11/07/2018 | Press release | Distributed by Public on 11/07/2018 00:33
Moscow Exchange (MOEX) today announces its financial results in accordance with International Financial Reporting Standards (IFRS) for Q3 2018. Record high fee and commission income (F&C) from the Money Market and Depositary and Settlement Services were key highlights in the quarter, while all markets delivered positive YoY F&C growth.
Unless stated otherwise, all figures below refer to performance in Q3 2018 and all comparisons are with the corresponding period last year.
KEY FINANCIAL HIGHLIGHTS FOR Q3 2018
KEY BUSINESS & CORPORATE HIGHLIGHTS FOR Q3 2018
EVENTS OCCURRING AFTER THE REPORTING PERIOD
Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, said:
'In the third quarter of 2018, fee and commission income increased across all markets, and the fees generated by the Money Market and Depository and Settlement Services set record highs. The Unified Collateral Pool project remains on track: client volumes are increasing and it's clear that there is demand in the market for the new service. Increased trading by retail investors made an important contribution to volume growth and continues to represent a significant opportunity for our business. Finally, we are pleased to have concluded a strategic partnership agreement with KASE, which will bring our markets closer together.'
Maxim Lapin, Chief Financial Officer of Moscow Exchange, said:
'Moscow Exchange's fee and commission income continued to advance during the third quarter, largely on the back of higher fees from the Money Market, Derivatives Market and FX Market. We observed some stabilization in net interest income on a quarter-on-quarter basis. NII excluding the effect of the investment portfolio revaluation reached RUB 3.90 bln in Q3 2018. Operating expenses remained under control and grew by 6.1%, below the full-year guidance. Net of non-cash changes to amortization schedules, operating expenses added just 3.5%, in line with inflation. As a result, EBITDA was up 0.6% to RUB 7.14 bln.'
PERFORMANCE OF KEY BUSINESS LINES
Moscow Exchange's consolidated IFRS financial statements for Q3 2018 are available on the Investor Relations section of the company's web site.
The Q3 2018 IFRS Financial Results webcast is scheduled for 7 November 2018 at 3:30 pm (Moscow time).
NOTES TO EDITORS
About Moscow Exchange
Moscow Exchange Group operates Russia's main trading platform for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central securities depository (National Settlement Depository), and a clearing center (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to offer its clients the full spectrum of trading and post-trading services.
Moscow Exchange was formed in December 2011 as a result of a merger between Russia's two main exchange groups - MICEX Group, the oldest domestic exchange and operator of the leading securities, foreign exchange and money market platform in Russia; and RTS Group, at the time the operator of Russia's leading derivatives market. This combination created a vertically integrated public trading market across most major asset classes named Moscow Exchange. Moscow Exchange held the initial public offering of its shares on 15 February 2013 (ticker MOEX).
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 Calculated as the sum of Interest and other finance income and Foreign exchange gains less losses less Interest expense (compared to Net interest and other finance income, excludes gains/losses on FVTOCI and gains/losses on AFS)
 Cash position is calculated as the sum of Cash and cash equivalents, Financial assets at fair value through profit and loss, Due from financial institutions, Financial assets at fair value though other comprehensive income less Balances of market participants and Distributions payable to holders of securities.