Investor Presentaiton
7%
Fixed Income Market remained muted from 1Q2014 on
Trading volumes¹
RUB trin
-31%
15.3
Sovereign bonds
Corporate, municipal and other bonds
-14%
Comments
Primary corporate bond placements of RUB 1,179 bln
held in Q4 versus RUB 204 mln in Q3 led to QoQ fee
& commission income growth of 69%
■ In Q4 market activity remained muted amid changing
market conditions due to RUB depreciation and key
rate hike
44%
10.6
38%
3.9
3.3
2.7
56%
39%
2.3
2.3
27%
62%
44%
39%
46%
61%
73%
56%
61%
54%
2013
2014
4Q2013
1Q2014
2Q2014 3Q2014 4Q2014
Fee & commission income
RUB mln
-25%
1,379
1,034
438
-17%
362
242
216
214
2013 2014
4Q2013
1Q2014 2Q2014 3Q2014
4Q2014
☑
MOSCOW
EXCHANGE
1
Source: Moscow Exchange operational information and Consolidated Financial Statements
Trading volumes on fixed income market include placements
24
24View entire presentation