MOEX records 32.2% growth of fee and commission income amid subdued economic activity and declining market interest rates.
Moscow Exchange (MOEX) today reported its financial results for Q1 2016, reflecting a strong start to the year, fueled by a substantial 32.2 percent growth of fee and commission income in the first quarter.
The results highlight the strength of MOEX’s diversified product line and follow its record yearly results for 2015 revealing significant growth in the number of individual traders on its FX Market.
Commenting on the results, Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, said: "We are pleased to announce substantial 32.2% growth of fee and commission income in the first quarter. Our priorities for the second half of the year remain expanding the range of products and services we offer to improve trading and clearing efficiency, attracting more Russian retail clients and continuing our work to promote the Russian market and Russian issuers among international investors."
Operating Income
Operating income declined 1.1 percent YoY and 8.1 percent QoQ to RUB 11.7 billion. Fee and commission income increased 32.2% YoY to RUB 5.0 billion, with a slight decline of 2.5 percent QoQ.
EBITDA
EBITDA for Q1 2016 amounted to RUB 9.2 billion, down 2.6 percent YoY and down 8.5 percent QoQ. The EBITDA margin for Q1 2016 was 78.1 percent compared with 79.3 percent in Q1 2015.
Net Profit
Net profit for Q1 2016 amounted to RUB 7.0 billion, down 3.1 percent YoY and down 9 percent QoQ.
Other Highlights
Fee and commission income from the FX Market increased 48.1 percent YoY to RUB 1.3 billion. Trading volumes on the FX Market totalled RUB 89.0 trillion, up 59.5 percent YoY. Spot trading volumes rose 69.1 percent YoY, while swap trading volumes increased 53.8 percent YoY on the back of continued demand for Liquidity -management products.
Fee and commission income from the Derivatives Market grew by 108.3 percent YoY to RUB 513.3 million. Trading volumes in contract terms increased 78.1 percent YoY and amounted to 556.5 million contracts totalling RUB 35.5 trillion, largely driven by growth of futures on commodities and FX, and options.
Evgeny Fetisov, Chief Financial Officer of Moscow Exchange, also commented: “We made a strong start to the year. Fee and commission income increased across almost all our products, with the highest growth rates on the Derivatives Market, Money Market and FX Market. Lower interest rates led to contraction of interest income as expected, while on the other hand overall client activity increased. Cost discipline allowed us to deliver an impressive EBITDA margin of 78.1%."
Moscow Exchange (MOEX) today reported its financial results for Q1 2016, reflecting a strong start to the year, fueled by a substantial 32.2 percent growth of fee and commission income in the first quarter.
The results highlight the strength of MOEX’s diversified product line and follow its record yearly results for 2015 revealing significant growth in the number of individual traders on its FX Market.
Commenting on the results, Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, said: "We are pleased to announce substantial 32.2% growth of fee and commission income in the first quarter. Our priorities for the second half of the year remain expanding the range of products and services we offer to improve trading and clearing efficiency, attracting more Russian retail clients and continuing our work to promote the Russian market and Russian issuers among international investors."
Operating Income
Operating income declined 1.1 percent YoY and 8.1 percent QoQ to RUB 11.7 billion. Fee and commission income increased 32.2% YoY to RUB 5.0 billion, with a slight decline of 2.5 percent QoQ.
EBITDA
EBITDA for Q1 2016 amounted to RUB 9.2 billion, down 2.6 percent YoY and down 8.5 percent QoQ. The EBITDA margin for Q1 2016 was 78.1 percent compared with 79.3 percent in Q1 2015.
Net Profit
Net profit for Q1 2016 amounted to RUB 7.0 billion, down 3.1 percent YoY and down 9 percent QoQ.
Other Highlights
Fee and commission income from the FX Market increased 48.1 percent YoY to RUB 1.3 billion. Trading volumes on the FX Market totalled RUB 89.0 trillion, up 59.5 percent YoY. Spot trading volumes rose 69.1 percent YoY, while swap trading volumes increased 53.8 percent YoY on the back of continued demand for Liquidity -management products.
Fee and commission income from the Derivatives Market grew by 108.3 percent YoY to RUB 513.3 million. Trading volumes in contract terms increased 78.1 percent YoY and amounted to 556.5 million contracts totalling RUB 35.5 trillion, largely driven by growth of futures on commodities and FX, and options.
Evgeny Fetisov, Chief Financial Officer of Moscow Exchange, also commented: “We made a strong start to the year. Fee and commission income increased across almost all our products, with the highest growth rates on the Derivatives Market, Money Market and FX Market. Lower interest rates led to contraction of interest income as expected, while on the other hand overall client activity increased. Cost discipline allowed us to deliver an impressive EBITDA margin of 78.1%."
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!
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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.
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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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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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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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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#fmas #fmas24 #fmevents #networking #finance #africa
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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