Moscow Exchange Financial Growth Presentation
Dual listed stocks virtual index spread dynamics
Analysis provided by
Liquid Metrix
MOEX vs LSE market share (MICEX Virtual Index¹)
Average Bid-ask spread 50k EUR deal (b.p.2)
LSE
MOEX
22%
31%
37%
45%
44% 42%
42%
Bid - ask
spread 1
Contract
3.9
(b.p.)
78%
69%
63%
55% 56% 58% 58%
Bid -ask
spread 50k
EUR deal
(b.p.)
13.5
2014 2015 2016 2017
2018
2019 11M'20
2018
9.4
22.1
3.0
2019
7.7
16.2
10.0
MOEX
LSE
MOEX
LSE
Moscow Exchange is the liquidity center for Russian securities with ~70% market share in total trading volumes
◉
Aggregated spreads for most liquid dual listed stocks are substantially lower in Moscow implying lower all-in trading costs
Spreads measure the bid to offer spread of the best visible orders in the book, the result is based on measurements of the order books every 30 seconds
MICEX Virtual Index - index calculated based on prices and EOB data of the most liquid Russian dual listed stocks. Data since December 2015
Data as of 08 December 2020
☑
MOSCOW
1.
EXCHANGE
2.
include trading auctions on MOEX. Data for March-April 2018, January-November 2020 are based on Bloomberg data for LSE, data for other
periods were provided by Liquidmetrix. Dara for MOEX includes evening trading session.
The value of the spread is quoted in basis points (0.01%)
Source: Liquid Metrix
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