DOCSLIB.ORG

Responsibility Trust Innovation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Responsibility Trust Innovation Responsibility Trust Innovation Annual Report | 2020 THE PRESENT REPORT WAS APPROVED BY THE GENERAL MEETING OF SHAREHOLDERS OF THE MOSCOW EXCHANGE ON APRIL 28, 2021 (MINUTES NO 62) Annual Report 2020 Table of Contents Moscow Exchange in brief 3 Corporate governance 59 Business model 4 Corporate governance system 60 Statement from the Chairman Risk management 91 of the Supervisory Board 5 Information for investors 98 Statement from the Chief Executive Officer 7 Appendices 104 Strategic report 9 Information on major transactions Main trends in the development and interested-party transactions 105 of the sector 10 Key performance indicators 106 Mission and corporate values 15 Organisational chart of Moscow Exchange 107 Priority areas of Moscow Exchange 16 Supply chain management 108 Key projects in 2020 17 Report on Moscow Exchange Compliance with the Principles and Recommendations of the Corporate Governance Code 109 Report on the Adherence to the Moscow Performance review 19 Exchange Corporate Governance Code 141 Contacts 150 Financial results review 20 Consolidated Financial Statements 151 Market performance 24 Post-trade services 36 Information products 39 Client services 42 Information Technologies 43 Growth outlook for 2021 45 Compliance 49 Human resources 50 Moscow Exchange and the community 53 Environmental impact 57 Moscow Exchange in brief Moscow Exchange Group manages Russia’s main trading platform for equities, bonds, derivatives, currencies, money market instruments and commodities. The Group is comprised of: ► PJSC Moscow Exchange MICEX-RTS, which operates the Equity & Bond Market, Money Market, Derivatives Market as well as FX Market and Precious Metals Market; ► NCO CJSC National Settlement Depository (NSD), the central securities depository; ► JSC Non-Banking Credit Institution – Central Counterparty National Clearing Center (CCP NCC, or NCC); ► JSC National Mercantile Exchange (NAMEX), which operates the Commodities Market; ► MOEX Innovations, which develops innovative technologies and works with fintech start-ups. Moscow Exchange holds majority stakes in all key subsidiaries, including a 100% stake in NCC, a 99.997% stake in the NSD and a 65.08% stake in the NAMEX. Moscow Exchange was formed in December 2011 from a merger of Russia’s two main exchange groups: MICEX Group, the oldest domestic exchange and operator of the leading equity, bond, foreign exchange and money markets in Russia; and RTS Group, which operated Russia’s leading derivatives market. This combination created a vertically integrated exchange for trading of all major asset classes. In February 2013, Moscow Exchange completed an initial public offering on its own platform (ticker: MOEX). As of 31 December 2020, the company’s market capitalization was RUB 363 billion, and the free float was 63%. TABLE OF CONTENTS MOSCOW EXCHANGE IN BRIEF STRATEGIC REPORT PERFORMANCE REVIEW CORPORATE GOVERNANCE APPENDICES Business model CLIENTS MARKETS MARKET DATA OPERATING Fee & commission income: EQUITY & BOND ► Russian and foreign shares INCOME ► Sovereign bonds (OFZ) MARKET Equity Market Bond Market ► Bank of Russia bonds 2020 4 ► Regional and corporate bonds Trading 2020 2020 ► Sovereign and corporate Eurobonds Volumes, ▲86.7% ▲15.3% ► 2019 40 Mutual funds and Russian-law ETFs RUB trln 2019 2019 ► Exchange-traded funds (ETFs) ▲17.2% ▲17.4% ► Depository receipts 2018 2018 ► Mortgage participation certificates 2018 40 44,800 ▲20.0% ▲9.6% 34,268.2 Legal entities RUB mln DERIVATIVES Futures and options on: Fee & commission income MARKET ► Indices (MOEX Russia Index, RTS Index, RVI) 2020 12 ► Russian and foreign shares Trading ► OFZ and sovereign Eurobonds 2020 ► Currency pairs Volumes, ▲38.1% 2019 824 ► Interest rates (RUSFAR, RUONIA) RUB trln 2019 ► Oil and gas ▲23.0% ► Precious and industrial metals 2018 2018 8 1,4 6 0 ► Wheat and sugar ▲15.3% 14,158.7 Professional RUB mln brokerage companies ► ► FX MARKET USD— RUB USD — CHF Interest income ► ► EUR— RUB JPY — RUB 2020 20 ► EUR— USD ► USD — JPY Trading 2020 ► CNY— RUB ► TRY — RUB Volumes, ▲20.5% ► USD — CNY ► USD — TRY RUB trln 2019 08 ► HKD — RUB ► BYN — RUB 2019 ► GBP — RUB ► KZT — RUB ▼11.1% ► GBP — USD ► USD — KZT 2018 2018 484 