Regulations

Перенос позиции через ночь

1. What Is an Overnight Position Carryover?

Overnight position carryover is the process applied to an open position at 23:45 Moscow time for the clearing period and to the trading account on which the position is held.

Carrying positions overnight involves significant risks for both the Trader and ADF Capital. All costs incurred by the Company in connection with overnight position carryovers are allocated among Traders in proportion to their actual carryovers.

ADF Capital recommends avoiding carrying positions overnight.

2. Overnight Carryover Fee

The fee is charged only if the calculated fee amount is positive.

2.1. Overnight Carryover Rate

The applicable rate depends on whether the Trader has exclusive access to the Global Market and whether the carryover amount exceeds the balance.

If the carryover amount is less than or equal to the balance, the applicable rate is:
● 0% for Traders with exclusive access to the Global Market;
● the Bank of Russia one-day REPO rate effective on the carryover date for all other Traders.

If the carryover amount exceeds the balance, the applicable rate is:
● 20% per annum for Traders with exclusive access to the Global Market;
● 25% per annum for Traders without such access.

The same rate applies to both the Futures and Stocks markets.

2.2. Calculation Formula

If the carryover amount is less than or equal to the balance:
● Fee = Carryover Amount × 0% / 365 — for Traders with access to the Global Market;
● Fee = Carryover Amount × R_CB / 365 — for all other Traders.

If the carryover amount exceeds the balance:
● Fee = Carryover Amount × R / 365.

Where:
● Carryover Amount = Initial Margin × Number of Lots × Number of Shares per Lot, calculated as the aggregate amount for all positions held overnight on a particular trading venue;

● Initial Margin = exchange initial margin × Company coefficient (equal to 1 in most cases);
● Balance = the end-of-day balance after clearing, including the financial result for the preceding trading day;
● R = the overnight carryover rate specified in Section 2.1 (20% for Traders with access to the Global Market / 25% for all other Traders);
● R_CB = the Bank of Russia one-day REPO rate effective on the carryover date.
2.3. Overnight carryover Rate for Traders with the “MOEX Arbitrageur” status
By default, traders holding the “MOEX Arbitrageur” status (the right to trade exclusively arbitrage strategies on MOEX, granted by the Company — see the “Profit Withdrawal” Regulation, Section 2) are not charged an overnight carry fee, provided that the position being carried overnight is delta-neutral and does not exceed the balance. In case it does, the commission is calculated according to the standard formula.
If a trader with the “MOEX Arbitrageur” status carries a non-delta-neutral (directional) position overnight, the Company shall have the right to:
● charge a fee for such overnight carry in an amount equal to ×2 the amount calculated according to the standard formula for a directional trade applicable to the respective trader pursuant to Clauses 2.1–2.2;
● revoke the trader’s “MOEX Arbitrageur” status and transfer the trader to the general terms and conditions (including reinstatement of the 30% reserve requirement specified in the “Profit Withdrawal” Regulation);
● additionally charge the increased (×2) fee for all similar overnight carries made during the entire period from the date the “MOEX Arbitrageur” status was granted until the date it was revoked.

3. Special Rules for Carrying Stock Positions Overnight

Clearing times:
● 18:45 — if the security is not traded during the evening trading session;

● 23:50 — if the security is traded during the evening trading session. The trading hours for a particular instrument can be checked on the MOEX website. The list of stocks available for trading during the evening session is provided below.

