Moscow Exchange Financial Growth Presentation
NTPro acquisition profile
What is the structure of the deal?
■ Phased acquisition of up to 100% of BierbaumPro AG,
a parent company owning 100% of NTProgress;
■ NTProgress is BierbaumPro's main asset;
■ NTProgress runs and develops the proprietary OTC FX
trading platform called NTPro;
■ MOEX acquired a 25% stake. Further consolidation
depends on NTPro's performance;
Russian FX market SPOT volumes migrate to OTC
72%
2017
28%
2019
82%
18%
■ The entire deal might take up to 3 years. The final
price is also conditional.
Deal rationale
ADTV: USD 20 bln
ADTV: USD 23 bln
MOEX
OTC
■ Since its launch in 2016, NTProgress has become one of the leading platforms on the Russian electronic OTC FX market
■ NTProgress has a client base of more than 30 banks, presence in Moscow & London, capability to service global clients
■ The platform offers solutions for liquidity aggregation, matching and algo execution across multiple FX instruments
■ NTPro's SPOT-only ADTV in 2019 reached USD 4.5bln, exceeding MOEX's USD 4.1bln
▪ The deal fits MOEX Group Strategy 2024, addresses new trends and challenges on global and Russian FX market
■ Global exchange peers such as Deutsche Boerse, BATS, Euronext, etc made similar acquisitions
■ NTPro has potential synergies with MOEX in post-trade and risk management
☑
MOSCOW
EXCHANGE
Source: Bank of Russia, exchanges' and FX platforms' web-sites
19View entire presentation