CLIENT SERVICES ► CHF — RUB ▲4.3% 164.1 MONEY ► Repo with the CCP RUB mln 8.8 ► GCC repo MARKET 428 ► Inter-dealer repo 2020 mln Trading Other operating income ► Direct repo with the CBR 2020 Retail investors ► Repo with collateral management system Volumes, ▲23.4% ► Deposit operations with the CCP RUB trln 2019 4 2019 ► Deposit and credit operations ▲9.2% 2018 42 2018 ▲13.1% COMMODITIES ► Gold Post-trading Services ► Silver 48,591.0 MARKET 2020 80 ► ► RUB mln Wheat Trading Clearing (NCC) Depository and ► Depository and settlement Total Volumes, settlement services RUB bln 2019 88 services (NSD) 2020 ▲24.8% 12 2018 2019 ▲15.4% 2018 ▲8.3% MOSCOW EXCHANGE | ANNUAL REPORT 2020 4 TABLE OF CONTENTS MOSCOW EXCHANGE IN BRIEF STRATEGIC REPORT PERFORMANCE REVIEW CORPORATE GOVERNANCE APPENDICES Statement from the Chairman of the Supervisory Board Dear shareholders, I am pleased to present you with the 2020 report granted by the regulator. As a result, dividends were paid of the Supervisory Board of Moscow Exchange. to shareholders on the usual pre-pandemic date. The past year will be remembered for a pandemic that The Annual General Meeting of the Shareholders will also brought significant changes to the business and social be held digitally in 2021. More than 190,000 individual lives of people and companies around the world. Like Exchange shareholders will be able to use the E-voting many companies, Moscow Exchange had to move all of its system developed by the National Settlement Depository, operations to a remote format and significantly modify a non-banking credit institution within the Moscow internal processes as quickly as possible. This action Exchange Group, to vote at the meeting. was taken to protect employees’ health and to ensure, as much as feasibly possible, business continuity during Moscow Exchange reported strong operational and financial the quarantine period when the virus was most prevalent. results for 2020. A massive inflow of private investors, This most challenging work was accomplished without a boosted IPO market, the expansion of trading hours compromising the interests and business of the Exchange’s and the launch of new products and services all led to record clients, and the ideas used to redesign internal processes trading volumes and the highest ever level of fee income. were extended to consider how we can incorporate digital technologies when managing the group’s business The successful financial performance allowed in the future. the Supervisory Board to recommend that the Annual General Meeting increase dividends by almost 20% The Annual General Meeting of Shareholders held compared to the previous year. The share of profits that in April 2020 was convened on the planned date, Moscow Exchange allocates to the payment of dividends as expected. Given the restrictive measures related is one of the highest among Russian public companies, to the pandemic, the meeting was held digitally for the first which indicates the high quality of the Company’s time and Company shareholders were able to listen corporate governance. to management presentations online and ask questions via a special web conference. On the recommendation During the reporting year, in addition to the Company’s of the Supervisory Board, the Annual General Meeting usual business issues, the development of the range decided not to make use of the dividend deferral of products and services, conducting asset MOSCOW EXCHANGE | ANNUAL REPORT 2020 5 TABLE OF CONTENTS MOSCOW EXCHANGE IN BRIEF STRATEGIC REPORT PERFORMANCE REVIEW CORPORATE GOVERNANCE APPENDICES transactions and the improvement of the incentive this opportunity to express my gratitude to Andrey for his system for the Company’s Executive Board members, enormous contribution to the development of the Company the Supervisory Board reviewed and approved and his active involvement in the work of the Exchange’s a number of important strategic documents designed Supervisory Board. to develop a modern corporate culture and improve the quality of the Company’s risk management. Moscow Environmental, social and governance (ESG) criteria Exchange Group’s Internal Audit Strategy was adopted play an increasingly important role in investor decision and a profound change in the Company’s compliance culture making in global capital markets. Moscow