Moscow Exchange registers 27% YoY rise in FX market fee&commission income in 2015

Moscow Exchange, or Moskovskaya Birzha MMVB-RTS PAO (MCX:MOEX), the biggest Russian trading venue for currencies, stocks and derivatives, has earlier today reported a set of solid financial results for full year 2015, with strong performance of the FX market being one of the key drivers of the rise in revenues and profits.

Fee and commission income from the FX Market rose 27% year on year to RUB 4.3 billion ($58.4 million).

Annual Forex trading volumes totalled RUB 310.8 trillion, up 36% year on year, on the back of heightened market volatility. Spot trading volumes rose 32.8% year on year, while swap trading volumes increased 37.6% year on year.

Financial highlights for 2015

  • Net income increased 74.1% year on year to RUB 27.9 billion.
  • Basic earnings per share increased to RUB 12.5 from RUB 7.2 a year earlier.
  • Operating income increased 51.3% year on year to RUB 46 billion.
  • EBITDA increased 68.9% year on year to RUB 36.52 billion.
  • Operating expenses grew by 8.7% year on year to RUB 11.3 billion.


Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, says,

“Russia and the majority of other developing markets faced a number of serious challenges in 2015. These included negative economic performance and outflows of institutional money. In Russia this situation was complicated further by limitations on new capital markets borrowings. Despite all this, Moscow Exchange delivered record operational and financial results, which is a strong endorsement of the the company’s business model and of the strategy adopted in 2015. It also underscores the significant demand for the products we offer.

Commission income growth was driven mostly by increased trading volumes, as the Exchange barely increased its tariffs. Our new products, in particular repo with the CCP and precious metals trading, are making an ever-increasing contribution to revenue.

Looking beyond Moscow Exchange’s financial performance, I believe that we are meeting shareholders’ expectations in other important areas. Both the corporate governance code we have adopted and recent updates to our long-standing dividend policy reflect our commitment to building trust and delivering value for our shareholders.”

For the full report, click here.

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