MOEX Reports Weak FX Volume, But Solid Equities in Q3

The exchange posted record fee income on the derivatives and equities markets.

The Moscow Exchange (MOEX) has published its financial results for the third quarter of 2019 this Friday, with the Russian company posting record fee income on the derivatives and equities markets.

During the third quarter, the fee and commission income for MOEX grew to RUB 6.4 billion ($100.3 million). This represented an increase of 8.1 percent when measured against the same quarter of the previous year and was driven by the solid performance in the equities and derivatives markets.

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In particular, the equities market recorded a fee and commission income of RUB 604.8 million. On a year-on-year comparison, this is higher by 29.8 percent. Against the previous quarter, it has increased by 11.9 percent.

MOEX posted a trading volume of RUB 3.3 trillion for the equities market in the third quarter. Again, this has risen on both a yearly and quarterly comparison. Specifically, it has grown by 28.3 percent and 10.9 percent, respectively.

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The derivatives market noted a fee and commission income of RUB 774.0 million. This is an uptick of 37.0 percent year-on-year. Against the second quarter of 2019, the most recent period’s income is up by 20.4 percent. Trading volumes also grew by 9.0 percent and 25.3 percent year-on-year and quarter-on-quarter, respectively.

MOEX FX market records weak performance in Q3 

Taking a look at the exchange’s foreign exchange (forex) market, the performance is not as solid. For the third quarter, the net fee and commission income were RUB 932.6 million. This figure has fallen from the RUB 1.03 billion income reported in Q3 of 2018 by 9.5 percent. Against the second quarter, income rose by 5.3 percent.

The trading volume posted by MOEX for the FX market was also down. Specifically, it fell from RUB 96.2 trillion Q3 of 2018 down to RUB 87.6 trillion in the most recent quarter. As a percentage, it is lower by 9.4 percent.

Commenting on the results, Yury Denisov, CEO of Moscow Exchange, said: “In the third quarter, the Equities and Derivatives Markets delivered record fee and commission income on the back of increased client activity, including considerable growth from retail investors. This trend is the result of both a strong market backdrop and expansion of the line of products and services on offer to market participants and their clients.”

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