Why invest in MOEX

The center of the Russian financial system

  1. The only exchange focused on Russian financial assets;
  2. A unique, completely vertically integrated platform comprising a trading venue with a clearing house (central counterparty) and a central securities depository;
  3. Diversified product range with trading in five complimentary asset classes – equities, bonds, derivatives, FX, commodities – and liquidity management through repo, credit and deposit transactions;
  4. Fully collateralized operations with pre-trade risk checks powered by advanced and competitive in-house IT solutions, ensuring integrity of trades and business sustainability;
  5. MOEX brings together all tiers of the Russian banking system by managing around three-quarters of its total liquidity flow.

Strong performance and growth potential

  1. Counter-cyclical, resilient business model coupled with robust cost control produces one of the highest EBITDA margins among global exchanges (72.0% in 2019);
  2. History of secular growth in fees and commissions (F&C) across seven F&C business lines translates into strategic aspiration of delivering 2019-2024 F&C CAGR of circa 10%;
  3. Business-driven margin and collateral requirements generate sustainable net interest income (NII) with operating income F&C/NII split of 60/40 evolving towards a growing F&C component;
  4. Increased retail, corporate and local institutional activity indicates further upside potential, supported by undemanding valuations of the Russian equity market and dividend yields at around record highs;
  5. MOEX brings trust, efficiency and innovation to the financial markets, developing both on-exchange products and services as well as digital platforms and solutions beyond regular order books.

Transparency and high standards of corporate governance

  1. No single controlling shareholder – the largest shareholder owns less than 12%, meaning a high free float of 63% and ample liquidity with ADTV consistently over USD 10mln;
  2. Two thirds (eight out of 12) of Supervisory Board members are independent directors;
  3. Alignment of management and shareholder interests through a long-term share-based incentive program;
  4. Comprehensive disclosure of operational, financial and non-financial information;
  5. Attractive dividend policy with a payout target of 100% FCFE and no less than 60% of IFRS net profit, based on a strong five-year track record of dividend payout (out of net profit for the year):
  • 58.2% vs minimum 55% for 2015
  • 69.4% vs minimum 55% for 2016
  • 89.5% vs minimum 55% for 2017
  • 88.9% vs minimum 55% for 2018
  • 89.4% vs minimum 60% for 2019