YANDEX SHARES BEGIN TRADING ON MOSCOW EXCHANGE
Shares of Yandex, one of Europe's largest internet Moscow Exchange CEO Alexander Afanasiev said, companies and Russia’s leading search provider, “Since early last year, we have seen strong interest in began trading on Moscow Exchange on 4 June. The Moscow listings from companies incorporated shares were listed in Level 1, the exchange’s top outside Russia that have Russian assets. This trend is quotation list. Quotation and settlement of the shares driven by reforms to market infrastructure and the is in Russian rubles. The shares will also continue to increased liquidity and depth of the Russian market. trade on the NASDAQ Global Select Market. Afanasiev continued: “Shares of Polymetal and During the ceremony to mark Yandex’s Moscow depositary receipts of QIWI and Lenta already trade listing, Yandex CEO Arkady Volozh said: “This local on Moscow Exchange. We expect Moscow traded listing responds to demand from investors in Russia, shares of a major new name from the technology and benefits Yandex. We anticipate that the listing will sector to be of interest to both institutional and retail broaden the company's shareholder base domestic investors.” internationally and stimulate investor interest.”
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] CORPORATE NEWS Intermediate clearing introduced for equities Level 1 includes securities that were on the A1 and A2 and bonds quotation lists prior to 9 June. Level 2 comprises securities Intermediate clearing was introduced on the Equity & Bond from the previous B, V, and I quotation lists. Level 3 contains Market on 9 June. Now trades in equities, corporate bonds, securities that were in the “Unlisted” and “Admitted to and municipal bonds are settled twice per day, at 4:00 pm and Placement” sections. 7:00 pm Moscow time. Traders have access to early The highest level has thus been expanded from 478 to 535 settlement (until 4:00 pm Moscow time) of negotiated trades securities, with the number of stocks increasing from 38 to 65. made in T+2 mode and central counterparty repo trades “The listing reform expands the list of securities in which whose execution date is the current day. Russian non-government pension funds can invest, while also strengthening requirements for issuers, including in corporate New procedure for settling single stock futures governance,” said Equity and Bond Market Managing Director A new procedure for settling futures on Russian stocks – via Anna Kuznetsova. T+2 trades on the Main Market – came into force on Moscow The new rules allow issuers carrying out an IPO to list their Exchange on 16 June. This was made possible by the large securities at any level. scale modernisation of the Derivatives and Equity & Bond Markets’ trading and clearing platforms, which was completed In addition to simplifying the quotation lists, the new rules add on 9 June. free float to the criteria to determine on which list a security is The T+2 settlement of futures trades is executed included. For inclusion in Level 1, issuers are now required to automatically during a special session, lasting until 9:30 am submit three years of IFRS results (versus one year previously). MSK, on the trading day following the futures’ last trading day. Corporate governance requirements have been increased for As such, the settlement day for futures is no longer the same issuers to meet the Central Bank’s new Corporate Governance as their last trading day. Code. To be included in Level 1, at least 20% and no fewer than three directors on an issuer’s board must be The last trading day for September futures is 15 September, independent. Boards are required to create audit, personnel, with settlement on the following day. and remuneration committees comprising a majority of independent directors. New listing rules come into effect For a bond issue to be included in Level 1 (in addition to three Moscow Exchange welcomed representatives of Russia’s top years of IFRS statements), the issuer, guarantor, or issue must corporations on 9 June, to congratulate them on inclusion in have a credit rating; the minimum rating has been increased the Level 1 quotation list under the new listing rules. The new by two notches. The minimum corporate bond issue size has rules provide for three sections: Level 1 and Level 2, which are been set at RUB 2 bln, while regional and municipal issues quotation lists, and Level 3, which is a non quotation list. must be at least RUB 1 bln.
