DOCSLIB.ORG

Moscow Exchange Investor Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Moscow Exchange Investor Presentation August 2020 Investor presentation History of MOEX: the path of ongoing progress Inaugural Corporates granted Sustainability direct access to Report 133 New dividend policy the FX Market with a minimum payout ratio of 55% Launch of RUSFAR – MOEX completes its IPO; Money Market interest Repo with CCP launched rate benchmark Trading in government Euroclear and Clearstream bonds moves to gain access to T+1 settlement Shareholder electronic corporate bonds in addition voting becomes available to government bonds Launch of the Unified Collateral Pool New dividend policy: Equity trading SPO of MOEX Launch of target payout = FCF, moves to GCC repo min payout = 60% T+2 settlement Corporates admitted to deposits with CCP of net profit OTC bond platform MOEX share price, RUB price, share MOEX launched 55 Grain trading commences on MOEX Eurobonds start trading on MOEX Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun 2013 2014 2015 2016 2017 2018 2019 2020 2012 2011 Launch of Central Merger of MICEX 2006 1995 1992 2013 Securities and RTS: National Clearing Russian Trading Moscow Interbank IPO of Moscow Depository Moscow Exchange (MOEX) Centre (NCC) System (RTS) Currency Exchange Exchange (MOEX) (CSD) established established established (MICEX) established 2001 1996 1993 1992 + Derivatives + Money Market + Bonds + FX Share price up to 25 December 2019 2 Investment and corporate highlights Financial Resilience Strategic Stance ▪ Counter-cyclical business model coupled with robust cost control ▪ Low penetration of financial services indicates secular growth potential ▪ Secular growth of fees and commissions (F&C) across 7 ▪ The world’s most diversified exchange with trading in 5 asset classes complimentary F&C business lines vs ~3 offered by “traditional” exchanges ▪ Business-driven margin and collateral requirements generate ▪ Complete vertical integration of a trading engine with a clearing sustainable net interest income (NII) house and a central securities depository makes up a unique platform ▪ Operating income F&C/NII split of 60/40 evolving towards F&C ▪ Cornerstone of the Russian financial system: MOEX brings together the tiers of the banking system by managing ~3/4 of its total liquidity flow ▪ One of the highest EBITDA margins among global peers ▪ The world’s only exchange focused on Russian financial assets in the ▪ Attractive dividend policy: min. payout of 60%; target payout of market is open for competition (ex. the CSD). OTC is the main competitor 100% FCFE; track record of distributing 55-89% of 2014-2019 profits ▪ B2B business model: investors trade via locally licensed brokers and banks. Foreign investors have SMA and ICM services at their disposal Corporate Governance Operational Excellence ▪ A 28-year history of successful and continuous implementation of ▪ All-electronic since 1997 infrastructural and regulatory reforms ▪ Vast in-house IT expertise: ~1/3 of staff are IT developers, ▪ No single controlling shareholder: free float of 63% with substantial supporting a CAPEX-light business model international participation; the largest shareholder owns <12% ▪ Single-tier clearing system requires all participants to provide eligible ▪ Most Supervisory Board members are independent directors (8 out collateral in cash or securities to trade any asset class of 12) ▪ Pre-trade risk checks forestall