Moscow Exchange

Moskovskaya Birzha MMVB-RTS PAO. Moskovskaya Birzha MMVB-RTS PAO (MMVB-RTS OAO) is a Russia-based integrated stock exchange that provides electronic trade organization, clearing and settlements on trades, depository and information services. The Company provides trading and settlement services in such segments of the financial market as foreign exchange (FX) market, federal bonds market, market of derivative financial instruments, cash equities market, corporate and regional fixed income market, commodities market, as well as market for state and municipal orders. The Company was established as a result of the merger between MMVB ZAO and RTS OAO. It operates through six branches and three representative offices. As of February 27, 2013, the Company's major shareholder was the Central bank of the Russian Federation with a stake of 22.47%. In January 24, 2014, the Company sold its whole stake in MMVB-IT ZAO.
  • TickerMOEX
  • ISINRU000A0JR4A1
  • ExchangeMoscow Exchange MICEX-RTS
  • SectorFinancial Services
  • CountryRussia
Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yaroslav Lissovolik

CIS Market Daily - 14 сентября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - УТРЕННИЙ ФОН ПРЕИМУЩЕСТВЕННО КОНСТРУКТИВНЫЙ; В ЦЕНТРЕ ВНИМАНИЯ - СИТУАЦИЯ В БЕЛОРУССИИИндекс РТС в пятницу вырос на 0,5% до 1 223 пунктов. Для сравнения, MSCI EM упал на 0,6%. Утренние индикаторы в основном позитивны (за исключением цен на нефть). Сегодня в центре внимания будет ситуация в Белоруссии, где в выходные снова прошли уличные акции протеста. В понедельник ожидается встреча президентов Белоруссии и России. НОВОСТИ> Динамика фондов по данным EFPR: Китай по итогам недели привлек $3 млрд, с российского рынка выведено $48 млн> В российских регионах прошли выборы> ...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yaroslav Lissovolik

CIS Market Daily - September 14, 2020

MARKET COMMENT - MOSTLY CONSTRUCTIVE MORNING BACKDROP; EYES ON BELARUSThe RTS gained 0.5% on Friday to reach 1,223, outperforming the MSCI EM's 0.6% dip. Indicators except oil look positive this morning. Belarus is in focus today, following continued weekend protests and anticipation of the meeting between the Belarusian and Russian presidents today. STORIES> EFPR: China sees $3 bln weekly inflow, Russia $48 mln outflow> Russian economics: The ruble paradox of the pandemic> Budget shows improvement in August, but still in deficit> Russia holds local elections> Gazprom's Management Committee fo...

Andrew Keeley ...
  • Kirill Rogachev

Moscow Exchange - Some Interesting Developments, But Largely In the Price

There have been several interesting new business developments emerging in Moscow Exchange (MOEX) over the past couple of months, including the launches of the evening session for equities trading, US equities trading and the retail financial services marketplace. While the former has already had a positive impact on trading volumes, it is very early days for the latter two, and at this stage we model minimal incremental revenues from them. For now, it is a case of watch this space. More broadly, we think MOEX can maintain 10-11% annual fee income growth over the next couple of years, but 2021 ...

Andrew Keeley ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov

CIS Market Daily - 3 сентября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ПАДЕНИЕ ЦЕН НА НЕФТЬ И НЕБЛАГОПРИЯТНЫЙ НОВОСТНОЙ ФОН ОКАЗАЛИ ДАВЛЕНИЕ НА РОССИЙСКИЙ РЫНОКИндекс РТС вчера снизился на 3,1% до 1 235 пунктов, тогда как MSCI ACWI повысился на 0,9%. Утренние индикаторы движутся разнонаправленно в отсутствие явных катализаторов. Инвесторы, вероятно, будут ждать реакции западных стÑ...

Andrew Keeley ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov

CIS Market Daily - September 3, 2020

MARKET COMMENT - RETREATING OIL AND POLITICAL NEWS SAW RUSSIA UNDERPERFORMThe RTS fell 3.1% to mark 1,235, versus a 0.9% gain on the MSCI ACWI. Background global market indicators are mixed this morning, with no definitive global narrative. Investors will likely be looking for responses from Western governments to yesterday's news regarding Alexei Navalny, as well as any developments in Belarus. STORIES> German officials cite "Novichok" in the illness of Alexei Navalny> Consumer spending growth slows slightly in week to August 30> Russian inflation likely 3.5% y-o-y in August> Moscow Exchange ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • ...

Andrew Keeley ...
  • Kirill Rogachev

Moscow Exchange - Some Interesting Developments, But Largely In the Price

There have been several interesting new business developments emerging in Moscow Exchange (MOEX) over the past couple of months, including the launches of the evening session for equities trading, US equities trading and the retail financial services marketplace. While the former has already had a positive impact on trading volumes, it is very early days for the latter two, and at this stage we model minimal incremental revenues from them. For now, it is a case of watch this space. More broadly, we think MOEX can maintain 10-11% annual fee income growth over the next couple of years, but 2021 ...

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 still weak, down 9.6% in August

EME Equity Market – August 2020 Market performance – most indices end August in the black, but the ISE30 Index decline continues, down 9.6%. In August, the MSCI EM Europe Index declined by 1.2% in EUR terms, but stayed mostly flat (+0.1%) in local currency terms. Romania’s BET Index performed the best, up 7.2%; followed by the Greek ASE Index (+2.7%); the Czech Republic’s PX Index (+2.4%); Poland’s WIG20 Index (+2.3%); and the MOEX Index (+0.5%). The Hungarian BUX Index declined by 2.6%, followed by the ISE30 Index, the poor performance of which reflects the current weakness of Turki...

