Moscow Exchange registers 36.6% increase in FX Market fee income in Q1 2022
Moscow Exchange (MOEX) today announced its financial results for the first quarter of 2022.
Fee and commission (F&C) income for the first three months of 2022 increased by 15.1% to RUB 10,647.8 million. The growth of F&C income was driven by robust trading volumes in January and February 2022. In Q2 2022, MOEX expects a meaningful decline in trading volumes that may persist in subsequent quarters.
EBITDA rose by 17.8% to RUB 11,052.7 million, whereas net profit grew by 18.5% to RUB 8,099.4 million.
The total market capitalization of the Equities Market as of the end of the first quarter was RUB 47.30 trillion. Fee and commission income from the Equities Market grew by 22.4% on the back of an increase in trading volumes of 29.9%.
Fees and commissions from the Bond Market decreased by 43.6% as trading volumes excluding overnight bonds shrank by 50.6%.
Money Market fee income advanced 15.7% to reach nearly RUB 2.8 billion. Trading volumes were up twofold. The discrepancy between volume and fee dynamics was mainly attributable to a decrease in average repo terms.
Fee income from the FX Market was up 36.6% following a 30.3% increase in trading volumes. The discrepancy in fee and volume dynamics is largely due to non-organic factors. Spot volumes added 19.2%, while swap volumes gained 35.6%.
Derivatives Market fee income was virtually flat, decreasing by 1.9%, while trading volumes declined by 11.9%. The discrepancy between fee income and volumes dynamics is the result of a shift in the structure of trading volumes. The effective fee was also supported by revenue from standardized OTC derivatives.
Sales of software and technical services added 16.7% YoY. Listing and other services declined 25.5% on the back of lower primary bond market activity. Financial marketplace services fees accounted for RUB 186.4 million.