Exchange was supported. Moscow Exchange Group’s Information is working hard to build a dialogue between investors, Security Development Strategy for 2021–2024, Moscow issuers and regulators to facilitate responsible investment. Exchange Group’s Risk Management System Development The Exchange established the Sustainable Development Strategy through 2024 and Moscow Exchange’s Information Sector to support green and social bonds. In cooperation Technology Development Strategy were all approved. Under with RSPP, sustainability indices are calculated on a daily the guidance of the Supervisory Board, a Memorandum basis and exchange-traded mutual funds have been formed of Understanding was developed between the NBCO based on these indices. In 2020, the Exchange issued its Central Counterparty National Clearing Centre (JSC) first sustainability development report and, in 2021, plans and Moscow Exchange, which aims to improve the quality to publish a Best Practices Guideline for Responsible Finance of operational risk
Load more

Recommended publications
  • Execution Venues List
    Execution Venues List This list should be read in conjunction with the Best Execution policy for Credit Suisse AG (excluding branches and subsidiaries), Credit Suisse (Switzerland) Ltd, Credit Suisse (Luxembourg) S.A, Credit Suisse (Luxembourg) S.A. Zweigniederlassung Österreichand, Neue Aargauer Bank AG published at www.credit-suisse.com/MiFID and https://www.credit-suisse.com/lu/en/private-banking/best-execution.html The Execution Venues1) shown enable the in scope legal entities to obtain on a consistent basis the best possible result for the execution of client orders. Accordingly, where the in scope legal entities may place significant reliance on these Execution Venues. Equity Cash & Exchange Traded Funds Country/Liquidity Pool Execution Venue1) Name MIC Code2) Regulated Markets & 3rd party exchanges Europe Austria Wiener Börse – Official Market WBAH Austria Wiener Börse – Securities Exchange XVIE Austria Wiener Börse XWBO Austria Wiener Börse Dritter Markt WBDM Belgium Euronext Brussels XBRU Belgium Euronext Growth Brussels ALXB Czech Republic Prague Stock Exchange XPRA Cyprus Cyprus Stock Exchange XCYS Denmark NASDAQ Copenhagen XCSE Estonia NASDAQ Tallinn XTAL Finland NASDAQ Helsinki XHEL France EURONEXT Paris XPAR France EURONEXT Growth Paris ALXP Germany Börse Berlin XBER Germany Börse Berlin – Equiduct Trading XEQT Germany Deutsche Börse XFRA Germany Börse Frankfurt Warrants XSCO Germany Börse Hamburg XHAM Germany Börse Düsseldorf XDUS Germany Börse München XMUN Germany Börse Stuttgart XSTU Germany Hannover Stock Exchange XHAN
    [Show full text]
  • Notes on Moscow Exchange Index Review
    Notes on Moscow Exchange index review Moscow Exchange approves the updated list of index components and free float ratios effective from 16 March 2018. X5 Retail Group N.V. (DRs) will be added to Moscow Exchange indices with the expected weight of 1.13 per cent. As these securities were offered initially, they were added without being in the waiting list under consideration. Thus, from 16 March the indices will comprise 46 (component stocks. The MOEX Russia and RTS Index moved to a floating number of component stocks in December 2017. En+ Group plc (DRs) will be in the waiting list to be added to Moscow Exchange indices, as their liquidity rose notably over recent three months. NCSP Group (ords) with low liquidity, ROSSETI (ords) and RosAgro PLC with their weights now below the minimum permissible level (0.2 per cent) will be under consideration to be excluded from the MOEX Russia Index and RTS Index. The Blue Chip Index constituents remain unaltered. X5 Retail Group (DRs), GAZ (ords), Obuvrus LLC (ords) and TNS energo (ords) will be added to the Broad Market Index, while Common of DIXY Group and Uralkali will be removed due to delisting expected. TransContainer (ords), as its free float sank below the minimum threshold of 5 per cent, and Southern Urals Nickel Plant (ords), as its liquidity ratio declined, will be also excluded. LSR Group (ords) will be incuded into SMID Index, while SOLLERS and DIXY Group (ords) will be excluded due to low liquidity ratio. X5 Retail Group (DRs) and Obuvrus LLC (ords) will be added to the Consumer & Retail Index, while DIXY Group (ords) will be removed from the Index.
