Investor Presentaiton
Sound risk-management amidst challenging environment
Where we are now: 10 years of market volatility
400%
350%
Conflict in
Georgia
-25%1
300%
250%
200%
150%
100%
50%
01.2005
07.2005
01.2006
07.2006
01.2007
07.2007
01.2008
07.2008
01.2009
07.2009
01.2010
07.2010
01.2011
MICEX Index
Greek debt
crisis
Ukrainian
-13%
Lehman
crisis
-15%
Brothers
bankruptcy
-56%
07.2011
01.2012
07.2012
01.2013
07.2013
01.2014
07.2014
01.2015
MSCI EM
MSCI US
USD/RUB
+208%
+99%
+92%
+80%
Comments
MOEX strives to ensure an
uninterrupted trading, clearing
and settlement amid periods of
augmented volatility:
One of the most capitalized CCPs in
the world²
Skin in the game: large base of
committed resources of the CCP
prior to any loss mutualization
✓ Full-fledged pre-trade risk control
mechanism
✓ Improved risk monitoring and
flexible margin adjustments
✓ Discrete auction mechanism for
equities, no trading halts on other
markets in case of significant asset
price changes
☑
MOSCOW
EXCHANGE
1.
2.
Source: Moscow Exchange; Bloomberg as of April 7, 2015 (last date included - April 6, 2015)
Difference between maximum and minimum values for the period
Moscow Exchange analysis based on Exchanges' web-sites
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