Moscow Exchange results for the first quarter show FX trading volumes rose 95.4% YoY to RUB 53.8 trillion, Spot trading volumes grew 60.8% YoY, and Derivatives on FX grew by 72% YoY, following RUB volatility.
Russia-based Stock Market and Derivatives Market operator Moscow Exchange (MOEX) today reported its financial results for Q1 2014, with strong earnings growth driven by fees and commissions from increased trading volumes across markets, particularly the Equity and FX Markets, according to the official press release.
The reports were compiled based on International Financial Reporting Standards (IFRS) and showed that total trading volumes across all markets increased 43.69% year-over-year, when compared to Q1 2013, reaching RUB 120.47 trillion. Total operating income increased 18% YoY to RUB 6.51 billion, and EBITDA also rose 14.6% over that time period to RUB 4.43 billion.
Foreign Exchange Market Fee & commission income from the FX Market at MOEX increased 64.2% YoY to RUB 799.5 million, while trading volumes rose 95.4% YoY to RUB 53.8 trillion. Spot trading volumes grew 60.8% YoY, while swap trading volumes outperformed with 121.6% YoY growth, driven by continued solid demand from customers for Liquidity management products. The exchange also unified the risk management systems of the FX and precious metals markets during the quarter.
Net profit for the exchange totaled RUB 3.17 billion up 23.72% YoY, with earnings per share (EPS) reported at RUB 1.45.
Commenting in the official press release, Alexander Afanasiev, Chief Executive Officer of Moscow Exchange said,"After an outstanding 2013, which was marked by a number of major transformational reforms, Moscow Exchange started 2014 with strong growth of operating and financial results. A volatility spike led to higher trading volumes across most of our markets – Equities, FX, Money Market and Derivatives, which showed significant growth during the first quarter.”
Mr. Afanasiev added, "The quarter also saw the first serious market stress-test of our upgraded infrastructure, and I'm pleased to say that we successfully passed through a period of market turbulence. Our Risk Management systems worked well, with the Central Counterparty functioning in the T+2 settlement regime, and we have continued to serve our customers by providing uninterrupted access to trading of different asset classes."
MOEX said key corporate highlights included:
Moscow Exchange completed the buyback and subsequently retired quasi-treasury shares from its MICEX Finance subsidiary. This increased existing shareholders' proportional ownership of the company's equity and their return on capital (ROC), as well as strengthened corporate governance by preventing voting with these shares.
Moscow Exchange sold its stake in electronic state procurement platform MICEX IT. This move was in line with the strategy of optimizing the group's structure through the disposal of non-core assets.
Moscow Exchange hosted the 2014 Moscow Exchange Forum, one of the largest annual conferences of the Russian financial markets community, which brought together more than 1,000 participants.
International central securities depositories Euroclear and Clearstream launched settlement of Russian corporate bonds via their direct links to the Russian CSD, the National Settlement Depository (NSD), a Moscow Exchange subsidiary.
In addition to other reported areas of the Exchange's business lines, its Derivatives Market reported figures included fee & commission income which increased 20.7% YoY to RUB 433.7 mln. While derivatives market trading volumes increased 25.6% YoY to RUB 14.5 trn (340.3 mln contracts), open interest rose 27.5% YoY to 12.32 mln contracts at the end of 1Q14. Fees and commissions' growth was mainly driven by increased volatility and robust activity on spot markets over the quarter. Derivatives on FX grew by 72% YoY and comprised 43% of total trading volume on the derivatives market, while derivatives on indices comprised a further 49%.
MOEX also signed a memorandum on cooperation with Korea Exchange in the field of financial markets, and trading began in an ETF on the MSCI China index, as well as the start of publication of indicative swap rates which has increased the relevance and transparency of FX market data, according to a description in the press release.
Russia-based Stock Market and Derivatives Market operator Moscow Exchange (MOEX) today reported its financial results for Q1 2014, with strong earnings growth driven by fees and commissions from increased trading volumes across markets, particularly the Equity and FX Markets, according to the official press release.
The reports were compiled based on International Financial Reporting Standards (IFRS) and showed that total trading volumes across all markets increased 43.69% year-over-year, when compared to Q1 2013, reaching RUB 120.47 trillion. Total operating income increased 18% YoY to RUB 6.51 billion, and EBITDA also rose 14.6% over that time period to RUB 4.43 billion.
Foreign Exchange Market Fee & commission income from the FX Market at MOEX increased 64.2% YoY to RUB 799.5 million, while trading volumes rose 95.4% YoY to RUB 53.8 trillion. Spot trading volumes grew 60.8% YoY, while swap trading volumes outperformed with 121.6% YoY growth, driven by continued solid demand from customers for Liquidity management products. The exchange also unified the risk management systems of the FX and precious metals markets during the quarter.
Net profit for the exchange totaled RUB 3.17 billion up 23.72% YoY, with earnings per share (EPS) reported at RUB 1.45.
Commenting in the official press release, Alexander Afanasiev, Chief Executive Officer of Moscow Exchange said,"After an outstanding 2013, which was marked by a number of major transformational reforms, Moscow Exchange started 2014 with strong growth of operating and financial results. A volatility spike led to higher trading volumes across most of our markets – Equities, FX, Money Market and Derivatives, which showed significant growth during the first quarter.”
Mr. Afanasiev added, "The quarter also saw the first serious market stress-test of our upgraded infrastructure, and I'm pleased to say that we successfully passed through a period of market turbulence. Our Risk Management systems worked well, with the Central Counterparty functioning in the T+2 settlement regime, and we have continued to serve our customers by providing uninterrupted access to trading of different asset classes."
MOEX said key corporate highlights included:
Moscow Exchange completed the buyback and subsequently retired quasi-treasury shares from its MICEX Finance subsidiary. This increased existing shareholders' proportional ownership of the company's equity and their return on capital (ROC), as well as strengthened corporate governance by preventing voting with these shares.
Moscow Exchange sold its stake in electronic state procurement platform MICEX IT. This move was in line with the strategy of optimizing the group's structure through the disposal of non-core assets.
Moscow Exchange hosted the 2014 Moscow Exchange Forum, one of the largest annual conferences of the Russian financial markets community, which brought together more than 1,000 participants.
International central securities depositories Euroclear and Clearstream launched settlement of Russian corporate bonds via their direct links to the Russian CSD, the National Settlement Depository (NSD), a Moscow Exchange subsidiary.
In addition to other reported areas of the Exchange's business lines, its Derivatives Market reported figures included fee & commission income which increased 20.7% YoY to RUB 433.7 mln. While derivatives market trading volumes increased 25.6% YoY to RUB 14.5 trn (340.3 mln contracts), open interest rose 27.5% YoY to 12.32 mln contracts at the end of 1Q14. Fees and commissions' growth was mainly driven by increased volatility and robust activity on spot markets over the quarter. Derivatives on FX grew by 72% YoY and comprised 43% of total trading volume on the derivatives market, while derivatives on indices comprised a further 49%.
MOEX also signed a memorandum on cooperation with Korea Exchange in the field of financial markets, and trading began in an ETF on the MSCI China index, as well as the start of publication of indicative swap rates which has increased the relevance and transparency of FX market data, according to a description in the press release.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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