Moscow Exchange Financial Growth Presentation
7%
3Q
2020
☑
Fixed Income Market
Trading volumes¹
Primary market (excluding overnight bonds)
RUB trn
Primary market (excl. overnight bonds)
Secondary market
RUB trn
Government and CBR bonds (OFZ, OBR)
Corporate, municipal and other bonds (excluding ON bonds)
+23.3%
+92.0%
6.8
6.3
6.3
3.7
5.6
3.6
4.6
2.9
3.1
55%
47%
48%
63%
64%
41%
1.9
73%
84%
76%
57%
59%
45%
53%
52%
37%
36%
43%
24%
27%
16%
3Q'19
4Q'19
1Q'20
2Q'20
3Q'20
3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020
Fee & commission income
RUB mln
+18.1%
762
707
655
591
500
3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020
MOSCOW
EXCHANGE
Source: Moscow Exchange
1
Trading volumes on the Fixed Income Market include placements
◉
■
Comments
Fee income expanded 18.1% YoY on the back of a 23.3%
increase in trading volumes (excl. overnight bonds).
Primary placements were up 92.0% YoY (excl. overnight bonds)
due to a low base effect and a record-high OFZ/OBR volumes of
placements that amounted to 84% of primary market's activity.
Secondary trading volumes decreased by 23.9% YoY on the
back of high supply of OFZS in the primary market. Secondary
trading of OFZ was down 25.3% YoY, other bonds declined
21.0% YoY.
The effective fee dynamics was affected by a lower fraction of
corporate placements and a higher fraction of short-term OBRS
in the primary market, plus an increase in negotiated trading
mode on the secondary market.
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