchases of shares smooth out speculative fluctuations in portfolio returns (if you buy once, there is a chance that you are buying at an extreme point; if you buy shares regularly (for example, every month), you are guaranteed to repeat the market trend).
4. You only need to sell shares if you decide to leave the stock market and start spending what you have accumulated. In other situations, for example, similar to the 2008 crisis, it is worth using panic for new purchases, assuming recovery and further growth in stock prices as part of the cyclical development of the economy and a long-term trend.

Comparison of the profitability of buying blue chips and depositing in a bank deposit

The graph shows the dynamics of profitability of two accounts from January 2004 to February 2011.

On one (yellow line) regular purchases of blue chips are made. Every month, once a month (15-17th) on this account, shares of Gazprom, MMC Norilsk Nickel, LUKOIL, Sberbank, Sberbank preferred, Surgutneftegaz are bought for 10,000 rubles.

On the second account (blue line), deposits are made to the bank for similar amounts with a similar frequency (historical data of the Central Bank of the Russian Federation on average deposit rates excluding demand deposits - you can see).

As can be seen from the graph, even taking into account the 2008 crisis, investing in shares turned out to be more profitable. Final portfolio accumulated in shares amounted tomore than 11.6 million rubles.(RUB 11,632,722.78), for comparison, by investing in bank deposits only 6.7 million rubles would have been accumulated.(6,726,185.63 rubles).

In the long term, buying shares turned out to be almost 2 times more profitable than investing in a bank deposit(1,73).

A deal was opened for 1 lot of Apple shares at a price of $520 per share. The transaction parameters are shown in the table:

An example of a transaction using the AAPL instrument – ​​Apple Inc. (Apple shares)

A trader wishes to make a trade to buy 0.1 lot on the AAPL – Apple Inc. instrument. (Apple shares) at a price of $520 per share.

If you buy 0.1 lot, the transaction volume will be 10 shares. nominal cost

10 shares will be: $520 * 10 = $5200. This is the amount a trader would need to physically purchase 10 shares of Apple at the current market price. The advantage of trading CFD instruments is that the trader does not have to pay the full cost of the product he is trading. The purpose of a CFD transaction is not to physically own any asset, but to profit from fluctuations in market value. Completion of such a transaction requires only the payment of the required collateral. For Apple shares, the collateral amount (margin requirements) is 5%

from the nominal value of the transaction volume, i.e.: $5200 * 5% = $260. Minimum price change

(point size) for the AAPL instrument – ​​Apple Inc. (Apple shares) = $0.01, i.e. 1 cent. When trading with a volume of 0.1 (10 shares), a price increase of $1 will give us a profit of 0.01 * 100 * 10 = $10. Hence,

when buying Apple shares with a 0.1 lot, an increase of 10 points gives a profit of $1, and an increase of 100 points gives a profit of $10.

It turns out that by buying Apple shares in lot 0.1 at a price of $520, and selling them at a price of, say, $530, the trader will make a profit of 530 – 520 = $10 per share. Because Lot 0.1 is 10 shares, then

A deal was opened for Google shares with a volume of 1 lot at a price of $1030.25 per 100 shares. The transaction parameters are shown in the table:

An example of a transaction using the GOOG instrument - Google Inc. (Google shares)

A trader wishes to make a trade to buy 0.1 lot using the GOOG - Google Inc. instrument. (Google shares) at a price of $1030.25 per share.The standard lot size is 100 shares. In case of purchase

If you buy 0.1 lot, the transaction volume will be 10 shares. 10 shares will be: $1030.25 * 10 = $10302.5. This is the amount that a trader would need to physically purchase 10 shares of Google at the current market price. The advantage of trading CFD instruments is that the trader does not have to pay the full cost of the product he is trading. The purpose of a CFD transaction is not to physically own any asset, but to profit from fluctuations in market value. Completion of such a transaction requires only the payment of the required collateral.

For Google shares, the collateral amount (margin requirements) is 5% from the nominal value of the transaction volume, i.e.: $10302.5 * 5% = $515.13.

from the nominal value of the transaction volume, i.e.: $5200 * 5% = $260.(point size) by GOOG instrument - Google Inc. (Google shares) = $0.01, i.e. 1 cent. When trading with a volume of 0.1 (10 shares), a price increase of $1 will give us a profit of 0.01 * 100 * 10 = $10.

(point size) for the AAPL instrument – ​​Apple Inc. (Apple shares) = $0.01, i.e. 1 cent. When trading with a volume of 0.1 (10 shares), a price increase of $1 will give us a profit of 0.01 * 100 * 10 = $10. when buying Google shares with a 0.1 lot, an increase of 10 points gives a profit of $1, and an increase of 100 points gives a profit of $10.

It turns out that by buying Google shares in lot 0.1 at a price of $1030.25, and selling them at a price of, say, $1040.25, the trader will make a profit in the amount of 1040.25 – 1030.25 = $10 per 1 share. Because Lot 0.1 is 10 shares, then TOTAL PROFIT will be $10 * 10 = $100.