any “fat fingers”/”flash crash” problems ▪ Established track record for efficient capital allocation ▪ Low-cost product scalability: a new order book launch requires the equivalent of circa USD 10 thousand 3 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 2Q 2020 update 4 Robust and trusted infrastructure Trading platform, NCC as the Central Counterparty (CCP) and NSD as the Central Securities Depository (CSD) TRADING CLEARING SETTLEMENT & DEPOSITORY Assets on deposit2 ▪ MOEX markets ADTV 3,2 RUB trln ▪ NCC cleared ADTV 2,9 RUB trln (2019) (2019) RUB trn 52.7 54.2 ▪ Pre-order validation (100+ risk check ▪ NCC served as a CCP for 92% of 45.0 scenarios) ensures integrity of trades trading volumes it cleared in 2019 36.4 39.4 31.7 ▪ World class latency of 200-300 ▪ BBB local currency rating from Fitch 24.9 21.8 microseconds ▪ The target NCC capital for 2019 is 12.3 ▪ >500 trading members ~RUB 66 bln (the level of 1 Jan 2019) (all markets) ▪ As of 1 Aug 2020, N1 is 161.6% CCP 31 31 31 31 31 31 31 31 31 Dec Dec Dec Dec Dec Dec Dec Dec Jul 2012 2013 2014 2015 2016 2017 2018 2019 2020 Trading venue’s net proprietary National Clearing Centre (NCC) National Settlement Depository funds4 (Regulated since 3Q2019) proprietary funds (capital)1 (NSD) proprietary capital3 RUB bln RUB bln RUB bln 70.5 71.9 64.7 61.5 11.3 56.6 56.4 10.5 9.4 9.7 Ex-dividend 8.8 8.9 8.9 14.6 14.6 13.9 Ex-dividend 12.8 38.5 7.3 28.8 6.0 8.2 7.7 5.6 13.2 1 Jan 1 Apr 1 Jul 1 Oct 1 Jan 1 Apr 1 Jul 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Aug 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Aug 2019 2019 2019 2019 2020 2020 2020 2013 2014 2015 2016 2017 2018 2019 2020 2020 2013 2014 2015 2016 2017 2018 2019 2020 2020 Regulatory requirement: 6 RUB bln Regulatory requirement: 66 RUB bln Regulatory requirement: 9 RUB bln Source: Moscow Exchange 1 Figures for 1 Jan 20XX are from the audited financial reports prepared in accordance with RAS. The latest figure is as reported by the CBR on a monthly basis. 5 2 Assets on deposit based on Company’s operational data 3 Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis 4 Numerator of the regulatory ratio (100% requirement) Highly diversified product offering Investing and trading ▪ Listing ▪ Local and foreign shares, DRs ▪ ETFs Hedging EQUITIES Investing and trading ▪ Indexes ▪ Government bonds ▪ FX ▪ Municipal bonds ▪ Local and foreign single stocks ▪ Corporate bonds ▪ Commodities ▪ ABS, MBS ▪ Interest rates ▪ Eurobonds Currency conversion Funding + FX swaps ▪ Repo with CCP (including repo ▪ Swap instruments with general collateral certificates) ▪ Spot instruments (USD, ▪ Repo with CBR (both with and EUR, CNY, HKD, JPY, GBP, COMMODITIES without collateral management) CHF, TRY and CIS ▪ Inter-dealer repo currencies) Investing and trading ▪ Credit & deposit operations ▪ Deliverable futures ▪ Repo with the Federal Treasury ▪ Spot and swap precious metals ▪ Grain ▪ Sugar ▪ Soybean ▪ Sunflower seeds 6 Diversified client base across different markets Trading volumes Volume breakdown by client types 2013 2014 2015 2016 2017 2018 2019 7M’19 7M’20 2013 2019 7M’20 +15% +106% +18% -9% +18% Equities -1% -1% 10% 4% 4% 4% 13.3 3% 3% 10.8 12.4 Market 8.7 10.3 9.4 9.3 9.2 11% 9% 6% 34% 34% 41% RUB trn 6.5 40% 49% 46% +23% +53% -27% +6% Derivatives +26% -8% +57% 115.3 1% 8% 7% 93.7 84.5 89.3 82.4 Market 61.3 69.7 15% RUB trn 48.6 44.5 46% 42% 41% +14% 38% 49% 51% +79% -5% Fixed +31% +10% -31% +5% 9% 7% 6% Income 