Moscow Exchange to participate on panel discussion on financial culture at SPIEF

Source: Moscow Stock Exchange

On 7 June 2019, Anna Kuznetsova, Managing Director of Equity and Bond Market at Moscow Exchange, will participate in a panel discussion on “Improving the financial culture: how to ensure public confidence and improve the availability and quality of services” as part of the St. Petersburg International Economic Forum (SPIEF 2019) taking place in St. Petersburg on 6-8 June 2019
The panelists will discuss the most effective ways for promoting financial literacy and major aspects and issues related to the protection of consumer rights in respect of financial services.
The panelists will include:
Elena Ilina, consultant at the International Financial Relations Department, Russian Ministry of Finance
Guzeliya Imaeva, Chief Executive Officer at NAFI Research Centre
Alexander Kolankov, adviser to the Head of the Service for Consumer Rights Protection and Ensuring the Availability of Financial Services of the Bank of Russia
Anna Kuznetsova, Managing Director of the Equity and Bond Market, Moscow Exchange
Vladimir Potapov, Chief Executive Officer at VTB Capital Investment Management; Senior Vice President at VTB Bank
Elena Tofanyuk, Depity Chief Editor at Forbes, will moderate the panel.
The panel discussion will take place at 16:00-16:45 on 7 June 2019, in pavilion G, Innosocium LAB.
A live stream will be available on the SPIEF website.

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Moscow Exchange to take part in SPIEF 2019

Source: Moscow Stock Exchange

Moscow Exchange is a partner of the business section of the St. Petersburg International Economic Forum (SPIEF 2019) taking place in St. Petersburg on 6-8 June. Executives from the Exchange will participate in the following activities at the Forum:
6 June
9:00–10:15 – Anna Kuznetsova, Managing Director of the Equity and Bond Market, will participate in a panel discussion on “Implementation stage for the ‘small business development’ mission” (pavilion F, conference hall F1).
11:00–12:15 – Yury Denisov, CEO of Moscow Exchange, will participate in a panel discussion on “Retail investors as stock market drivers” (pavilion F, conference hall F3).
11:00–12:15 – Oleg Viyugin, Chairman of the Moscow Exchange Supervisory Board, will participate in a panel discussion on “How can financial centers survive in the era of fintech?” (conference hall, Krasnodar Region stand).
14:00–15:30 – Igor Marich, Managing Director of the Money and Derivatives Market, will participate in a roundtable on “The banking sphere. New opportunities for interaction in industrial and financial spheres in the context of Russian-Chinese integrated energy cooperation” (pavilion G, conference hall G7).
14:45–15:00 – Yury Denisov, CEO of Moscow Exchange will participate in the signing of a strategic partnership agreement between MOEX and VTB Bank aimed at promoting development of a financial markets culture amongst the Russian population (VTB Bank stand).
16:45–18:00 – With support from Moscow Exchange, a panel discussion on “Finance and the millennials: how the financial sector is changing under the sway of the new generation” will take place with the participation of Managing Director of the Equity and Bond Market Anna Kuznetsova (pavilion G, conference hall G5).
16:45–18:00 – Anna Vasilenko, Managing Director for Key Clients and Issuer Relations, will participate in a panel discussion on “The ESG race for USD 30 trillion of investment is on” (pavilion F, conference hall F3).
16:45–18:00 – Oleg Viyugin, Chairman of the Moscow Exchange Supervisory Board will participate in a panel discussion on “Banking or the financial ecosystem: which will outlive the other?” (Congress Center, conference hall D1).
7 June
12:00–13:30 – Igor Marich, Managing Director of the Money and Derivatives Market, will participate in a business lunch on “Investment cooperation: Development and integration” hosted by Kommersant Publishing House and the Eurasian Development Bank (the Chinese Puzzle Restaurant, ExpoForum Convention and Exhibition Centre, 7th Floor).
16:00–16:45 – Anna Kuznetsova, Managing Director of the Equity and Bond Market, will participate in a panel discussion on “Improving the financial culture: how to ensure public confidence and improve the availability and quality of services” (pavilion G, Innosocium LAB).
16.45-17.00 – Yury Denisov, CEO of Moscow Exchange, will participate in the signing of a strategic partnership agreement between MOEX and the INNOSOCIUM Foundation for the Promotion of Social Development aimed at developing a financial markets culture amongst the Russian population (pavilion G, Innosocium LAB).

