The FINANCIAL — Moscow Exchange (MOEX) announced its 3Q13 IFRS results. Strong earnings were driven by growth across our highly diversified business, particularly by FX and money market products, according to Moscow Exchange.
Total trading volume across all markets up 25.3% YoY to RUB 123.9 trn. Total operating income rose 11.2% YoY to RUB 6.28 bln. EBITDA climbed 8.7% YoY to RUB 3.99 bln; EBITDA margin 64.0% versus 65.0% in 3Q12. Net profit increased 29.8% YoY to RUB 2.85 bln; earnings per share (EPS) increased 24% YoY to RUB 1.29, according to Moscow Exchange.
Strong additions were made to the management team, including Luis Vicente as MD of Risk & Clearing, Anna Vasilenko as Director of Primary Markets, Viktor Malakhov as IT Architecture Director, and Sergei Klinkov as IR Director.
Migration to T+2 settlement for equities was completed on 2 September, a major reform for the Russian financial market. Closing Auction replaced the Post Trade Auction from 2 September. The Closing Auction price is recognised as the official closing price of the Russian market and is in line with best practice at leading exchanges worldwide. Four major global banks have started to offer Direct Market Access (DMA) to securities trading on Moscow Exchange (five more expected to come online in the coming months). New calendar spreads were introduced for futures on the RTS Index, OFZs, USD/RUB, Brent, gold, and the six most liquid stocks. Trading platforms for Equities & Bonds, FX and the Derivatives Market were centralized at a single technology venue, the new state-of-the-art M1 data centre, according to Moscow Exchange.
"Moscow Exchange delivered a solid set of results for the quarter. At the same time, we have continued to implement a number of important strategic initiatives that will position us well for long-term growth," said Alexander Afanasiev, Chief Executive Officer of Moscow Exchange. "We have been encouraged by increased equity trading volumes following the introduction of T+ settlement. In our view, investors appreciate the reforms taking place in the Russian financial market. We recently welcomed two issuers to Moscow Exchange, as Alrosa completed the largest Moscow-only shares listing, and Qiwi depository shares began trading locally. In October, we started central clearing of OTC derivatives and launched precious metals trading, both new products that represent strong potential revenue drivers. In addition we were pleased to welcome seven new ETFs to the Exchange. Going forward, we will maintain our focus on using our competitive advantage to attract more issuers and investors to Moscow Exchange," he added.
"We are pleased to report another set of solid financial results. Our diversified product offering and vertically integrated business model have helped us record double-digit revenue growth. We remain focused on delivering on our financial targets and generating significant value for our shareholders," Evgeny Fetisov, Chief Financial Officer of Moscow Exchange, said.
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