Moscow Exchange sees FX market income jump 52.9% YoY in Q3 2015

Moscow Exchange, or Moskovskaya Birzha MMVB-RTS PAO (MCX:MOEX), the biggest Russian venue for trading shares, Forex and derivatives, has earlier today posted its financial metrics for the third quarter of 2015, with income from the FX market staging a steep rise year on year.

Fee & commission income from the FX Market amounted to RUB 1.25 billion ($19.83 million), up 52.9% from the third quarter of 2014.

Forex trading volumes rose 70% year-on-year to RUB 94.99 trillion, on the back of increased market volatility. Spot FX trading volumes grew 77.6% year on year, while swap trading volumes increased 66.7% year on year driven by strong demand for liquidity-management services from market participants.

Key financial metrics for Q3 2015:

  • Total operating income rose 52.9% YoY to RUB 11.17 billion.
  • EBITDA increased 66.9% YoY to RUB 9.14 billion; the EBITDA margin was 81.8%, versus 74.9% in 3Q14.
  • Operating expenses grew 11.8% YoY to RUB 2.49 billion.
  • Net profit increased 71.7% YoY to RUB 6.98 billion; earnings per share (EPS) increased 72.0% YoY to RUB 3.13.


Management Comments

Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, said:

“In the third quarter the Exchange achieved significant top-line growth. Combined with our focus on strict cost discipline, it enabled to achieve an excellent profitability at the EBITDA level. Significant growth of interest income was driven to a large degree by high rouble interest rates. Of particular importance for us is growth in fee and commission income even as volatility on the market has declined year-on-year. This proofs the Exchange adapt well to actual market conditions, and that reliable trading and clearing infrastructure and our new products and services are in demand by clients.”

Evgeny Fetisov, Chief Financial Officer of Moscow Exchange, added:

“In the third quarter Moscow Exchange delivered excellent financial results thanks to higher fee and commission income across most of our markets, led by FX, commodity derivatives, REPO with the Central Counterparty as well as increased primary market bond issuance. As interest rates decline we expect to see normalization of interest income, which rose in the third quarter and continues to account for a large proportion of our operating income.”

To view the full announcement from MOEX on its Q3 2015 results, click here.

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