Why invest in MOEX
A global industry leader
- A leading exchange for trading in a wide range of asset classes: equities, bonds, derivatives, FX, commodities and money market instruments
- Resilient business model that performs well throughout the economic cycle
- Robust centralized post-trade infrastructure that enables provision of clearing, settlement and depository services
- Leadership in a global context:
- No. 2 by trading volumes of bonds among world's exchanges in 2017, as per the World Federation of Exchanges
- No. 8 by number of derivative contracts traded in 2017, as per the Futures Industry Association
- FX, index and commodity derivatives traded on Moscow Exchange are among the most liquid derivative contracts globally, based on data collected by the Futures Industry Association
High growth potential
- Undemanding valuations of the Russian equity market imply there is potential for growth
- The Russian financial market has ample room for further development as reflected by low market capitalization to GDP and debt to GDP ratios
Strong financial performance
- One of the highest EBITDA margins among global exchanges (72.8% in 2017)
- CAGR of net income of 19.8% in 2012-2017
Attractive dividend policy
- The dividend policy establishes a payout ratio of no less than 55% of consolidated net profit under IFRS
- Previously, actual payout ratios 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
- 89.5% vs minimum 55% for 2017
- A transition to interim dividend payments took place 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 a fully functioning CSD and an integrated CCP
- Introduction of access to Euroclear and Clearstream – international securities depositories
- New Russian corporate governance code and MOEX Listing Rules aligned 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 adherence to high standards of corporate governance
- No controlling shareholder; 57.5% of shares are part of the free float (as of September 2018)
- 7 out of 12 (58%) of the Supervisory Board members are independent directors
- Company's corporate governance code aligned with best international practices
- Alignment of management and shareholder interests through a long-term share-based incentive program
- Transparent and timely financial and operational disclosures