29.8 28.2 26.2 8% 14% 13% 15.3 15.7 17.2 2%18% Market 10.6 11.2 14.6 7% 6% 13% 17% RUB trn 63% 60% 59% +36% +6% +5% -12% +46% 0% 1% FX Market -1% 10% 3% 4% 310.8 330.0 347.7 348.4 308.3 12% 17% RUB trn 228.5 156.0 185.4 183.6 1% 90% 84% 77% +10% -9% +47% 4% 11% 11% Money +11% -1% -4% +15% Market1 1% 7% 8% 381.2 419.8 381.8 366.5 11% 13% 11% RUB trn 234.7 261.6 260.1 208.1 240.1 85% 68% 69% Russian funds Russian banks and brokers Source: Moscow Exchange data prop. trading 1 Trading volumes include repo with collateral management through NSD. 7 Client structure is based on on-exchange repo trading volumes only Russian retail investors Local corporates Foreign investors 1 Business overview Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 2Q 2020 update 8 Best-in-class corporate governance standards ✓ Out of 12 members of the 2020-2021 Supervisory Board, 8 are independent (67% vs a minimum threshold of 20%1) 1 ✓ Three of the five Supervisory Board committees are chaired by independent directors ✓ MOEX was a pioneer to adopt the new criteria of Director Independence aligned with the new Corporate Governance Code Strategy Nomination and Technical Risk Audit Supervisory Board members Planning Remuneration Policy2 Management Andrey Golikov - Deputy Chairman Chair Deputy Chairman of the Supervisory Board at Moscow Exchange ✓ Valery Goreglyad Chief Auditor at the Bank of Russia ✓ Bella Zlatkis Deputy Chairman of the Executive Board at Sberbank of Russia Vadim Kulik Chair Deputy President – Chair of the Executive Board at VTB Bank ✓ Ramon Adarraga Independent consultant ✓ ✓ Paul Bodart Chair Professor at Solvay Business School ✓ Dmitry Eremeev President at FIX ✓ ✓ Maria Gordon Chair Member of the Supervisory Board at Alrosa ✓ Oskar Hartmann Director General at LLC Polyanka ✓ ✓ Alexander Izosimov Chair Director General at DRCAdvisors AB ✓ Maxim Krasnykh Global COO at Gett ✓ ✓ ✓ Oleg Viyugin - Chairman Professor at Higher School of Economics ✓ ✓ * Independent directors 9 1 The threshold is for stocks listed in the First level of the Quotation list as per the Listing Rules of Moscow Exchange 2 The Technical Policy committee includes key industry IT professionals Dispersed ownership with one of the highest free-floats in Russia Dispersed ownership with no controlling shareholder… …and one of the highest free-floats in Russia2 as of 31 December 2019 Yandex 85% Detsky Mir 75% CBR Magnit 71% Free float – 11.8% Moscow Exchange 63% 62.8% Sberbank Lukoil 55% 10.0% TCS 53% Others Gazprom 50% 54.6% VEB Sberbank 48% 8.4% Mechel 47% MTS 45% EBRD X5 41% 6.1% Aeroflot 41% MICEX Norilsk Nickel 38% Finance1 Safmar 37% JPMorgan Alrosa 34% RDIF 1.0% Chase & Co.
Load more

Recommended publications
  • 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]
  • An Overview of Boards of Directors at Russia's Largest Public Companies
    An Overview Of Boards Of Directors At Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: “Classic” board compositions of 11, nine, and seven seats prevail The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee Among Directors, there are more “humanitarians” than “techies,” while the share of “techies” among chairs is greater than across the whole sample The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the impetuous development of digital technologies continues The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times Twenty-four percent of the companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture.
