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A global industry leader

  • A leading exchange for trading in a wide range of assets: equities, bonds, derivatives, FX, commodities and money markets
  • Resilient business model throughout the economic cycle
  • Robust centralized post-trade infrastructure provides clearing, settlement and depository services
  • Leader in a global context:
    • No. 2 in fixed income, as per Moscow Exchange and LSE Group data
    • No. 4 by number of derivative contracts traded, as per World Federation of Exchanges
    • FX, Index and Commodities derivatives are among the most liquid derivative contracts globally, as per Bloomberg
  •  Russia is among the top 15 largest economies in the world, as per the International Monetary Fund

Strong growth potential

  • Undemanding valuations of Russian equity market implies growth potential
  • Russian financial market has ample room for expansion: low market capitalization to GDP ratio and low debt to GDP ratio
  • One of the highest dividend yields of any exchange globally
  • Significant growth potential of domestic investor base

Strong financial performance

  • One of the highest EBITDA margins among global exchanges (77.1% in 2016)
  • A healthy growth story:
  • 30.6% CAGR of EPS (2012-2016)
  • 32.0% CAGR of net income (2012-2016)

High dividends

  • Current dividend policy implies paying out no less than 55% of net profit under IFRS
  • Previously, pay-outs exceeded the level specified in the dividend policy:
    • 35.4% vs minimum 30% for 2012
    • 46.8% vs minimum 40% for 2013
    • 55.1% vs minimum 50% for 2014
    • 58.2% vs minimum 55% for 2015
    • 69.4% vs minimum 55% for 2016
  • Move to interim dividend payments in 2017

Key results of infrastructure and regulatory reforms

  • Shift from T0 to T+2 for equities and to T+1 for government bonds
  • Establishment of fully functioning CSD and integrated CCP
  • Euroclear and Clearstream access to the Russian market
  • New Russian corporate governance code and MOEX Listing Rules in line with international best practices
  • New incentives for retail investors and Russian pensions funds to invest in securities
  • New laws on insider trading and market manipulation

Transparency and conformity to modern standards of corporate governance

  • No controlling shareholder; 62.5% of shares in free float
  • Half of Supervisory Board members are independent
  • Corporate governance code aligned with best international practices
  • Management and shareholder interests aligned through a long-term share-based incentive program
  • Transparent and timely financial and operational disclosure
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