ABIO, ABRD, AFKS, AFLT, AKAI, AKBC, AKCN, AKFB, AKFN, AKGD, AKGP, AKHT, AKIE, AKMB, AKMC, AKME, AKMM, AKMP, AKQU, AKRN, AKUP, ALRS, AMFL, AMGB, AMGL, AMIX, AMNR, AMNY, AMRE, AMRH, AMVD, AMVY, APRI, APTK, AQUA, ARSA, ASSB, ASTR, AVAN, BANE, BANEP, BAZA, BCSB, BCSD, BCSE, BCSR, BELU, BISVP, BLNG, BNDA, BNDB, BNDC, BOND, BRZL, BSPB, BSPBP, BTBR, CARM, CASH, CBOM, CHGZ, CHKZ, CHMF, CHMK, CNRU, CNTL, CNTLP, CNYM, CORP, DATA, DELI, DIAS, DIOD, DIVD, DOMRF, DVEC, DZRD, DZRDP, EELT, ELFV, ELMT, ENPG, EQMX, ESGE, ETLN, EUTR, FEES, FESH, FINC, FIXR, FLOT, FMBR, FMMM, GAZA, GAZAP, GAZP, GCHE, GECO, GEMA, GEMC, GLRX, GMKN, GOLD, GOOD, GROD, GTRK, HEAD, HIMCP, HNFG, HYDR, IGST, IGSTP, INCB, IRAO, IRKT, IVAT, JNOS, JNOSP, KAZT, KAZTP, KBSB, KCHE, KCHEP, KFBA, KGKC, KGKCP, KLSB, KLVZ, KMAZ, KMEZ, KOGK, KRKN, KRKNP, KRKOP, KROT, KROTP, KRSB, KRSBP, KUZB, KZOS, KZOSP, LEAS, LENT, LIFE, LKOH, LMBZ, LPSB, LQDT, LSNG, LSNGP, LSRG, LVHK, MAGE, MAGEP, MAGN, MBNK, MDMG, MFGS, MFGSP, MGKL, MGNT, MGTS, MGTSP, MISB, MISBP, MKBD, MOEX, MONY, MRKC, MRKK, MRKP, MRKS, MRKU, MRKV, MRKY, MRKZ, MRSB, MSNG, MSRS, MSTT, MTLR, MTLRP, MTSS, MVID, NAUK, NFAZ, NFKL, NKHP, NKNC, NKNCP, NKSH, NLMK, NMTP, NNSB, NNSBP, NSVZ, NVTK, OBLG, OFZS, OGKB, OKEY, OMZZP, OZON, OZPH, PAZA, PHOR, PIKK, PLZL, PMSB, PMSBP, POSI, PRFN, PRMB, PRMD, PSGM, PSMM, PSRB, PSRE, RAGR, RASP, RBCM, RDRB, RENI, RGSS, RKKE, RNFT, ROLO, ROSN, ROST, RTGZ, RTKM, RTKMP, RTSB, RTSBP, RU0005418747, RU0006922010, RU0006922044, RU000A0JP773, RU000A0JP799, RU000A0JVJ29, RU000A100EQ2, RU000A101NK4, RU000A105TU1, RU000A108TT7, RU000A108VR7, RU000A108ZB2, RU000A109R27, RU000A10BM31, RU000A10BQP0, RUAL, RUFO, RUSI, RZSB, SAGO, SAGOP, SARE, SAREP, SBBC, SBER, SBERP, SBGB, SBHI, SBMM, SBMX, SBRI, SBSC, SCLI, SELG, SFIN, SGZH, SIBN, SLEN, SMCF, SMLT, SNGS, SNGSP, SOFL, SPBE, STSB, STSBP, SUGB, SVAV, SVCB, SVET, SVETP, T, TASB, TASBP, TATN, TATNP, TBEU, TBRU, TDIV, TEUR, TGKA, TGKB, TGKBP, TGKN, TMOS, TNSE, TOFZ, TOPS, TORS, TORSP, TPAY, TRMK, TRND, TRNFP, TSAV, TTLK, TUSD, TUZA, UGLD, UKUZ, UNAC, UNKL, UPRO, URKZ, USBN, UTAR, UWGN, VEON-RX, VGSB, VGSBP, VJGZ, VJGZP, VKCO, VLHZ, VRSB, VRSBP, VSEH, VSMO, VSYD, VSYDP, VTBR, WFLO, WFUT, WILD, WOFZ, WTCM, WTCMP, WUSD, WUSH, X5, XSECUR, XXXXXX, YAKG, YDEX, YKEN, YKENP, YRSB, YRSBP, ZAYM, ZILL, ZVEZ

The list of instruments is updated daily.

Long positions may be carried overnight for any stocks. Short positions may be carried overnight only for the following stocks:

ABIO, ABRD, AFLT, APTK, AQUA, BELU, CHKZ, CHMF, CHMK, CNRU, DATA, DELI, DOMRF, ENPG, FEES, FIXR, FLOT, FXBC, FXDM, FXGD, FXIP, FXIT, FXTP, FXUS, FXWO, GLRX, GMKN, HEAD, HYDR, IRAO, IRKT, IVAT, KAZT, KAZTP, KCHEP, KMAZ, KROT, KZOS, KZOSP, LEAS, LENT, LKOH, LSNG, LSNGP, MDMG, MGNT, MGTSP, MRKC, MRKK, MRKP, MRKS, MRKU, MRKV, MRKY, MRKZ, MSNG, MSRS, MVID, NKHP, NLMK, NVTK, OGKB, OZPH, PHOR, PMSB, PMSBP, POSI, RAGR, RASP, RENI, RKKE, RNFT, RTKMP, RUAL, SBEN, SBENP, SBERP, SELG, SFIN, SIBN, SMNF, SMNFP, SNFG, SNFGP, SNGSP, SOFL, SVAV, SVCB, TATNP, TGKA, TRMK, TRNFP, TYPM, TYPMP, TZEP, TZEPP, UGLD, UNAC, UPRO, UWGN, VGSB, VGSBP, VSEH, VSMO, WUSH

The list of instruments is updated daily.

All short positions in stocks not included in the list above must be closed before the end of the trading session. If a position is not closed on time, it will be forcibly closed.

4. Special Rules for Carrying Currency Positions Overnight

ADF Traders are strictly prohibited from carrying open Currency positions through clearing.

If a Trader does not close their positions independently, the Company will forcibly close them at the following times:

Тикер	Принудительное завершение
CNY000000TOD	17:44
CNYRUB_TOM	18:45
GLDRUB_TOM	18:45
PLDRUB_TOM	18:10
PLTRUB_TOM	18:10
SLVRUB_TOM	18:10

5. Special Rules for Carrying Perpetual Futures Overnight

Funding is a payment or credit charged or applied when perpetual futures positions are carried overnight.

ADF Capital does not cooperate with Traders whose primary trading strategy is based on collecting funding payments.

Therefore, if the criterion below is exceeded, the Trader will be notified that the positions forming part of the funding arbitrage structure must be closed. Otherwise, these positions will be forcibly closed within two trading days from the date the notification is received.

Criterion: Total Funding Received / Trader's Total Profit Excluding Referee Payout > 0.4

Carrying perpetual futures overnight involves funding charges or credits for the following instruments: USDRUBF (USD/RUB); EURRUBF (EUR/RUB); CNYRUBF (CNY/RUB); GLDRUBF (Gold); SLVRUBF (Silver); IMOEXF (MOEX Index); SBERF (Sberbank); GAZPF (Gazprom); RGBIF (RGBILP Index). Funding for each instrument is calculated as follows:

Funding = Funding Value × Number of Lots × Number of Underlying Units per Lot

Where:

● Funding Value is the funding value published on the official Moscow Exchange website;

● Number of Underlying Units per Lot is the number of units of the underlying asset per lot, as specified on the official Moscow Exchange website;

● Number of Lots is the Trader's position as of 23:45 Moscow time.

If the Trader has several open positions, the funding amounts for those positions are aggregated. The funding amount is applied to the aggregate amount only if the total funding for the position is greater than zero.

The carryover amount for perpetual futures is also taken into account when calculating the overnight carryover fee.

	Funding (+)	Funding (-)
Long Position (+)	Charged	Credited
Short Position (-)	Credited	Charged

If funding is credited, the amount calculated using the formula above is reduced by 5%.

If funding is charged, the amount calculated using the formula above is increased by 7%.

6. Dividends on Stocks and Futures

6.1. Dividend Fee (Stocks Market)

When dividends are credited to a Trader in respect of open positions on the Stocks market, the Company charges a fee equal to 10% of the dividends credited.

6.2.Dividend Adjustment (Perpetual Futures)
For perpetual futures, dividend events are compensated through a dividend adjustment, which offsets the change in the futures price caused by the dividend event.

The adjustment is credited to holders of long positions and charged to holders of short positions. It applies only to the IMOEXF instrument.

The dividend adjustment is calculated as follows:

Dividend Adjustment = Dividend Index_t × Price Step Value / Price Step × Position_t-1, less a Company fee of 10% of the calculated amount

Where:

● Dividend Index for date t is obtained from the official Moscow Exchange website. The dividend adjustment is equal to the dividend value for perpetual futures on stocks or to the IMOEXDIV Index value for IMOEXF;
● Price Step Value and Price Step are instrument parameters specified on the official Moscow Exchange website;

● Position_t-1 is the Trader's position as of 23:45 on the previous day. The dividend adjustment is applied on the ex-dividend date. On all other days, the adjustment is zero.

The dividend adjustment is credited to the account with a one-day delay.