    [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]
  • Russia & Cis' Largest Virtual Capital Markets Event
    REGISTER YOUR PLACE TODAY AT WWW.BONDSLOANSRUSSIA.COM RUSSIA & CIS’ LARGEST VIRTUAL CAPITAL MARKETS EVENT 500+ 40+ 250+ 100+ 2,100+ SENIOR WORLD CLASS SOVEREIGN, CORPORATE INVESTORS CONTACTS AVAILABLE TO ATTENDEES SPEAKERS & FI BORROWERS NETWORK WITH ONLINE It’s great to have Bonds & Loans with us in all times - good and bad. Our team has particularly enjoyed the networking opportunities, the program is excellent too, and you’ve proved once again your reputation of the leading capital markets event in Russia. Dmitri Surkov, Global Head of Revenue Management, Fitch Ratings Gold Sponsor: Silver Sponsors: Bronze Sponsors: Corporate Sponsors: www.BondsLoansRussia.com BRINGING GLOBAL FINANCE LEADERS TOGETHER WITH THE RUSSIA & CIS CAPITAL MARKETS COMMUNITY Meet senior decision-makers from Russia & the CIS sovereigns, corporates and banks; share knowledge; debate; network; and move your business forward in the current economic climate without having to travel. 500+ 40+ 250+ SENIOR WORLD CLASS SOVEREIGN, CORPORATE 100+ ATTENDEES SPEAKERS & FI BORROWERS INVESTORS Access top market practitioners from Industry leading speakers will share Hear first-hand how local and international Leverage our concierge across the globe who are active in “on-the-ground” market intelligence industry leaders are navigating Russia & the meeting service the Russia & CIS markets, including: and updates on Russia & the CIS’s CIS’s current economic climate/what they to engage with global senior borrowers, investors, bankers & economic backdrop. Gain actionable expect in
    [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]
  • 25 YEARS of GROWTH in HARMONY with OUR CUSTOMERS Highlights 1
    ANNUAL REPORT 2016 25 YEARS OF GROWTH IN HARMONY WITH OUR CUSTOMERS Highlights 1. Strategic Report 5. For Shareholders and Investors Key Financial Performance Indicators 2. Overview of Operations 6. Sustainable Development Mission and Values 3. Financial Results Contacts 2 / 197 4. Corporate Governance System Appendices www.mkb.ru Annual Report 2016 / Table of Contents Table of Contents Highlights Key Financial Performance Indicators Mission and Values 1. Strategic Report 2. Overview of operations 5. For shareholders and investors Appendices 1.1. Address of the Chairman of the 2.1. Corporate banking 6. Sustainable development Appendix 1. Supervisory Board IFRS Statements 2.2. Retail banking 6.1. Human Resources 1.2. Address of the Chairman of the Appendix 2. Management Board 2.3. Cash handling 6.2. Corporate Culture RAS Statements and Social Responsibility 1.3. Management Responsibility 3. Financial results Appendix 3. Statement 6.3. Information technologies List of interested party transactions 3.1. Income statement analysis made in the reporting year (2016) 1.4. Economy and banking sector 6.4. Society 3.2. Key Results List of major transactions made in 1.5. Business model. 6.5. Environmental Management the reporting year (2016) Competitive advantages. 3.3. Income statement analysis Position in the industry. Contacts List of transactions requiring 3.4. Structure of assets and liabilities approval under the Charter made in 1.6. Strategy under IFRS the reporting year (2016) 1.7. Risk Management 4. Corporate governance system Appendix 4. Report on Compliance with the Principles and Recommendations of the Corporate Governance Code. Highlights 1. Strategic Report 5.
    [Show full text]
  • Politics Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody August 02, 2018 Issue No. 2018/28 Politics VEB ex-CEO Gorkov appointed deputy economy minister On July 27, 2018 it was reported that Sergei Gorkov, former CEO of Russia’s state-owned Vnesheconombank (VEB), had been appointed deputy economic development minister. Company News Moscow Arbitration Court cancels bankruptcy case against FESCO On July 30, 2018 the Moscow Arbitration Court cancelled a bankruptcy case against the parent company of Far-Eastern Shipping Company, or FESCO. The case was initiated by company Arsagera. At the previous hearing of the case, FESCO pled for its cancellation citing a law on special bankruptcy proceedings for the company as a natural transportation monopoly. Samolet Group plans USD 250 mln IPO on Moscow Exchange On July 31, 2018 it was reported that Russian real estate developer Samolet Group of Companies was considering an up to USD 250 mln initial public offering (IPO) on the Moscow Exchange. The company has hired JP Morgan Chase & Co and Russia’s VTB Capital to organize an IPO in October-December. Samolet Group’s shareholders approved an IPO on July 30. CEO and co-owner Igor Yevtushevsky confirmed that the company was considering options to raise funds including an IPO. VEON holders choose 3 new members on board of directors On July 31, 2018 shareholders of Amsterdam-headquartered VEON, the sole owner of Russian mobile operator VimpelCom, elected three new members of the board of directors. The new members are Guillaume Bacuvier, Osama Bedier, and Robert Jan van de Kraats. The eight previously serving directors on the board are Ursula Burns, Mikhail Fridman, Gennady Gazin, Gunnar Holt, Andrei Gusev, Julian Horn- Smith, Guy Laurence, and Alexander Pertsovsky.