    [Show full text]
  • Outstanding Shares
    PJSC RusHydro | Annual Report 2018 Share of securities in free float1 Shareholder agreements Date Free-float factor RusHydro’s shareholders can enter into Last trading day of 2016 0.23 shareholder agreements, including Last trading day of 2017 0.25 those that afford them an extent of Last trading day of 2018 0.19 control disproportionate to their contribution to the authorized capital2. Notifications on concluded shareholder agreements received by RusHydro Parties to the shareholder agreement Date of the shareholder agreement ↗ The Russian Federation as represented by the Federal Agency for State Property Management March 7, 2017 ↗ VTB Bank (PJSC) ↗ The Russian Federation as represented by the Federal Agency for State Property Management June 23, 2016 ↗ RusHydro’s subsidiaries: Hydroinvest3, EZOP, Energy Index – HydroOGK Outstanding shares Moscow Exchange listing Index inclusion: ↗ FTSE All-World Index AWORLDS; ↗ MOEX Russia Index (previous name – ↗ FTSE4Good Emerging; The Company’s shares have been MICEX Index) IMOEX; ↗ NASDAQ Russia NQRU; traded on the Moscow Exchange ↗ Electric Utilities Index MOEXEU; ↗ Nasdaq AlphaDEX Emerging Markets (formerly MICEX Stock Exchange). ↗ Broad Market Index MOEXBMI; NQDXEM; since February 4, 2008 (ticker: HYDR). ↗ State-Owned Companies Index ↗ STOXX Russia Total Market TCRUP; The securities are listed in Level 1, MOEXSCI; ↗ STOXX Optimized Russia EEORGT. the Exchange’s top quotation list. ↗ FTSE Emerging Index AWALLE; Moscow Exchange trading information Item 2016 2017 2018 Trading mode T+: stocks and DRs T+: stocks and DRs T+: stocks and DRs Currency RUB RUB RUB Maximum trade price 0.994 1.100 0.810 Minimum trade price 0.575 0.717 0.476 Year-end trade price 0.926 0.729 0.486 Trading volume, bn pcs 134 173 136 1 In accordance with the Moscow Exchange’s methodology for calculating the free-float factor published at http://www.moex.com/ru/index/MICEXINDEXCF/constituents/.
    [Show full text]
  • HEDGE EFFECTIVENESS of the RTS INDEX FUTURES Anastasia Musorgina a Thesis Submitted to the University of North Carolina in Part
    HEDGE EFFECTIVENESS OF THE RTS INDEX FUTURES Anastasia Musorgina A Thesis Submitted to the University of North Carolina in Partial Fulfillment of the Requirements for the Degree of Master of Business Administration Cameron School of Business University of North Carolina Wilmington 2011 Approved by Advisory Committee Nivine Richie Rob Burrus Cetin Ciner Chair Accepted by _____________________________ Dean, Graduate School TABLE OF CONTENTS ABSTRACT ............................................................................................................................. iii DEDICATION .......................................................................................................................... iv ACKNOWLEDGEMENTS ....................................................................................................... v LIST OF TABLES .................................................................................................................... vi LIST OF FIGURES ................................................................................................................. vii INTRODUCTION ..................................................................................................................... 1 Hedging .................................................................................................................................. 1 Russian Derivatives Market ................................................................................................... 2 Moscow Interbank Currency Exchange ................................................................................