Raiffeisen Centrobank Equity Daily 24.08.2020

 FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group;  AT: voestalpine - Restart of small BF at Linz plant in early September (neutral)  CH: Aluflexpack - 1H results live up to RCBe, FY 20 guidance of sales of EUR 220-230 mn and adj. EBITDA of EUR 32-35 mn confirmed (neutral)  PL: Lotos - Lotos wants to invest into maritime fuel and offshore wind power generation (neutral)  PL: PGNiG...

Evgeniy Kipnis

Moscow Exchange MICEX-RTS PJSC: Q2 20 IFRS results — Neutral-to-positive

MOEX reported its 2Q20 IFRS financials. Net income came in at RUB6.8bn, 16% higher y/y, beating the company-compiled consensus by 6%, but was 3% below our expectation. The consensus beat was driven partly by the one-off release of provision (which was above consensus). F&C income came roughly in line with our estimate and 4% above consensus, and that was partly offset by opex being 2% above our and consensus estimate. EBITDA broadly matched our estimate and came 1% above consensus. Overall, ...

Sergey Garamita

Moscow Exchange 2Q 20 - Strong results, provision reversed, Marketplace coming

Moscow Exchange has reported 2Q 20 results which were strong beyond expectations compared to both our and consensus estimates on fees and EBITDA adj., positive for FCF and dividends. The company has also raised its 2020 opex growth guidance to 7-8.5% from 6-8.5% yoy on tha back of the expected launch of the Marketplace project in September.

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yaroslav Lissovolik

CIS Market Daily - 14 сентября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - УТРЕННИЙ ФОН ПРЕИМУЩЕСТВЕННО КОНСТРУКТИВНЫЙ; В ЦЕНТРЕ ВНИМАНИЯ - СИТУАЦИЯ В БЕЛОРУССИИИндекс РТС в пятницу вырос на 0,5% до 1 223 пунктов. Для сравнения, MSCI EM упал на 0,6%. Утренние индикаторы в основном позитивны (за исключением цен на нефть). Сегодня в центре внимания будет ситуация в Белоруссии, где в выходные снова прошли уличные акции протеста. В понедельник ожидается встреча президентов Белоруссии и России. НОВОСТИ> Динамика фондов по данным EFPR: Китай по итогам недели привлек $3 млрд, с российского рынка выведено $48 млн> В российских регионах прошли выборы> ...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yaroslav Lissovolik

CIS Market Daily - September 14, 2020

MARKET COMMENT - MOSTLY CONSTRUCTIVE MORNING BACKDROP; EYES ON BELARUSThe RTS gained 0.5% on Friday to reach 1,223, outperforming the MSCI EM's 0.6% dip. Indicators except oil look positive this morning. Belarus is in focus today, following continued weekend protests and anticipation of the meeting between the Belarusian and Russian presidents today. STORIES> EFPR: China sees $3 bln weekly inflow, Russia $48 mln outflow> Russian economics: The ruble paradox of the pandemic> Budget shows improvement in August, but still in deficit> Russia holds local elections> Gazprom's Management Committee fo...

Andrew Keeley ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov

CIS Market Daily - 3 сентября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ПАДЕНИЕ ЦЕН НА НЕФТЬ И НЕБЛАГОПРИЯТНЫЙ НОВОСТНОЙ ФОН ОКАЗАЛИ ДАВЛЕНИЕ НА РОССИЙСКИЙ РЫНОКИндекс РТС вчера снизился на 3,1% до 1 235 пунктов, тогда как MSCI ACWI повысился на 0,9%. Утренние индикаторы движутся разнонаправленно в отсутствие явных катализаторов. Инвесторы, вероятно, будут ждать реакции западных стÑ...

Andrew Keeley ...
  • Andrey Kuznetsov
  • Andrey Krylov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov

CIS Market Daily - September 3, 2020

MARKET COMMENT - RETREATING OIL AND POLITICAL NEWS SAW RUSSIA UNDERPERFORMThe RTS fell 3.1% to mark 1,235, versus a 0.9% gain on the MSCI ACWI. Background global market indicators are mixed this morning, with no definitive global narrative. Investors will likely be looking for responses from Western governments to yesterday's news regarding Alexei Navalny, as well as any developments in Belarus. STORIES> German officials cite "Novichok" in the illness of Alexei Navalny> Consumer spending growth slows slightly in week to August 30> Russian inflation likely 3.5% y-o-y in August> Moscow Exchange ...

Research Team

WOOD Daily: MOH GA; SAR GA; TENERGY GA; EU Refining and Petrochemicals; PL Utilities; GPW PW; MOEX RX

HEADLINES: • Motor Oil Hellas: 2Q results - above expectations • Sarantis: 1H20 results - strong profitability on opex savings initiatives • Terna Energy: solid 2Q20 numbers, backed by increased MW capacity • European refining and petrochemicals margins monthly: August 2020 NEGATIVE • Polish utilities: Minister Sasin comments on state aid for miners • Warsaw Stock Exchange: August trading volumes - normalisation of equities volumes NEGATIVE • Moscow Exchange: August trading update - mixed bag of figures NEUTRAL • Short News (KAP LI)

With a more favourable environment, MOSCOW EXCHANGE OJSC improves to Positive

MOSCOW EXCHANGE OJSC (RU), a company active in the Speciality Finance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date June 23, 2020, the closing price was RUB 115.40 and its potential was estimated at RUB 131.04.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch