Moscow Exchange 1Q 20 - All great except IFRS 9 non-cash one-off
Moscow Exchange has reported 1Q 20 results which were expectedly stronger yoy for fees on the back of higher trading volumes and higher share of more value-added segments (Securities, FX), which in turn propped up EBITDA, NI. Moreover, EBITDA came in even above our expectations due to an extra effect from lower than expected opex, which we treat as positive. Moreover, the company now guides for lower opex growth 6-8.5% yoy vs 6.5-9.5% previously for this year. Although NI came in below consensus, it was mainly due to a one-off non-cash IFRS 9-driven expected credit loss (ECL) provision.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.
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