Russian shares. Minimum amount to buy Gazprom shares How many shares in a lot

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 the size of lots on the stock market of the MICEX Group

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

A: With the existing minimum lot size, the volume of a transaction is often such that the MICEX SE commission charged for such a transaction turns out to be less than one kopeck. Since payment less than one kopeck is not possible, it is rounded down to zero. Including because of this, there is a discrepancy in accounting for 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 amount to 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 each), which, as a rule, are placed by automated trading systems precisely in order to avoid the exchange commission. 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 bidders.

The introduction of new minimum lots will make it possible to form more representative stock exchange "glass", make it more convenient to trade in 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 lot size, as well as the timing of the changes, were actively discussed and approved at a meeting of the MICEX Stock Market Committee 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 bidders.

Q: Why is the cumulative minimum value of tariffs being entered at 18 kopecks and not 1 kopeck?

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

Q: What are the rules for determining 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 value of a security is 120 rubles, the minimum lot size will be 10 securities with a total value of 1,200 rubles per standard lot.

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

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

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

A: Lot sizes will change as of 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 has appeared or supplement it after March 1? How can this be done?

A: Until lot sizes are changed (until March 1, 2011), each investor can freely carry out transactions to buy and sell securities, based on the current standard lot sizes, both in standard trading modes and in the specialized “Incomplete Lots” trading mode. » and, thus, bring the number of securities in your portfolio up to a multiple of the new lot sizes.

After March 1, 2011, the holder of securities in an amount less than the size of a new lot may conclude transactions with these securities in the "Incomplete Lots" trading mode.

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

The issue of the next 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 face the presence of a significant number of non-optimal lots in size, creating inconvenience for bidders. In any case, all future possible decisions on this issue, as well as the current one, will be made only after a detailed discussion with the Exchange's trading participants.

Q: Will the Exchange implement additional service functions that will minimize the likelihood of concluding "erroneous" trades related to the 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 for securities.

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

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

2 weeks prior to entry date;

1 week before entry date;

1 day before the entry date (disclosed, among other things, by means of the Trading System).

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

Final approved lot sizes

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

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

Information and analytical services and materials are provided by LLC IC "Freedom Finance" as part of the provision of these services and are not an independent activity.

The Company reserves the right to refuse to provide services to persons who do not meet the conditions for clients or who are prohibited/restricted from providing such services in accordance with the laws of the Russian Federation or other countries where operations are carried out. Also, restrictions may be imposed by the internal procedures and control of LLC IC Freedom Finance.

LLC IC Freedom Finance provides financial services in the Russian Federation in accordance with state perpetual licenses for brokerage, dealer and depository activities, as well as securities management activities. State regulation of the company's activities and protection of the interests of its clients is carried out by the Federal Service for Financial Markets of Russia. Ownership of securities and other financial instruments is always associated with risks: the value of securities and other financial instruments can both rise and fall.

The results of investing in the past are not a guarantee of income in the future. In accordance with the law, the company does not guarantee and does not promise future returns on investments, does not guarantee the reliability of possible investments and the stability of the size of possible income. Services for transactions with foreign securities are available to persons who are qualified investors in accordance with applicable law and are performed in accordance with the restrictions established by applicable law.

Let's talk about changes at the MICEX. Let me remind you what the point is. Starting March 1, 2011, new lot sizes for shares will be introduced. As we have already, 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 the lot - then the investor does not care what the volume of the transaction is. But sometimes there are 10 shares in a lot, and 100, and 1000.

It all depends on the price of the paper - it is not very profitable for the stock exchange to service transactions in the volume of three rubles, for example. MICEX takes a certain percentage of its amount (very small) for conducting a transaction, so small transactions bring “income” in the literal sense of a penny or even a fraction of a penny.

According to the exchange itself, it is simply impossible to charge bidders for an operation in the amount of less than a penny, so some transactions are simply free for traders. This is used by the creators of trading robots - they program the system in such a way as to conduct a large number of transactions with a "value" of 0 rubles. 00 kop. with 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 per transaction (18 kopecks) and a minimum lot size (1 thousand rubles). With lots, things are a little more interesting.

In addition to the minimum amount, there is another limitation: the number of shares in the lot must be equal to “one with zeros”. That is, there cannot be a lot 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 at a price of, say, 80 rubles, “flies” far beyond the “minimum” 1,000 rubles. We consider: 80 rubles. (1 share) - not allowed, 800 rubles. (10 shares) - impossible, 8000 rubles. (100 shares) - you can. This applies, for example, to the shares of KAMAZ, Kalina, Aeroflot, Mechel (most likely) and other companies. The stock exchange made indulgence only for 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 the lot for them can constantly rise slightly above the mark of 1000 rubles. and go under it a little.

Another amendment to the rules concerns preferred papers. The exchange decided that if the prices of prefs and common shares of the same company are close, then the lot size for prefs is set the same as for commons. If they differ too much, then preferred shares will have their own lot size. Today, such "special" prefs include shares of Bashinformsvyaz (100 ordinary shares in the lot and 1000 preferred shares), Bank Vozrozhdenie (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 the 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 (lot value increased 100 times to 6,600 rubles), Severstal (10 times to 5,000 rubles), FGC (100 times to 3,860 rubles) and Rostelecom-pref (in 100 times up to 8600 rubles). Otherwise, there are no significant problems.

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

And finally, some statistics. The largest lots in terms of the number of shares included in them are those of TGK-2 (common shares and prefs), TGK-9 and TGK-14 - 1 million shares per lot. The cost of these lots is 4-8 thousand rubles. Lots - "hundred-thousanders" - 8 pieces, "ten-thousanders" - 47 pieces. The average price of a lot throughout the market in 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 fall to about 3,200 rubles. The average lot price for the twenty most popular shares yesterday was 4,900 rubles, but without Transneft, which private investors rarely buy, we will get only 3,100 rubles.

A couple of weeks ago, I wrote a note that from March 1, MICEX will change the lot size for 70% of issuers
Recently, the MICEX exchange published the sizes of new lots on its website, and now it is possible to count who has become the leader and outsider of these changes.

Note on tables:
1) By “outsiders” I will mean securities, the lot of which has increased the most (because in theory, liquidity in them should fall more), and by “leaders”, I will mean securities, the lot of which has decreased the most.
2) For convenience, I quote the change in the price of lots in the table in whole rubles, without kopecks.

It is clear that there are still a few dozen "outsiders", but the leaders - the cat cried. But the leaders and the changes are much more significant, which means that the liquidity will be hoo!

In a previous note, I wrote that according to the meaning of the press release published on the MICEX website, it may turn out that the number of shares in the lot of Sberbank (or Rostelecom) will be different: for ordinary shares, the lot will be = 10 pieces, and for preferred shares = 20 or 100 pieces.

And so it happened - for 6 issuers, the sizes of lots for ordinary and preferred shares will differ.

I will quote some of them:
Q: What are the rules for determining new lot sizes?
A: The minimum price of a new lot must be not less than 900 rubles. In this case, lot sizes can be 1, 10, 100, 1,000, 10,000, 100,000, etc.
Thus, if the value of a security is 120 rubles, the minimum lot size will be 10 securities with a total value of 1,200 rubles per standard lot. Q: Will there be equal lot sizes for common and preferred shares of the same issuer?
A: If the cost of common and preferred shares of the same issuer is the same, then for the convenience of the participants, the lots are set in the same size. For ordinary shares and preferred shares, the value of which differs significantly, the lots may be different.

Q: From what date will lot sizes be changed in the Trading System?
O: Lot sizes will be changed from March 1, 2011. The changes are listed on the website.
New lot size on MICEX

Q: Will it be possible to sell the incomplete lot that has appeared or supplement it after March 1? How can this be done?
A: Until lot sizes are changed (until March 1, 2011), each investor can freely carry out transactions to buy and sell securities, based on the current standard lot sizes, both in standard trading modes and in the specialized “Incomplete Lots” trading mode. » and, thus, bring the number of securities in your portfolio up to a multiple of the new lot sizes.
After March 1, 2011, the holder of securities in an amount less than the size of a new lot may conclude transactions with these securities in the "Incomplete Lots" trading mode.

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

If you are focused on long-term investments in securities, but find it difficult which shares to buy, Investment Chamber LLC offers you an example of a well-composed investment portfolio based on the MICEX10 index. It includes shares of 10 most famous and reliable enterprises in equal shares. These are titan enterprises, generating significant cash flows, and at the same time possessing strong corporate governance.

An example of the formation of a portfolio 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 on 11/06/2018.

Important:

1. This portfolio is an accumulation instrument.
2. The portfolio is precisely investment (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 run the population of the planet is growing, the amount of resources is decreasing. As a result, in the long run, 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 buy 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, like the 2008 crisis, it is worth using panic for new purchases, assuming a 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 deposits in a bank deposit

The graph shows the dynamics of the 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 (on the 15th-17th), shares of Gazprom, Norilsk Nickel MMC, LUKOIL, Sberbank, Sberbank preferred, Surgutneftegaz are bought on this account for 10,000 rubles.

On the second account (blue line), deposits are made to the bank for similar amounts with the same 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 stocks turned out to be more profitable. final portfolio accumulated in shares amounted tomore than 11.6 million rubles.(11,632,722.78 rubles), for comparison, by investing in bank deposits, only 6.7 million rubles would be accumulated.(6,726,185.63 rubles).

In the long run, the purchase of shares turned out to be more profitable than investments in a bank deposit by almost 2 times(1,73).