WOOD Flash – Moscow Exchange: November volumes very strong, migration of volumes continuing
On 2 December, Moscow Exchange released its November trading update. We see the reported figures, especially in equities (+72% yoy), derivatives (+93% yoy) and corporate bonds placement (+279% yoy) segments as very strong. On top of this, we like the money market volumes (+19% yoy) and appreciate that the high-margin GCC and CCP repos had a very high share in the volumes (89% vs. 85% average for the last year). We see the 5% mom contraction of the high-yielding RUB balances as slightly negative. Overall, we are pleased with the reported volumes and see them as supportive for our BUY call on MOEX. We note that, during the 3Q20 conference call, management stated that the higher volumes reported in 3Q20 were caused by structural changes in the Russian market (a spike in retail activity, the launch of the evening session, the continuation of volumes migration from foreign listings to local listings). We believe these factors were the drivers behind the strong October volumes.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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