Moscow Exchange see negative equity but strong FX
04 April 2013 Moscow
Image: Shutterstock
Strong revenue growth and higher volumes on FX and money markets were some of the highlights of the Moscow Exchange’s full-year 2012 results.
CEO Alexander Afanasiev said that last year was a break-out year for the exchange. “Following the merger in 2011, we completed the integration of the MICEX and RTS exchange groups in 2012. We introduced major changes to the financial markets infrastructure, including the centralisation of clearing and the launch of a central securities depository. In 2012, we also opened up the FX market for trading by all categories of participants, introduced a repository and launched the new Spectra IT platform."
"Significantly, in 2012 we completed much of the groundwork for our successful initial public offering, which was held on our own trading platform in February 2013. Despite challenging markets, the IPO raised RUB 15 billion and demonstrated to other Russian issuers that the local market is an attractive venue for sizeable capital raisings."
The exchange also rolled out the first stage of the transition to T+2 settlement for equities and bonds, and revealed that it was working on listing reform and the centralised clearing of OTC derivatives.
Trading volumes across all markets totaling RUB 369.7 trillion, a 24 percent increase versus combined MICEX and RTS volumes in 2011, and revenues were up 27 percent year-on-year, to RUB 21.55 billion.
FX, money market and derivative trading volumes were higher as a result of organic growth and new products and innovations, while global factors negatively impacted equities volumes.
CEO Alexander Afanasiev said that last year was a break-out year for the exchange. “Following the merger in 2011, we completed the integration of the MICEX and RTS exchange groups in 2012. We introduced major changes to the financial markets infrastructure, including the centralisation of clearing and the launch of a central securities depository. In 2012, we also opened up the FX market for trading by all categories of participants, introduced a repository and launched the new Spectra IT platform."
"Significantly, in 2012 we completed much of the groundwork for our successful initial public offering, which was held on our own trading platform in February 2013. Despite challenging markets, the IPO raised RUB 15 billion and demonstrated to other Russian issuers that the local market is an attractive venue for sizeable capital raisings."
The exchange also rolled out the first stage of the transition to T+2 settlement for equities and bonds, and revealed that it was working on listing reform and the centralised clearing of OTC derivatives.
Trading volumes across all markets totaling RUB 369.7 trillion, a 24 percent increase versus combined MICEX and RTS volumes in 2011, and revenues were up 27 percent year-on-year, to RUB 21.55 billion.
FX, money market and derivative trading volumes were higher as a result of organic growth and new products and innovations, while global factors negatively impacted equities volumes.
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