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.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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