    [Show full text]
  • Russian Ecm November 6, 2006
    1 Russian ecm November 6, 2006 1. Investment banks index wars 2. 35 companies will raise $19bn in 2007, Deutsche Bank 3. RTS to launch a Russian NASDAQ 4. Market players to be licensed 5. Gazprombank finally to sell off media, petrochemical assets in IPO 6. Owner of the Chelyabinsk zinc plant (CZP) will sell 3% of their shares 7. Chemical firm share price collapses after dilutive share issue 8. Dymov Sausage to IPO 9. Eastern Property Holdigns increases capital by $125m 10. Far Eastern Sea Shipping Company will IPO 11. Mosenergo places in favour of Gazprom 12. OGK-5 sale a big success 13. Pharmaceutical producer to IPO 14. Pipemaker TMK IPOs 15. Russian commodity exchange plans to launch wheat futures 16. Severstal sets IPO price 17. Sistema-Hals IPO price range set 18. Uralkaliy decreases 9-month dividends by a third following flood 19. Uranium company to IPO 20. WBD owners sell small stake Investment banks index wars Monday, November 6, 2006 A veritable war of indexes is breaking out as Two of Russia's top investment banks launched new indexes, better to track Russia's increasingly sophisticated growth, that will compete with the proliferating number of indexes tracking Russia. Renaissance Capital has teamed up with emerging market gurus Morgan Stanley that puts together the widely quoted MSCI index - a benchmark for emerging market stock market preformace - to produce the MSCI http://businessneweurope.eu 2 Renaissance Index of TOP Liquid Russian Stocks (the MSCI Rencap Index, for short). Likewise, Troika Dialog launched a third tier index that tracks 50 companies that are on the up and up but currently fall below all the investment bank's radar screens.
    [Show full text]
  • Fundamental Factors Affecting the MOEX Russia Index: Retrospective Analysis1
    Fundamental Factors Affecting the MOEX Russia Index: Retrospective Analysis1 Agata Lozinskaia1[0000-0001-8723-275X] and Anastasiia Saltykova2[0000-0002-4147-6350] 1 National Research University Higher School of Economics, Perm, Russia 2 National Research University Higher School of Economics, Perm, Russia [email protected] Abstract. This paper is an empirical study of the changing nature of the de- pendence of fundamental factors on the stock market index, which is the trend identified earlier in the Russian stock market. We empirically test the impact of daily values of fundamental factors on the MOEX Russia Index from 2003 to 2018. The analysis of the ARIMA-GARCH (1,1) model with a rolling window reveals that the change in the power and direction of the influence of the fun- damental factors on the Russian stock market persists. The Quandt-Andrews breakpoint test and Bai-Perron test identify the number and likely location of structural breaks. We find multiple breaks probably associated with the dra- matic falls of the stock market index. The results of the regression models over the different regimes, defined by the structural breaks, can vary markedly over time. This research is of value in macroeconomic forecasting and in the invest- ment strategy development. Keywords: Russian stock market, fundamental factors, structural instability, structural breaks, rolling regression, breakpoint tests. 1 Introduction Fundamental analysis is widely used to study the Russian stock market [1, 5, 12, 16, 17, 23, 27] and has great importance to study stock market deeply. Despite relative success of using fundamental analysis, there is now mounting evidence that the pa- rameters of regression models are unstable and subject to structural breaks.
    [Show full text]
  • Годовой Отчет Annual Report
    годовой отчет 2 0 0 6 annual report STATEMENT OF THE offices. The Bank continues with regional CHIEF EXECUTIVE expansion, and has already in place 13 branch% es in Russian cities in 2006 compared to 7 branches by the year end 2005. MBRD's Dear shareholders, customers and partners regional network comprises 54 offices regis% of the Bank: tered with the Bank of Russia and located in 22 Today, the banking sector dramatically shows most industrialised federal constituencies of it can be a development engine not only for home the Russian Federation. In so doing, the Bank financial system, but also for the Russian econo% intends to step up efforts in further building up my at large. By meeting demands of domestic the banking chain in the future. companies, deposit%taking institutions are MBRD, no doubt, notably strengthened its becoming, in essence, national circulatory sys% positions in the Russian financial market over the tem giving access to financing. To comply with reporting year. To illustrate, net assets increased such an important role, Russian banks should by nearly RUR23.28 billion, while capital rose have adequate capital, technologies, diversified more than by RUR1.7 billion. Total income was network and quality products. RUR5.154 billion against 2.9 billion in 2005, and Presently, Moscow Bank for Reconstruction net profit increased by 65% to RUR442 million. and Development strategically focuses on retail In March 2006, a US$60m 10%year subordi% business development. It means expanding the nated eurobond issue placed on the Luxembourg existent spectrum of services, implementing Stock Exchange was an important event.