    [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]
  • Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody February 7, 2019 Issue No. 2019/05 Company News En+ Group says finishes 1st stage of securities swap with Glencore On February 1, 2019 it was reported that En+ Group fulfilled the first stage of a securities exchange with Swiss trader Glencore. As a result, En+ Group bought a 2% stake in aluminum producer RUSAL from an affiliate of Glencore and raised its stake to 50.12%. A transfer of a 6.75% RUSAL stake to En+Group must be made automatically no later than February 2020. In April 2018, the U.S. imposed sanctions against 38 Russian tycoons, government officials and companies, including Oleg Deripaska and companies he controlled - En+ Group, RUSAL, and power producer EuroSibEnergo. In January, Deripaska transferred control over the companies, and his representatives were removed from their board of directors, and the Treasury lifted the sanctions on January 27. As a result, Deripaska owns 44.95% of En+ Group and has the right to vote with a 35% stake, VTB holds 21.68% of the shares and has the right to vote with a 7.35% stake, Citi is a nominal owner of 10.55%, which trader Glencore received in exchange for 8.75% in RUSAL; Citi owns 4.54%, but the right to vote belongs to institutional and retail investors. They also own 4.88%, and can manage a 9.42% combined stake. The members of Deripaska’s family hold 6.75%, charity fund Volnoye Delo 3.22%, other minority shareholders 3.42%. Independent managers have the right to manage the stakes.
    [Show full text]
  • An Overview of Boards of Directors at Russia's Largest
    An Overview of Boards of Directors at Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: • “Classic” board compositions of 11, nine, and seven seats prevail • The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board • Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee • Among Directors, there are more “humanitarians” than “techies”, while the share of “techies” among chairs is greater than across the whole sample • The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors • Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the development of digital technologies continues • The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit • Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent • The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times • Twenty-four percent of companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture.
    [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]
  • Than 400000 Points-Of-Sale
    2009 PREPAID PROCESSING BUSINESS WITH FLEXIBLE MICRO TOP-UP For Mobile Communication Brand Stores Payment Terminal Networks Retail Chains Cash Desks Banks The largest electronic payment system More than 400,000 points-of-sale More than $6.5 billion 2008 financial turnover Contents Our directors say 1 About the company 2 Awards 3 Key figures 4 Glossary 6 Current trends in the financial markets 7 Technology 8 CyberPlat® business scheme 10 Operators list 11 International operators and operations 15 CyberPlat® – the global payment system 16 Payment for Public Utility Services 17 Cash Acceptance chains 18 Social mission of the CyberPlat® system 19 Be a Regional Representative for CyberPlat®! 20 Become a CyberPlat® Dealer in 5 minutes! 22 Why is it profitable for your business 23 How to accept payments in a shop 24 New service «Change to the phone» 26 Payment for the period of using software 28 CyberPlat® Offer to Banks 30 CyberPlat® supports various hardware 40 Terminals (cash-in self-service kiosks) 41 POS terminals 42 Preprocessing 43 CyberPlat® is failure free! 44 Open source code 45 Secure document workflow 46 CyberPlat® system strength and features 47 Contact Information 48 Our directors say | Page 1 Andrey Gribov, General Director of CyberPlat OJSC: Russia entered the 21st century, a century of the knowledge-based economy – and the CyberPlat® system emerged as a consequence of increased needs of modern people and businesses in the third millennium. A rapid growth in the number of new services and their availability for the growing population necessitate a development of new payment instruments. Banks first appeared as storages for big sums of money, so it’s not surprising that the banks have strong walls, armoured doors, and employ highly professional and therefore highly-paid personnel along with state-of-the-art technologies to keep the money safe.
    [Show full text]