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Moscow Exchange Trading Volumes in May 2019

Source: Moscow Stock Exchange

Unless stated otherwise, all figures below refer to performance for May 2019 and all comparisons are with the same period last year.
Total trading volume across Moscow Exchange’s markets was RUB 61.0 trln in May 2019.
The growth leaders were the Equity Market (+27.8%), Bond Market (+23.2%) and commodity derivatives (+32.7%). 
Equity & Bond Market
Total trading volumes on the Equity and Bond Markets in May 2019 increased by 24.7% to RUB 3,103.0 bln (May 2018: RUB 2,489.3 bln), hereinafter exclusive of overnight bonds.
Turnover in shares, RDRs and investment fund units added 27.8% and reached RUB 1,020.0 bln (May 2018: RUB 798 bln). The average daily turnover was RUB 48.6 bln (May 2018: RUB 38.0 bln).
Turnover in corporate, regional and sovereign bonds increased by 23.2% to RUB 2,083.0 bln (May 2018: RUB 1,691.3 bln). The average daily trading volume (ADTV) was RUB 99.2 bln (May 2018: RUB 80.5 bln).
Forty-five new bond issues with a combined value of RUB 1,677.6 bln (of which overnight bonds accounted for RUB 462.2 bln) were placed in May 2019.
Derivatives Market
Derivatives Market volumes were RUB 6.5 trln (May 2018: RUB 6.7 trln) or 117.0 mln contracts (May 2018: 111.0 mln), of which 113.3 mln contracts were futures and 3.7 mln contracts were options. ADTV was RUB 311.6 bln (May 2018: RUB 320.8 bln).
Commodity derivatives trading volumes grew by an impressive 32.7% to RUB 2.4 trln.
Open interest at the end of the month reached RUB 583.2 bln (May 2018: RUB 705.7 bln).
Standartised OTC Derivatives Market turnover increased by 1.4% to RUB 12.0 bln.
FX Market
FX Market turnover was RUB 24.4 trln (May 2018: RUB 30.2 trln), with spot trades totaling RUB 4.9 trln and swap trades and forwards totaling RUB 19.5 trln.
The FX Market’s ADTV was RUB 1,161.8 bln (USD 17.9 bln), compared to RUB 1,440.2 bln (USD 23.1 bln) in May 2018.
Money Market
Money Market turnover was RUB 25.7 trln (May 2018: RUB 30.4 trln). ADTV was RUB 1,223.1 bln (May 2018: RUB 1,449.8 bln).
The CCP-cleared GCC repo segment grew by 1.5% to RUB 4.8 trln.
Commodities Markets
Turnover in precious metals (spot and swaps) was RUB 2.1 bln (May 2018: RUB 8.3 bln), of which RUB 2.1 bln (0.8t) was gold and RUB 11.2 mln (0.4t) was silver.
The total trading volume of agricultural products (grain and sugar) was RUB 3.3 bln (May 2018: RUB 3.1 bln). ADTV was RUB 158.1 mln (May 2018: RUB 148.9 mln).

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Final settlement prices determined for Brent futures (Brent-6.19)

Source: Moscow Stock Exchange

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Moscow Exchange partners with Avelacom to expand its presence in Asia and the Middle East