    [Show full text]
  • Development of Capital Markets and Institutional Investors in Russia Recent Achievements and Policy Challenges Ahead
    37266 WORLD BANK WORKING PAPER NO. 87 Development of Capital Markets Public Disclosure Authorized and Institutional Investors in Russia Recent Achievements and Policy Challenges Ahead Michel Noel Zeynep Kantur Evgeny Krasnov Sue Rutledge Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized THE WORLD BANK WORLD BANK WORKING PAPER NO. 87 Development of Capital Markets and Institutional Investors in Russia Recent Achievements and Policy Challenges Ahead Michel Noel Zeynep Kantur Evgeny Krasnov Sue Rutledge THE WORLD BANK Washington, D.C. Copyright © 2006 The International Bank for Reconstruction and Development/The World Bank 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. All rights reserved Manufactured in the United States of America First Printing: August 2006 printed on recycled paper 1 2 3 4 5 09 08 07 06 World Bank Working Papers are published to communicate the results of the Bank’s work to the development community with the least possible delay. The manuscript of this paper therefore has not been prepared in accordance with the procedures appropriate to formally-edited texts. Some sources cited in this paper may be informal documents that are not readily available. The findings, interpretations, and conclusions expressed herein are those of the author(s) and do not necessarily reflect the views of the International Bank for Reconstruction and Development/The World Bank and its affiliated organizations, or those of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank of the legal status of any territory or the endorsement or acceptance of such boundaries.
    [Show full text]
  • Share Listing
    Annual Report 2018 | MAGNIT MAGNIT TODAY 3-11 99 STRATEGIC REPORT 13-27 PERFORMANCE REVIEW 29-53 CORPORATE GOVERNANCE 55-113 APPENDICES 115-189 Structure of share capital1 Name Number of registered entities Proportion of authorized capital, % National Settlement Depositary 1 95.54 Including: PJSC VTB Bank 18.342 LLC VTB Infrastructure Investments 7.723 Legal entities and individuals 24 4.46 Total: 25 100 Share listing Listing of shares on the Moscow Exchange The Company’s shares have been listed on the Moscow Stock Exchange since April 24, 2006 (MGNT ticker) and are included in the first quotation list. The shares are included in the following indices: Stock Subindex, MOEX Index, MOEX Index 10, Blue Chip Index, Broad Market Index, Consumer Sector Index / Consumer Sector Index, RTS Consumer Sector Index, RTS Index, and Broad Market RTS Index, among others. 1. Shareholding structure is provided in accordance with the list of shareholders registered in the register of PJSC “Magnit” shareholders as of 31.12.2018 2. Information is provided as of 12.11.2018 based on the list of shareholders entitled to participate in the general shareholders meeting of PJSC “Magnit 3. Information is provided as of 12.11.2018 based on the list of shareholders entitled to participate in the general shareholders meeting of PJSC “Magnit 100 101 Weight of shares in indices Ticker Index name Weight in index, % RDXUSD Russian Depositary Index USD 2.85 RDX Russian Depositary Index EUR 2.85 NU137529 MSCI EM IMI (VRS Taxes) Net Return USD Index 0.09 RIOB FTSE Russia IOB
    [Show full text]
  • On Determination of Market Price of One Ordinary Registered Share of the Moscow Exchange (State Registration Number 1-05-8443-H Dated 16.11.2011)
    2, 3-ya ulitsa Yamskogo Polya, bld. 7, office 301, Moscow, 125040 Tel.: +7 (495) 717-01-01 +7 (495) 557-07-97 www.evcons.ru REPORT No. 134/16 dated June 29, 2016 On determination of market price of one ordinary registered share of the Moscow Exchange (state registration number 1-05-8443-H dated 16.11.2011) Customer: Moscow Exchange Contractor: Everest Consulting Moscow 2016 EVEREST Consulting LLC 1 Att: Evgeny Fetisov CFO Moscow Exchange Dear Evgeny, Under Agreement No.134/16 dated 16.06.2016 executed by and between Everest Consulting Limited Liability Company (hereinafter Everest Consulting LLC, the Contractor), and Public Joint-Stock Company Moscow Exchange MICEX-RTS (hereinafter the Moscow Exchange, the Customer), the appraiser employed by the Contractor (hereinafter the Appraiser) carried out valuation of one registered ordinary share of the Moscow Exchange (hereinafter the Object of Valuation). The principle task and intended use of valuation was to measure the market price of the Object of Valuation for the purpose of share buyback from shareholders who voted against the corporate restructuring or failed to participate in voting in pursuance with clause 1 and clause 3 Article 75 of the Federal Law No.208-FZ On Joint-stock Companies dated 26 December 1995. The valuation was done in accordance with the Federal Law No.135-FZ On Valuation Activity in the Russian Federation dated 29 July 1998, Federal Evaluation Standard General Concepts of the Valuation, Approaches and Requirements to Carrying Out the Valuation (FES No.1) approved by the Order of the Ministry of Economy No.