Coca-Cola

A deal was opened for Coca-Cola shares with a volume of 1 lot at a price of $40.40 per 100 shares. The transaction parameters are shown in the table:

An example of a transaction using the KO instrument – ​​Coca-Cola Co. (Shares of the Coca-Cola company)

The trader wants to make a deal to buy 0.1 lot on the KO – Coca-Cola Co. instrument. (Shares of the Coca-Cola company) at a price of $40.40 per share. The standard lot size is 100 shares. In case of purchase 0.1 lot, the transaction volume will be 10 shares.

If you buy 0.1 lot, the transaction volume will be 10 shares. 10 shares will be: $40.4 * 10 = $404. This is the amount that a trader would need to physically purchase 10 Coca-Cola shares at the current market price. The advantage of trading CFD instruments is that the trader does not have to pay the full cost of the product he is trading. The purpose of a CFD transaction is not to physically own any asset, but to profit from fluctuations in market value. Completion of such a transaction requires only the payment of the required collateral.

For Coca-Cola shares, the amount of collateral (margin requirements) is 5% of the nominal value of the transaction volume, i.e.: $404 * 5% = $20.2.

from the nominal value of the transaction volume, i.e.: $5200 * 5% = $260.(point size) for the KO instrument - Coca-Cola Co. (Coca-Cola shares) = $0.01, i.e. 1 cent. When trading with a volume of 0.1 (10 shares), a price increase of $1 will give us a profit of 0.01 * 100 * 10 = $10.

(point size) for the AAPL instrument – ​​Apple Inc. (Apple shares) = $0.01, i.e. 1 cent. When trading with a volume of 0.1 (10 shares), a price increase of $1 will give us a profit of 0.01 * 100 * 10 = $10. when buying Coca-Cola shares with a 0.1 lot, an increase of 10 points gives a profit of $1, and an increase of 100 points gives a profit of $10.

It turns out that by buying Coca-Cola shares in lot 0.1 at a price of $40.4, and selling them at a price of, say, $50.4, the trader will make a profit in the amount of 50.4 – 40.4 = $10 per share. Because Lot 0.1 is 10 shares, then TOTAL PROFIT will be $10 * 10 = $100.

The list, updated following additional consultations with bidders, will be published on February 21, 2011.

Preliminary list of securities with new standard lot sizes 179.00 KB

Answers to frequently asked questions in connection with the introduction of minimum tariffs and changes in lot sizes on the MICEX Group stock market

Q: Why did the Exchange decide to introduce a minimum tariff and change the minimum lot size for shares and shares?

A: With the existing minimum lot size, the transaction volume is often such that the commission charged by the MICEX Stock Exchange for such a transaction is less than one kopeck. Since payment of less than one kopeck is impossible, it is rounded to zero. This is also the reason why there is a discrepancy in the accounting of VAT accrued and actually paid at the end of the month. For some securities, the number of transactions with zero commission exceeds 20% of the total number of transactions, while in monetary terms they constitute no more than 0.02% of the security's turnover.

In addition, the Trading System contains a huge number of small transactions (usually 1 lot), usually placed by automated trading systems precisely for the purpose of avoiding exchange commissions. As a result, a significant unproductive load is created on the MICEX trading infrastructure. In addition, such small transactions fill the “glass”, which creates inconvenience for other trading participants.

The introduction of new minimum lots will allow the formation of more representative exchange “glasses”, make it more convenient to trade securities with a low cost of 1 security, will stimulate the conclusion of medium and large transactions, and will also reduce the load on the system.

The decision to change the size of lots, as well as the timing of the changes, were actively discussed and approved at a meeting of the Stock Market Committee of the MICEX Stock Exchange on December 24, 2010 (http://www.micex.ru/group/fbmmvb/management/committee), in which includes representatives of leading banks, brokerage and management companies that are trading participants.

Q: Why is the introduced aggregate minimum tariff value 18 kopecks and not 1 kopeck?

A: The total minimum value of tariffs consists of three parts - the commission fee of the MICEX Stock Exchange, MICEX tariffs for clearing services and tariffs for the provision of integrated technological services - each of which is 6 kopecks, including 1 kopeck. VAT.

Q: What rules will be used to determine new lot sizes?

A: The minimum price of a new lot must be at least 1,000 rubles. In this case, lot sizes can be 1, 10, 100, 1,000, 10,000, 100,000, etc.

Thus, if the cost of a security is 120 rubles, the minimum lot size will be 10 securities with a total cost of one standard lot - 1200 rubles.

Q: Will there be equal lot sizes for common and preferred shares of the same issuer?

A: If the cost of ordinary and preferred shares of one issuer is of the same order, then for the convenience of participants, the lots are set in the same sizes. For ordinary shares and preferred shares, the cost of which differs significantly, the lots may be different.