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] Moscow Exchange presents at global exchange MOEX 2013 annual report released conference Moscow Exchange has published its 2013 Annual Report. The Moscow Exchange CEO Alexander Afanasiev gave a report highlights the many achievements of Moscow presentation at the Sandler O’Neil Global Exchange & Exchange and the broader Brokerage Conference in New York on 5 June, along with market in 2013, a landmark representatives from leading global exchanges and other year for the Russian financial institutions. financial market. Long He spoke about issues and challenges affecting the Russian awaited infrastructure financial market and the steps taken to tackle them, as well as reforms were implemented: how Moscow Exchange has been expanding and improving the central securities its services, and the exchange’s plans and expectations for the depository (NSD) and future. qualified central Among the topics covered were the strong economic counterparty (NCC) began indicators; infrastructure and regulatory improvements, to operate at full strength, including the introduction of a central securities depositary international settlement and unified central counterparty; corporate governance depositories started reforms, both within the exchange itself and in Russia overall; servicing bond market and the exchange’s cycle protected business model. The talk clients, and the equity looked at the new services on offer to make the exchange market was transferred to more attractive and accessible to foreign participants, such as the T+2 settlement cycle T+2 settlement, DMA by large global banks, and Clearstream with partial prefunding. and Euroclear providing settlement services for Russian These reforms made trading on Moscow Exchange as bonds and (soon) equities. convenient as on the world’s leading marketplaces, which is confirmed by growth in trading volumes and Moscow The exchange’s strong financial results for recent quarters Exchange’s strong financial results. The full version of the were reviewed, as was its recent share price compared to report is available on Moscow Exchange’s website. selected other institutions, and a number of growth areas for 2014 were identified.
The talk was followed by a short Q&A session, which included Moscow Exchange signs charity cooperation cooperation with other exchanges and the impact of political agreements events. At the end of May, Moscow Exchange hosted a roundtable on Other speakers at the conference included U.S. Securities and Corporate Social Responsibility. Roundtable participants Exchange Commission Chair Mary Jo White and the chief included Chulpan Khamatova, co-founder of the Russian executives of leading exchange groups including ICE, charity Gift of Life; Ingeborga Dapkunaite, fundraising council NASDAQ, CME, CBOE, and Deutsche Börse. co-chair of Vera fund for the support of hospices; Daria Lisichenko, President of ORBI; as well as Alexander Afanasiev, A webcast of the presentation and Q&A can be viewed at: CEO of Moscow Exchange, and other members of the www.wsw.com/webcast/sandler4 management team. During the event, Moscow Exchange signed cooperation agreements with Gift of Life, Vera and Moscow Exchange joins FIX Trading Community ORBI. As part of these agreements, Moscow Exchange Moscow Exchange has joined FIX Trading Community as a undertook to allocate a significant portion of its total charity new Global Premier member. FIX Trading Community is a budget to these three organisations, which specialise in nonprofit, industry driven standards body. The organisation is helping people in need and in the treatment of serious independent and neutral, dedicated to addressing real illnesses. The agreements also envisage holding a number of business and regulatory issues impacting multi-asset trading joint events with these charities, with the participation of in global markets through standardisation, delivering Moscow Exchange employees giving them an opportunity to operational efficiency, increased transparency, and reduced volunteer and donate. costs and risks for all market participants. Central to FIX A systematic approach to corporate social responsibility is an Trading Community's work is the continuous development important element of Moscow Exchange’s long term and promotion of the FIX family of standards, including the development strategy. Cooperation with reputable nonprofit core FIX Protocol messaging language. Tom O’Brian, Moscow organisations increases the efficiency of the company’s fund Exchange’s Head of International Sales, has become co-chair distribution and allow us to reach a larger audience. of the Russian sub-committee of the organisation. continued on page 4
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] Ms. Khamatova said: “Moscow Exchange is not only a MOEX in the News benefactor of our fund, but an old and faithful friend that The following is an excerpt of an article published in always comes to our aid. We have been able to help many Institutional Investor magazine. The complete story is children thanks to Moscow Exchange’s support, through available here. covering the costs of medicine, treatment, and hospital equipment.” High Frequency Trading Gets a Mixed Reception in VERA hospice charity president Nyuta Federmesser said: “I Emerging Markets. am sure that responsible charitable giving is that which goes Russia is gung ho about HFT according to the Moscow via reputable charitable organisations. Nonprofit Exchange’s Roman Sulzhyk, but China and India have taken organisations spend charity money effectively, as they are steps to discourage this practice. experts in specific social areas, and they do so in a The Moscow Exchange in Russia, a country not known for its transparent and reliable way. Most importantly, we help to laissez-faire attitude to much else, takes a conspicuously ensure to ensure that funds received produce the maximum gung ho attitude. ‘‘We have traditionally been very accessible benefit for people.” to the algo community.” says Roman Sulzhyk. who heads the exchange’s derivatives market, referring to traders who rely on algorithms for beyond-human speed. “Now we are starting to see some of the international players whom Michael talks about in his book. No one is going back to ticker tape.” HFT's share of equities trading volume on the Moscow Exchange is between 50 and 60 percent. Another big developing nation with the door open, if not the red carpet out, for HFT is Brazil. “High frequency traders generate benefits for the market in terms of liquidity and execution, as they are frequently quoting on both sides of the order book,” Gustavo Ferreira, spokesman for the BM&FBOVESPA exchange in Sao Paulo, tells Institutional Investor. “They can Daria Lisichenko, president of the ORBI interregional charity also help tighten spreads in some markets.” for helping relatives of stroke victims, said: “Development of Despite many disparities in history and culture, Brazil and charity definitely needs a systematic approach. Given the Russia have one thing in common: a single national securities colossal investment required, this can only be developed with market resulting from mergers of former rivals, notes Edgar the cooperation of business, the authorities, nonprofit Perez, a former McKinsey & Co. technology consultant based organisations, and the media. The agreement with Moscow on Long Island, New York, who has written two books on HFT. Exchange – which can serve as an example to many This decreases the potential for one of high frequency companies, in the field not only of corporate governance but trading’s more controversial elements, latency arbitrage, or also of corporate social responsibility – inspires faith in and front-running orders from conventional investors to skim a hope for the prospects of effective partnership and the small but risk-free profit. “The absence of a fragmented growth of a donorship culture in Russia.” market in Brazil simplifies managing the risk,” BM&FBOVESPA's Ferreira confirms. Sulzhyk adds another key factor in Russia’s pro-HFT stance: a scarcity of the large institutional investors that can lose out from high speed traders’ operations and so lobby against them in developed markets. Individual traders provide most of the volume in the Moscow Exchange’s derivatives contracts, and high-tech tinkering is in these traders’ DNA. “Every Russian guy with a computer considers himself a financial genius, and a lot of our flow comes from guys like this,” Sulzhyk says.
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] MARKET REPORT The total monthly trading volume on the Moscow Exchange's MAY 2014 TRADING VOLUMES BY MARKET markets in May was RUB 36.4 trln. The average daily trading TOTAL VOLUME OF RUB 41.7 TRLN volume was RUB 1.8 trln, down 3.9% MoM. Trading in securities, RDRs, and mutual fund units made up 2.3% (RUB 2.3% 1.8% 9.1% 0.82 trln) of the total trading volume, the bond market's share was 1.8% (RUB 0.66 trln), the derivatives market made up Equities 9.1% (RUB 3.3 trln), and the FX and money market accounted Bonds for a combined 86.8% (RUB 31.6 trln). 40.8% Derivatives FX 46.0% Money
EQUITY MARKET (STOCKS, RDRs AND INV. FUNDS UNITS) The trading volume of stocks totaled RUB 0.82 trln in May. VALUE TRADED IN STOCKS, RDRs, The average daily trading volume was RUB 41.2 bln, down AND INVESTMENT FUND UNITS 4.8% MoM. The T+2 sector made up 97.9% of the total secondary market trading volume, the Standard and Classica RUB bln USD bln sectors accounted for 0.01%, and the T0 sector came in at 900.0 2.1%. There were no placements on the primary market. The 1,800 1,600 OTC trading volume was RUB 0.23 trln, or 22% of the 1,400 1323 800.0 combined value of the secondary market and OTC trades. 1,200 952 893 1,000 854 824 700.0 731 763 800 698 666 687 699 592 692 600 600.0 400 200
0 500.0
Jul 13 Jul
Jan 14 Jan
Jun 13 Jun
Apr 14 Apr
Oct 13 Oct
Feb 14 Feb
Mar 14 Mar
Sep 13 Sep
Dec 13 Dec
Aug 13 Aug
Nov 13 Nov
May 13 May 14 May
Secondary market value (LHS) Capitalisation (RHS)
The MICEX Index was up 9.65% MoM to MICEX INDEX and RTS INDEX PERFORMANCE 1,432.03 at the end of May from 1,306.01 at the end of April. The USD denominated RTS Index was up 12.12% to 1,295.75 points MICEX Index RTS Index from 1,155.7. The cash equity market's capitalisation 1,600 appreciated 10.4% to USD 697.96 bln from USD 632.18 bln). 1,500
1,400
1,300
1,200
1,100
Jul 13 Jul
Jan 14 Jan
Jun 13 Jun
Apr 14 Apr
Oct 13 Oct
Feb 14 Feb
Mar 14 Mar
Sep 13 Sep
Dec 13 Dec
Aug 13 Aug
Nov 13 Nov
May 13 May 14 May
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] MONTHLY CHANGES IN BLUE CHIPS MONTHLY BEST SELLERS CLOSING PRICES ON SECURITIES MARKET
PLZL VTBR LKOH GMKN 8% 6% 4% SNGS ROSN GMKN CHMF FEES 1% Other securities 18% LKOH GAZP NVTK 21% 2% RTKM Other GAZP 34% ROSN 3% SBER MGNT VTBR 3% SBERP 4% -5 % 0 5 % 10 % 15 % 20 % 25 % 30 % SBER 30%
MARKET FOR CORPORATE, REGIONAL AND GOVERNMENT BONDS AND EUROBONDS MONTHLY CHANGE IN BOND INDICES The Russian Government Bond Index (RGBI) grew 2.44% in May to 127.38 (from 124.35 at the end of April). The MICEX Municipal Bond Index (MICEX MBI CP) moved up 0.13% to RGBI 94.93 (from 94.81). The MICEX Corporate Bond Index went down 0.18% to 90.89 (from 91.05). MBI CP CBI CP
-0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 %
TOTAL VALUE TRADED ON PRIMARY AND MAY TRADING VOLUME SECONDARY BOND MARKETS
1.3% RUB bln New issues 18.1% 1,800 Corporate ruble bonds 1,539 1,600 1,476 Regional ruble bonds
1,400 1,300 Sovereign ruble bonds 1,241 41.3% Eurobonds 1,200 1,083 1,094 1,080 979 987 988 1,000 804 754 800 665 36.2% 600