Source: Moscow Stock Exchange

Moscow Exchange has facilitated connectivity options for professional market participants and their clients from Asia and the Middle East. In collaboration with Avelacom, it has deployed new Points of Presence (PoPs) in the most sophisticated and largest data centers in Hong Kong, Singapore, Shanghai, Dubai and Mumbai. Market participants have received high speed access to MOEX’s markets without the need to build extra infrastructure and pay for low latency network connection to Moscow.
MOEX’s PoPs provide the following features:
Low latency connectivity across major trading venues globally;
FIX protocol for trading transactions;
Access to MOEX’s market data;
Trading on MOEX’s market (Equity & Bond, FX and Derivatives Markets) through Sponsored Market Access (SMA).
In addition to this expanded global reach in MOEX’s connectivity, cooperation with Avelacom has allowed the Exchange to improve quality specifications of its PoP in London: latency from the LD4 data center to MOEX has been reduced to 36 milliseconds (from 41 milliseconds).
Igor Marich, FX and Money Market Managing Director at Moscow Exchange, commented: “We see growing interest in Russian assets from these regions from financial market participants such as investment funds, HFT traders and market makers. The new PoPs in Asia, which have been deployed in the most commonly used data centers for connection, will help existing customers optimize their connectivity schemes, while providing new customers with more effective trading solutions and open access to MOEX’s liquidity pool. We are confident that the high-end market access infrastructure will also enable us to attract new participants and their clients to the Russian market.”
Aleksey Larichev, CEO of Avelacom said: “This is a meaningful partnership that makes us responsible for the management and support of services to MoEx’s international institutional clients. It’s an acknowledgement of the work we have previously done to provide a high-performance and sustainable trading environment. These simplified connectivity options will help attract more clients to MoEx from all over the world.”
Moscow Exchange Group operates Russia’s main trading platform for equities, bonds, derivative instruments, currencies, money market instruments, precious metals and agricultural products. The Group includes Russia’s central securities depository (National Settlement Depository), and National Clearing Centre, performing the functions of central counterparty on the markets, which allows Moscow Exchange to offer its clients the full spectrum of trading and post-trading services.Avelacom is a high performance connectivity and IT infrastructure solutions provider for the financial services industry. It’s ultra-low latency network links to 80+ trading venues globally and helps to facilitate cross-border and multi-asset trading across equity, commodity, FX, crypto, and derivatives markets. Avelacom’s solutions are designed, first and foremost, for latency sensitive strategies

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Over 800,000 Individual Investment Accounts registered on Moscow Exchange

Source: Moscow Stock Exchange

The number of Individual Investment Accounts (IIA) opened with Moscow Exchange reached 801,573 on 21 May 2019, up from 598,000 at year-end 2018, 302,000 at year-end 2017, 195,200 at year-end 2016 and 88,900 at year-end 2015. Brokerage accounts account for 87% of the total, and trust management accounts the remaining 13%.
593,000 IIAs – or more than 70% of the total – were opened by new private investors who previously did not have a brokerage account.
Equities are the most popular asset class among IIA holders, accounting for 85.6% of assets held in IIAs in 2019. Bonds account for 13.2%, and Russian and international ETFs for 1.2%.
Among banks, Sberbank has opened most IIAs for its customers (396,000 IIAs), followed by VTB Bank (74,000) and Tinkoff Bank (52,000). The leading brokerage firms in terms of IIAs opened are BCS (70,000), Otkritie Broker (65,000) and Finam (59,000), and the leading asset managers are Sberbank Asset Management (64,000 IIAs), Otkritie (15,000) and Alfa Capital (14,000). 116 companies have opened IIAs for their customers.
The top regions by number of IIAs are Moscow and the Moscow region (143,000), St. Petersburg (39,000), Sverdlovsk region (27,000) and Bashkortostan (24,000.
Since 1 January 2015, private investors have had the choice of opening an IIA with a broker (brokerage account) or asset management company (trust management). Individuals may make cash contributions of up to RUB 1,000,000 in a calendar year. Funds may be invested into securities market instruments such as equities, government and corporate bonds (including Eurobonds), ETFs, mutual funds, etc. In addition to capital gains, investors are entitled to tax rebates of 13% of their annual cash contribution (up to a limit of RUB 52,000) or to zero income tax on capital gains when the account is closed.

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The additional trading session starts later for Derivatives market on 6, 13, 17, 19, 20, 25 and 27 June 2019

Source: Moscow Stock Exchange

Please note that the Derivatives Market evening trading session will begin five minutes later, i.e. at 7:05 pm MSK, on 6, 13, 17, 19, 20, 25 and 27 June 2019, as these are the last trading days for options contracts (in accordance with clause 6.2 of the Rules of organized trading for the Moscow Exchange Derivatives Market).

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Risk parameters for RUSFAR rate futures (1MFR) on Derivatives market

Source: Moscow Stock Exchange

CCP NCC sets the following risk parameters on Derivatives market:
Underlying
Market risk rates
Concentration limits
MR1
MR2
MR3
LK1
LK2
1MFR
1.5%
2.5%
4.5%
1 000 000
5 000 000

Underlying
T(m)
IR
VR
VVR
r
1MFR
1
0
0.2866
0.9431
0
1MFR
30
0.5
0.2866
0.1965
0
1MFR
90
0.5
0.2108
0.1445
0
1MFR
180
0.5
0.1939
0.1330
0
1MFR
270
0.5
0.1855
0.1272
0
1MFR
365
0.5
0.1770
0.1214
0
1MFR
1095
0.5
0.1349
0.0925
0