Q: From what date will the lot sizes in the Trading System be changed?

A: Lot sizes will change effective March 1, 2011. The list of securities and shares for which the lot will change is published on the Exchange website: (http://www.micex.ru/file/104948/Lots_4.xls)

Q: Will it be possible to sell the incomplete lot that appears or supplement it after March 1? How can this be done?

A: Before the lot sizes are changed (until March 1, 2011), each investor can freely carry out transactions for the purchase and sale of securities, based on the current standard lot sizes, both in standard trading modes and in the specialized trading mode “Incomplete Lots” "and, thus, increase the number of securities in your portfolio to a multiple of the new lot sizes.

After March 1, 2011, the holder of securities in an amount less than the size of the new lot can enter into transactions with these securities in the “Incomplete Lots” trading mode.

Q: What will happen if the price of a new lot, as a result of a change in the value of a security after March 1, falls below the threshold of 1,000 rubles? Will lot sizes change in the future?

A: Changing lots from March 1 is a one-time action aimed at optimizing trading conditions for participants. MICEX does not plan to carry out such actions on an ongoing basis.

The question of another change in lots may arise in the event of any significant changes in prices on the market, as a result of which the Exchange will again be faced with the presence of a significant number of suboptimal lots in size, creating inconvenience for trading participants. In any case, all future possible decisions on this issue, as well as the current one, will be made only after detailed discussion with Exchange trading participants.

Q: Will the Exchange implement additional service functions that minimize the likelihood of concluding “erroneous” transactions associated with a market participant’s ignorance of the current lot size?

A: Yes, the Exchange has developed an approach to disclosing information about decisions made to change lots of securities.

Before the effective date of the changes lots of securities, information on decisions made is disclosed through the EDI and the Exchange website:

On the decision date (approximately 1 month before the entry date);

2 weeks before the entry date;

1 week before the entry date;

1 day before the entry date (disclosed also by means of the Trading System).

From the effective date of the changes, when trying to enter an order for a paper with changed lots, a warning message will be displayed at the bidder’s workplace with the ability to block it (so that it does not appear again) after reading.

Final approved lot sizes

http://www.micex.ru/infocenter/presscenter/features/view/194549

We inform you that, based on the decision of the Stock Market Committee of CJSC MICEX Stock Exchange, from March 1, 2011, the sizes of standard lots for a number of shares and investment units will be changed.

Lot of shares represents a unit of purchase and sale during trading on exchange platforms. The predetermined size of the product in physical terms corresponds to the lot size.

What is a stock lot and its types?

It is known that a lot of securities is the current number of shares that are purchased in one transaction. The lot concept provides an opportunity for financial markets to standardize and unify price quotes. For example, shares that give its holder the right to buy and sell a certain number of securities at a specific price in a limited time are valued in such a way that each lot () allows the purchase of 100 shares of the total capital at once. That is, investors always know exactly how many units they are purchasing each time they enter into a contract. Therefore, they can easily estimate the cost of one unit. Experts note that trading securities without such standardization would be time-consuming and unreasonably burdensome.

On the stock exchange, other names are used to refer to the term “lot”:

• full (round) lot - consists of a package of 10, 100, 50 or another number of shares;
• non-standard (incomplete, non-round) lot;
• bulk (fractional) lot - the number of securities is determined depending on the smallest established number of shares of a particular denomination;
• prepackaged lot - depending on the denomination of securities, their quantity is determined.

Non-standard lot

Blocks of shares that are smaller than the standard size were processed by two firms until the 70s - Carlisle's Jacquelin and DeCoppet's Doremus. these companies did not solve their problems: the profitability of this business was steadily declining. Therefore, in 1976, a decision by the New York Exchange provided the opportunity for Merillinch to begin executing orders for its clients in non-standard lots. This led to the liquidation of the merged Carlisle DeCoppet firm.

After 1970, there was a consistent trend in sales of partial lots relative to purchases.

Trading of non-standard lots is always carried out according to special rules. For example, the Moscow Exchange has established a “partial lot mode” for trading. Trading is carried out exclusively only from 16:00 to 18:45.

It should be noted that in the non-standard lot mode, the volume of transactions that are concluded will be smaller than in the main mode, since at this time there are fewer sellers and buyers. Therefore, the spread between the best sell quote and the best buy quote in the “non-standard lots” mode will be larger.

Lots of shares on the Russian stock exchange

The number of securities included in one lot is determined by the exchange. For example, the standards of the Moscow trading platform establish that:

• 1 lot of the VTB banking institution consists of 1000 VTB Bank securities;
• 1 Rosneft lot contains 1 Rosneft share;
• 1 lot of Surgutneftegaz has 100 Surgutneftegaz securities.

Experts note that recently there has been a tendency for the trading platform to reduce the number of assets in one lot. This is done in order to reduce its cost. In this way, purchasing one lot becomes correspondingly more accessible. Thus, new small investors are attracted to the exchange.