    [Show full text]
  • Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody March 5, 2020 Issue No. 2020/08 Company News Polyus to become Moscow Exchange’s blue chip instead of Severstal On February 28, 2020 it was reported that the Moscow Exchange planned to include the ordinary shares of Russian gold producer Polyus in its Blue Chip index instead of the shares of steelmaker Severstal on March 20. The depository receipts of multi-industry holding En+ Group will be replaced with its shares, and the shares together with the depository receipts of payment system operator Qiwi will be considered to be added to the MOEX Russia Index and the RTS Index. Other changes to the indices include addition of depository receipts of real estate developer Etalon Group and exclusion of Seligdar from the Broad Market Index, inclusion of ordinary shares of fertilizer producer Acron and Pharmacy Chain 36.6 in the SMID Index, and exclusion of ordinary shares of oil company RussNeft and oil and gas pipe producer TMK from the Oil and Gas Index. The committee also recommended that the Moscow Exchange launch a new sectorial index for the Russian real estate industry. Mail.ru’s board of directors approves listing on Moscow Exchange On March 2, 2020 the board of directors of Russian Internet company Mail.ru Group approved a listing of global depositary receipts (GDRs) on the Moscow Exchange. The plan is for Mail.ru Group’s GDRs to begin trading in Moscow by July. There will not be any secondary issuance accompanying the listing. Russian antitrust clears Fortum to buy stake in Uniper On March 2, 2020 it was announced that Russia’s Federal Antimonopoly Service cleared Finland’s Fortum to acquire a 20.5% stake in Germany’s Uniper.
    [Show full text]
  • MOEX RUSSIA INDEX December 2019
    MOEX RUSSIA INDEX December 2019 MOEX Russia Index is capitalization-weighted composite index calculated based on prices of the most liquid Russian stocks of the largest and dynamically developing Russian issuers presented on the Moscow Exchange. MOEX Russia Index was launched on September 22, 1997 at base value 100. The Index is calculated in real time and denominated in Russian rubles. MOEX RUSSIA INDEX PERFOMANCE MAIN CHARACTERISTICS 3,500 2017 2018 2019 Statistics 3,000 Index Return -5.5% 12.3% 28.6% Share of Russian equities 2,500 market 83.9% 84.1% 84.1% Total Mcap, bn RUB 30,644 34,432 42,580 2,000 P/E 7.8 8.5 6.7 1,500 P/BV 0.9 0.9 1.1 Dividend Yield 4.8% 5.9% 11.0% 1,000 Number of securities 45 42 39 500 Basket details Average MCap, bln RUB 681 820 1,092 0 Max MCap, bln RUB 4,861 4,584 6,070 2001 2006 2011 2015 2016 1998 1999 2000 2002 2003 2004 2005 2007 2008 2009 2010 2012 2013 2014 2017 2018 2019 1997 Min MCap, bln RUB 54 31 74 Median MCap, bln RUB 304 332 457 ASSETS ALLOCATION Max weight of issue 14.7% 15.5% 14.5% energy (oil & gas) 47.7% Top10 issues’ weight 71.8% 71.9% 72.6% financials 19.8% metals and mining 15.8% consumer 9.1% Код IMOEX telecommunication services 3.0% ISIN RU000A0JP7K5 electric utilities 2.5% Bloomberg IMOEX other 2.2% Reuters .IMOEX TOP 10 ISSUES WEIGHT Free- Adj cap, bn Ticker ISSUE Mcap, bn RUB Weight Sector Float RUB SBER Sberbank, Ordinary shares 5,499 48% 1,704 14.5% financials GAZP GAZPROM, Ordinary shares 6,070 46% 1,694 14.4% energy (oil & gas) LKOH LUKOIL, Ordinary shares 4,411 54% 1,608 13.6%
    [Show full text]