400 3.1% 200
0
Jul 13 Jul
Jan Jan 14
Jun 13 Jun
Apr 14 Apr
Oct 13 Oct
Feb 14 Feb
Mar Mar 14
Sep 13 Sep
Dec 13 Dec
Aug 13 Aug
Nov 13 Nov
May 13 May 14 May
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] DERIVATIVES MARKET The total volume traded on the Moscow Exchange's derivatives market in May was RUB 3.3 trln, or 81 mln contracts. The average daily volume was RUB 165.6 bln, down 14.6% MoM. The total open interest at the end of the month was RUB 520 bln, or 13 mln contracts.
DERIVATIVES MARKET TRADING VOLUME DERIVATIVES MARKET OPEN INTEREST
RUB bln RUB bln
6,000 700.0 660 5,268 5,124 5,214 585 600.0 5,000 540 4,324 515 520 4,027 4,264 3,941 500.0 476 3,963 3,754 451 447 4,000 3,597 433 3,539 3,459 385 390 421 3,312 400.0 3,000 326 300.0 2,000 200.0
1,000 100.0
0 0.0
Jul 13 Jul
Jul 13 Jul
Jan 14 Jan
Jan 14 Jan
Jun 13 Jun
Jun 13 Jun
Apr 14 Apr
Oct 13 Oct
Apr 14 Apr
Feb 14 Feb
Oct13
Mar 14 Mar
Sep Sep 13
Feb14
Mar 14 Mar
Dec 13 Dec
Sep 13 Sep
Aug 13 Aug
Nov 13 Nov
May 13 May 14 May 13 Dec
Aug 13 Aug
Nov 13 Nov
May 14 May May 13 May
MAY TRADING VOLUME BY UNDERLYING ASSETS DERIVATIVES MARKET MONTHLY BEST SELLERS
5.5% 2.4% 2.5% RTS 3.5% 35.8% 0.1% Si-
8.0% SBR GAZ
1.5% ED- 1.3% Other 54.4% 31.7% 54.8%
Index derivatives Equity derivatives
FX derivatives Interest derivatives
Commodity derivatives
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] FX AND MONEY MARKET
EXCHANGE RATES MAY TRADING VOLUMES
RUB/USD RUB/EUR 1.8% 0.1% 37.0 51.0 36.0 49.0 16.1% 35.0 47.0 34.0 USD/RUB FX market 33.0 45.0 EUR/RUB FX market 32.0 43.0 31.0 EUR/USD FX market 41.0 30.0 Юань 39.0 29.0
28.0 37.0 82.0%
Jul-13
Jan-14
Jun-13
Apr-14
Oct-13
Feb-14
Mar-14
Sep-13
Dec-13
Aug-13
Nov-13
May-13 May-14 USD/RUB_TOM EUR/RUB_TOM (right axis)
FX MARKET TRADING VOLUME
RUB trln Swap value traded Spot value traded
18.0 15.7 16.0
14.0 12.8 11.9 11.4 11.7 12.0 10.3 9.4 9.3 9.2 10.0 8.3 7.9 7.7 7.6 8.0 7.3 6.2 5.6 5.6 5.8 6.0 5.3 5.3 5.0 5.1 4.2 4.6 4.6 4.6 4.0 2.0
0.0
Jul 13 Jul
Jan 14 Jan
Jun 13 Jun
Apr 14 Apr
Oct 13 Oct
Feb 14 Feb
Mar 14 Mar
Sep 13 Sep
Dec 13 Dec
Aug 13 Aug
Nov 13 Nov
May 13 May 14 May
MONEY MARKET TRADING VOLUME MAY TRADING VOLUME BREAKDOWN
RUB trln 4.9% 0.7% 4.6% 30.0
24.1 25.0 23.4 Interdealer repo 20.4 20.5 19.3 19.7 20.0 18.9 17.0 Direct CBR repo 16.1 16.4 15.7 36.2% 14.5 14.9 15.0 Credit market
10.0 Federal treasury deposit operations 5.0 53.5% Pension Fund deposit operations
0.0
Jul-13
Jan-14
Jun-13
Apr-14
Oct-13
Feb-14
Mar-14
Sep-13
Dec-13
Aug-13
Nov-13
May-13 May-14
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] TOP 20 TOP 20 TOP 20 EQUITIES TRADERS CORPORATE AND REGIONAL SOVEREIGN BONDS (OFZs) MAIN TRADING MODE T+ AND CCP NEGOTIATED TRADES MODE BONDS TRADERS TRADERS MAIN TRADING AND NEGOTIATED TRADES MODES MAIN TRADING AND NEGOTIATED TRADES MODES
Rating Rating Rating position Turnover, position Turnover, position Turnover, Company Name Company Name Company Name (previous RUB bln (previous RUB bln (previous RUB bln month) month) month)
1 (1) BCS 388.59 1 (1) BC Region 62.64 1 (1) Morgan Stanley Bank 88.94
2 (2) FINAM 172.00 Credit Suisse Bank 2 (6) GPB 33.91 2 (2) 63.64 (Moscow) 3 (3) OTKRITIE 155.41 3 (4) VELES Capital 29.05 3 (3) Deutsche Bank 38.90 4 (4) Renaissance Capital 125.76 4 (3) Sberbank 27.73 4 (6) CITIBANK 28.40 5 (5) Sberbank 103.09 5 (5) KIT Finance 21.88 5 (4) Veles Capital 27.66 6 (6) VTB 24 80.56 6 (13) Promsvyazbank 18.65 7 (7) ALOR 76.84 6 (5) Promsvyazbank 18.90 7 (2) OTKRITIE 16.08 8 (8) Deutsche Bank 44.75 7 (11) OTKRITIE 15.88 8 (12) ALFA-BANK 15.24 Credit Suisse Securities 8 (9) ING BANK (EURASIA) 15.37 9 (9) 43.72 (Moscow) 9 (16) SVIAZ-BANK 13.99 9 (37) ATON 14.01 10 (12) IT Invest 34.59 10 (17) BCS 10.79 10 (8) Raiffeisenbank 13.56 11 (10) ATON 34.57 11 (23) UNIVER Capital 10.62 11 (10) Sberbank 11.59 12 (14) GPB 29.22 12 (7) RONIN 10.54 13 (13) ALFA-BANK 26.96 12 (12) HSBC Bank 10.43 13 (14) LOCKO-Bank 10.41 Zerich Capital 13 (27) GPB 10.15 14 (11) 26.71 Management 14 (8) VTB Capital 8.96 14 (14) REGION 9.34 15 (16) Merrill Lynch Securities 20.55 15 (11) VTB Bank 8.95 15 (13) VTB Bank 8.22
16 (18) Citigroup Global Markets 19.51 16 (15) RGS Bank 8.49 16 ( - ) BALTINVESTBANK 7.86
17 (27) ALOR 8.26 17 (21) KIT Finance 7.43 17 (15) KIT Finance 17.34 18 (50) PROSPECT 7.51 18 (17) Goldman Sachs 15.08 18 (15) MTS Bank 7.34
19 (23) VTB Capital Broker 12.41 19 ( - ) Morgan Stanley Bank 7.19 19 (16) VTB Capital 6.59
20 (27) UBS Securities 11.37 20 (35) ATON 7.08 20 (19) Asian - Pacific Bank 6.29
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] TOP 20 TOP 10 FUTURES AND OPTIONS FX MARKET TRADERS TRADERS (USDRUB SPOT)
Rating position Rating position Company Name Turnover, RUB bln Company Name (previous month) (previous month)
1 (2) BCS 1 (1) OTKRITIE 1,474.11 2 (1) OTKRITIE 2 (2) BCS 1,447.96 3 (4) Credit Suisse Bank (Moscow)
3 (3) IT Invest 516.75 4 (3) Sberbank 5 (7) ALFA-BANK 4 (4) FINAM 441.97 6 (5) GPB
5 (5) Renaissance Capital 381.54 7 (9) HSBC Bank
8 (8) VTB Bank 6 (6) ALOR 257.90 9 (6) Metallinvestbank 7 (7) Sberbank 224.58 10 ( - ) Deutsche Bank
8 (8) VTB 24 192.80 TOP 10 9 (9) ZERICH Capital Management 166.10 FX MARKET TRADERS 10 (12) KIT Finance 159.99 (USDRUB SWAPS)
11 (11) ALFA-BANK 159.64
Rating position 12 (10) Metallinvestbank 152.13 Company Name (previous month) 13 (20) Bank ZENIT 78.76 1 (1) VTB Bank 14 (13) FINRISE 78.40 2 (4) OTKRITIE
15 (14) ATON 66.55 3 (2) Sberbank
4 (3) CITIBANK 16 (16) URALSIB Capital-Financial Services 61.19 5 (5) Deutsche Bank 17 (18) OLMA 59.20 6 (7) FUNDSERVICEBANK
18 (19) Promsvyazbank 54.09 7 ( - ) ING BANK (EURASIA)
8 (8) BINBANK 19 (21) ALOR BANK 42.56 9 (6) Vnesheconombank
20 (28) Morgan Stanley Bank 32.70 10 ( - ) GPB
FX market participants’ trading turnover volume is not subject to disclosure
Moscow Exchange | Tel +44 (0) 20 7002 1391 | E-mail: [email protected] EOB SPREAD DYNAMICS: MOSCOW EXCHANGE vs LSE
Analysis provided by Bid - ask spread 1 Contract (bp1) Market share3 May 2014 11.5 11.5 9.8 10.7 10.4 9.3 9.4 3.4 4.1 3.6 3.4 4.0 3.9 3.6 45%42% 55%58% 39% 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 Apr-2014 May-2014 61%
Bid - ask spread 25k EUR deal (bp) Moscow Exchange 14.6 14.1 14.4 13.5 13.7 LSE 12.0 11.1 12.8 8.1 8.3 8.4 8.7 8.3 MICEX 5.8 Virtual index2 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 Apr-2014 May-2014
Bid - ask spread 50k EUR deal (bp)
17.7 17.9 19.2 14.6 15.7 16.5 16.5 15.3 11.0 11.3 11.9 12.0 11.6 7.6
1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 Apr-2014 May-2014
Moscow Exchange LSE Notes: Spreads measure the bid to offer spread of the best visible orders in the book, with the result based on measurements of the order books every 30 seconds.
(1) The value for the spread is quoted in basis points (0.01%) (2) MICEX Virtual Index – index calculated based on prices and EOB data of the most liquid Russian dual listed stocks (3) Calculated based on EOB trading volumes of 32 most liquid Russian dual listed stocks Source: LiquidMetrix
Moscow office: 13, Bolshoy Kislovskiy per. , Moscow, 125009, Russia +7 (495) 363 32 32 London office: Moscow Exchange International Ltd. 60 Cannon St, London EC4N 6NP +44 (0) 20 7002 1391 Media [email protected] Investor Relations [email protected] London Office [email protected] Market Participants [email protected] Issuers [email protected] Listing [email protected] IT Support [email protected] www.moex.com
All data in this Newsletter unless otherwise stated is Moscow Exchange data. Rouble denominated trading volumes have been converted into USD terms based on an average RUB/USD exchange rate for the stated period. The information provided herein is intended for informational purposes only. This annotation does not provide any recommendations and guidance to take actions on financial markets.