Moscow Exchange Financial Growth Presentation
Unified Collateral Pool: a strategic project completed
Timeline and latest developments
Completed
Dec '17: phase
Single account
Unified collateral
Netting of settlements
Completed
May '18: phase 2
Cross-margining bridge
for spot and derivatives
Completed
Aug '18: 1st tariff hike
for UCP participants
+3% for CCP repo
+10% for FX swaps
Completed
Nov' 18: 2nd tariff hike
on top of the 1st one
+3% for CCP repo
+10% for FX swaps
+10% for all derivatives
■ The UCP take-up continued to grow, accounting for 32.7% of total trading F&C in 3Q'20 compared to 26.3% in 3Q'19.
UCP accounts represent ~45% of fees and volumes in the Derivatives Market, the cornerstone market of the UCP.
■ On 1 November 2018 a universal tariff hike took place as scheduled. The UCP-linked tariff revision is now complete.
■
New tariffs will incentivize market participants to use UCP capabilities more actively and speed up onboarding.
Number of market participants with
UCP accounts (as per end of period)
53
55 55 56 56
55
50
43
36
28
7.9
3.8
Share of F&C from UCP accounts
in total trading F&C, %
32.7
26.3 27.6
29.0 30.0
24.4
20.6
18.0
2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20
2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20
☑
MOSCOW
EXCHANGE
Source: Moscow Exchange
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