Underlying
Num
RangeFut
MDRule
Intermonth spread
 1MFR
1
0.5
Y
Y
1MFR
2
0.5
Y
Y
1MFR
3
0.5
Y
Y
1MFR
4
0.5
Y
Y
1MFR
5
0.5
Y
Y
1MFR
6
0.5
Y
Y
1MFR
7
0.5
Y
Y
1MFR
8
0.5
Y
Y
1MFR
9
0.5
Y
Y
1MFR
10
0.5
Y
Y
1MFR
11
0.5
Y
Y
1MFR
12
0.5
Y
Y

Underlying
VolatNum
M
MDtimeIcl
MDtimeEcl
freq
count
Spread
AutoShiftNumMR
1MFR
3
10
3
2
5
12
0.2
10

Underlying
AutoShiftNumIR
FutMonRange
CSMonRange
FutMonTime
CSMonTime
FutMonNum
FutShift
CSShift
1MFR
10
0.10
0.05
300
300
12
0.25
0.45

Underlying
α
Tmax
Tmin
1MFR
1
30/365
5/365
Stress collateral scenarios
Underlying
Scen_UP
Scen_DOWN
1MFR
0%
0%

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Derivatives market reports change

Source: Moscow Stock Exchange

Dear MOEX Derivatives market clients,
Please be informed that new procedure for trading and clearing reports dispatching will be implemented. Planned date for production roll-on is 27 May 2019.
The changes apply only to sending reports by e-mail. The process of sending via universal filegate (EDI) does not change.
The brokerage firms’ reports that now are dispatching in separated packages (for instance clearing/trading member XX receives two packages FO_MON.zip with report monXX01 in the first package and mon XX02 in the second one) will be dispatched in one package (one archive FO_MON.zip with two reports monXX01 и monXX02 inside). The procedure of generation clearing reports will remains the same.
This change are available for testing on test (T+1) environment.

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Futures on Money Market benchmark RUSFAR begin trading on MOEX

Source: Moscow Stock Exchange

On 21 May 2019, Moscow Exchange will launch cash-settled futures contracts on the Russian Secured Funding Average Rate (RUSFAR), which is the most representative rate measuring the value of the Russian Ruble in deposit and lending transactions by banks, brokers and non-financial companies.
The new contracts will serve as an effective tool to hedge the interest rate exposure of liquidity management and a portfolio of securities, as well as implement a range of trading strategies on the Money, Equity & Bond and Derivatives Markets.
The contract settlement price is based on the RUSFAR average value over the settlement month. Twelve monthly contracts with settlement from June 2019 to May 2020 will be available for trading at the same time. The contract’s nominal value will be RUB 1 million.
Igor Marich, FX and Money Market Managing Director at Moscow Exchange, commented: “With the launch of RUSFAR futures, we are taking the final step in building an ecosystem of liquidity and interest rate risk management. In 2013, we rolled out repo with the CCP, which was complemented by GCC repo in 2016. These instruments laid the cornerstone for MOEX’s Money Market, bringing together banks, brokers, asset management, insurance companies and industrial corporations and thereby ensuring market representativeness of the ruble rate RUSFAR. A week ago, RUSFAR interest swaps were introduced on MOEX’s Standartised OTC Derivatives Market with the first trades already executed by the participants. RUSFAR futures will help make rate derivatives available to all participants of MOEX’s Derivatives Market and their clients”. 
On 18 April 2019, Moscow Exchange presented a new money market benchmark tracking the value of secured money – the RUSFAR. The gauge is calculated based on CCP-cleared repo transactions and orders in general collateral certificates (GCC), which is now the most widely traded segment on the Russian money market. More than 200 participants connected to the GCC repo market, setting market rates for regular terms O/N, 1W, 2W, 1M, 2M and 3M by making anonymous order book trades, and 15 market makers quote the instrument on a regular basis.
From 13 May 2019, MOEX’s Standartised OTC Derivatives Market offered an overnight index swap (OIS) on RUSFAR with maturities from three days to one year. 
Currently, Moscow Exchange offers 68 futures contracts and 38 options on the futures. The underlying assets include equity indices, shares, currency pairs, precious and industrial metals, oil and other commodities, as well as interest rates. In 2018, derivatives trading volumes on MOEX grew by 5.6% to RUB 89.3 trln.

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