Moscow Exchange (MOEX) has released its financial results for the second quarter of 2023, reporting RUB 1.6 billion in fees and commission income from the foreign exchange (forex) market. The figure jumped by 10 percent quarter-over-quarter and 39.8 percent year-over-year.
The income from the FX market was generated as the trading volume in the FX market reached RUB 66.7 billion, an increase of 9.5 percent and 19.4 percent quarterly and yearly, respectively. The spot volumes increased by 8.1 percent, and swap volumes improved by 26.8 percent.
The exchange highlighted that the “effective fee dynamics is explained by the new tariff structure that went live in Aug’22.”
A Profitable Quarter
Overall, the operating income of the Russian exchange for the three months came in at RUB 20.89 billion, 10 percent lower from the previous quarter but 5 percent higher from the previous year. While the fees and commission income of the Russian exchange jumped by 48.1 percent year-over-year to RUB 11.93 billion, the net interest income (NII) decreased by 23.8 percent to RUB 8.9 billion, with the core NII down by 23.4 percent.
The pre-tax profit of MOEX improved by 46.7 percent year-over-year to RUB 15.1 billion. However, it slipped by 15.3 percent from the previous quarter. The exchange ended the quarter netting RUB 12.1 billion.
The official announcement today (Wednesday) also highlighted that the cost-to-income ratio of the exchange improved by 0.9 percentage points to 28.3 percent.
MOEX is the largest financial markets exchange in Russia. Besides FX, it offers trading in equities, money markets, and derivatives markets. It further generates revenue from depository and settlement services and other additional services like IT, listing, marketplace, and more.
Fees and commissions income from the equities skyrocketed by 246.6 percent year-over-year to RUB 1.6 billion. Bond market income also increased by 191.8 percent, while the money market managed to jump 23.2 percent.
Moscow Exchange (MOEX) has released its financial results for the second quarter of 2023, reporting RUB 1.6 billion in fees and commission income from the foreign exchange (forex) market. The figure jumped by 10 percent quarter-over-quarter and 39.8 percent year-over-year.
The income from the FX market was generated as the trading volume in the FX market reached RUB 66.7 billion, an increase of 9.5 percent and 19.4 percent quarterly and yearly, respectively. The spot volumes increased by 8.1 percent, and swap volumes improved by 26.8 percent.
The exchange highlighted that the “effective fee dynamics is explained by the new tariff structure that went live in Aug’22.”
A Profitable Quarter
Overall, the operating income of the Russian exchange for the three months came in at RUB 20.89 billion, 10 percent lower from the previous quarter but 5 percent higher from the previous year. While the fees and commission income of the Russian exchange jumped by 48.1 percent year-over-year to RUB 11.93 billion, the net interest income (NII) decreased by 23.8 percent to RUB 8.9 billion, with the core NII down by 23.4 percent.
The pre-tax profit of MOEX improved by 46.7 percent year-over-year to RUB 15.1 billion. However, it slipped by 15.3 percent from the previous quarter. The exchange ended the quarter netting RUB 12.1 billion.
The official announcement today (Wednesday) also highlighted that the cost-to-income ratio of the exchange improved by 0.9 percentage points to 28.3 percent.
MOEX is the largest financial markets exchange in Russia. Besides FX, it offers trading in equities, money markets, and derivatives markets. It further generates revenue from depository and settlement services and other additional services like IT, listing, marketplace, and more.
Fees and commissions income from the equities skyrocketed by 246.6 percent year-over-year to RUB 1.6 billion. Bond market income also increased by 191.8 percent, while the money market managed to jump 23.2 percent.
