Investor Presentaiton
21%
Money Market: solid demand for on-exchange services
Trading volumes
RUB trln
REPO with CCP trading volumes
6.2
8.8
1
MosPrime rate, %
Inter-dealer repo
RUB bln
Deposit and credit operations
REPO with the CBR
REPO with CCP
11.7
9,157
7,238
4,905
3,729
2,355
-7%
6.9
6.3
8.3
8.3
83
221
204
6% -2%
10%
-3%
34%
12%
28%
61
59
52
8% -4%
47
47
7%
✓9%
-12%
-12%
15%
30%
59%
8%
34%
11%
14%
49%
26%
27%
26%
58%
51%
54%
47%
47%
2013
2014
4Q2013
1Q2014 2Q2014
3Q2014 4Q2014
Fee & commission income
RUB mln
+28%
+80%
3,235
1,176
2,531
654
712
767
580
2013
2014
4Q2013 1Q2014 2Q2014 3Q2014
4Q2014
☑
MOSCOW
EXCHANGE
1
Overnight rate, average for the period
2
2014 vs 2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
Comments
■ REPO with CCP remained the most rapidly growing product
(increased 6.3x YoY), as market players prefer to manage
counterparty risk by using on-exchange infrastructure
■ In February 2014 the CBR shifted to 1-week repo auctions
instead of overnight auctions, which were utilized as a
"fine-tuning" mechanism. In addition, 1-year repo with the
CBR was added in the product pipeline in Q4. As a result,
on-exchange trading volumes contracted, but longer
average maturity led to higher fee income, since both
volumes and maturity are the basis for fees
■ Total volumes of REPO transactions in MOEX Group,
including REPO with collateral management services,
increased 11% YoY²
■ In Q4 MOEX launched FCY-repo with settlement in foreign
currencies with the CBR and on the inter-dealer market,
which contributed to higher volumes
Source: Moscow Exchange operational information and Consolidated Financial Statements
26View entire presentation