Moscow Exchange

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Coordinates: 55°45′19″N 37°36′22″E / 55.75528°N 37.60611°E / 55.75528; 37.60611

Moscow Exchange
Moscow Exhacnge main building.jpg
Type Stock exchange
Location Moscow, Russia
Founded 19 December 2011 (2011-12-19)
Owner MICEX Group, Russian Trading System
Key people Aleksandr Afanasyev (Chairman of the Board)
Currency Russian ruble
Indexes MICEX Index, RTS Index
Website moex.com/en/

Moscow Exchange (Russian: ОАО Московская Биржа; latinization: OAO Moskovskaya Birzha) is the largest exchange group in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals. The Moscow Exchange Group also operates Russia’s Central securities depository and the country’s largest clearing service provider.[1]

Moscow Exchange was officially established on 19 December 2011 by merging the two largest Moscow-based exchanges, the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System (RTS), hence the name "Moscow Exchange MICEX-RTS".[2] Both organisations had been formed in the 1990s and were the leading Russian exchanges for two decades with their MICEX Index and the RTS Index. The merger created a single entity that has become the Moscow stock market exchange for trading across asset classes [2] and advanced Russia's plans to turn Moscow into an international financial centre.[3] The united exchange's new brand identity was unveiled in July 2012.[2][4]

Initial Public Offering (IPO)[edit]

Moscow Exchange completed its IPO on February 15, 2013, raising 15 billion rubles (approximately $500 million).[5] The IPO, at the time the largest ever held exclusively in Moscow, was more than twice oversubscribed and drew demand from institutional investors globally. The Exchange’s shares were included in the MSCI Russia Index as of November 26, 2013.[6]

Management[edit]

The Executive Board consists of 5 members:

  • CEO Alexander Afanasiev (*1962),[7] Chairman of the MICEX FX Market Council in 2005-2012, co-chairs the National Foreign Exchange Association and National Securities Market Association
  • Deputy CEO as of October 2012 Andrey Shemetov (*July 18, 1974), former CEO of the brokerage firm Aton,[8]
  • Chief Information Officer (CIO) Sergei Poliakoff, a 20-year veteran of the securites industry who joined Moscow Exchange October 2012,[9]
  • Chief Financial Officer (CFO) Evgeny Fetisov (*1975),since February 2013 [1] and the
  • Chief Operating Officer Dmitry Shcheglov (*1975).

The Head of Risk & Clearing in September 2013 is Luis Vicente, former risk manager at Brazil’s BM&F Bovespa.[10]

The Supervisory Board consists of 19 members; for 2013-2014:

  • Chairman is Sergey Shvetsov, head of the Central Bank of Russia "Financial Markets Service", Russia’s main financial regulator.[11] The 17 members besides the Chairman and the CEO Alexander Afanasiev are
  • Sergey Lykov from Vnesheconombank,
  • Andrey Golikov, Director for Investments and Commerce at Strana Detei,
  • Nicola Jane Beattie, Director of Nbxc Ltd (trade name of Market Structure Partners,a UK based diamond drilling company)
  • Mikhail Bratanov, Head of Societe Generale Securities Services Russia, head of Depository Department of its subsidiary Rosbank,
  • Alexander Buzuev, an advisor for the Board of Management at UniCredit Bank,
  • Sean Glodek, Director of the Russian Direct Investment Fundformer Vice President of Lehman Brothers,
  • Martin Paul Graham, Chairman of the Board at Secondcap Limited, LSE (web based transactions for secondary private funds),
  • Yuriy Denisov, National Research University – Higher School of Economics, Institute for Statistical Studies and Economics of Knowledge,
  • Jacques Der Megreditchian, former CEO of Troika Bank from 2000-2011, former deputy manager of Societe Generale in Russia 1996- 2000, and former Chief Representative in Russia for Credit Commercial de France (CCF)1993 to 1996,[12]
  • Oleg Jelezko CEO of Capital management firm Da Vinci [13] Capital,
  • Bella Zlatkis, Deputy Chairman of the Management Board at Sberbank,former Deputy Finance Minister of Russia,
  • Nadezhda Ivanova (*1955), Director of the Consolidated Economic Department at the Central Bank of Russia,
  • Anatoly Karachinsky, Chairman of the Board at IBS Group (IT Services Provider in Central and Eastern Europe),
  • Qingyuan Li, Director-General, Office of Strategy and Development Committee at the China Securities Regulatory Commission, Advisory Board at Deutsche Bank,
  • Rainer Riess, former General Manager of Frankfurt Stock Exchange,
  • Kirill Shershun, First Deputy Chairman of the Executive Board at CentroCredit Bank Moscow, and
  • Andrey Yumatov, Member of the Management Board at Bank of Moscow.[14]

Shareholders[edit]

Moscow Exchange’s shares are publicly traded under the ticker MOEX. As of September 25, 2013 the largest shareholders of the Exchange were the Central Bank of Russia (22.47%), Sberbank (9.6%), Vneshekonbank (8%), EBRD (5.8%), UniCredit Bank (5.7%), MICEX-Finance (6.6%), VTB Bank (5.4%), Shengdong Investment Corporation (5.3%). [2]

Trading Markets[edit]

Securities market[edit]

As of October 1, 2013, 1845 securities of 709 issuers were listed on Moscow Exchange’s Securities Market, including stocks, bonds, Russian depositary receipts, OFZs, Eurobonds, mutual funds, mortgage certificates, foreign securities and ETFs. The full list of securities is at [3] Moscow Exchange ranks among the world’s top 20 exchanges by total capitalization of stocks traded,[15] including shares of many of Russia’s largest companies including Gazprom, Sberbank, Rosneft, Lukoil and VTB [4].

In October 2013 the Russian diamond miner Alrosa completed its IPO on Moscow Exchange, raising 41.3 billion rubles ($1.3 billion).[16] The transaction was part of Russia’s privatization program, that the government has decreed should be executed through Moscow Exchange.[17]

Foreign exchange market[edit]

Moscow Exchange’s oldest market, the foreign exchange market has operated since 1992. The electronic trading system offers transactions in a wide range of currencies including the U.S. dollar, euro, Chinese yuan, Ukrainian hryvnia, Kazakhstan tenge, Belarusian ruble, dual-currency basket and foreign exchange swaps. In 2012, total trading volume on the foreign exchange market was RUB 117 trillion [5].

Derivatives market[edit]

Moscow Exchange is one the 10 largest exchange platforms for derivatives trading globally.[18] The Derivatives Market facilitates trading of options contracts on, as well as futures contracts on indices, shares of both Russian and foreign companies, currency pairs, precious metals, energy and agricultural products.[19] Futures on the RTS Index ranked fifth among the world's most actively traded derivatives on stock market indices according to data from the Futures Industry Association as of October 9, 2013 . Futures contracts on the U.S. dollar-Russian ruble are ranked third in global liquidity, according to the Futures Industry Association.[20]

Commodities markets[edit]

Precious metals trading[edit]

Moscow Exchange introduced trading in gold and silver in 2013. It has postponed a launch of trade in platinum and palladium by end of October or early November 2014 in order to do additional testing of the trading and clearing system.[21]

Grain trading[edit]

National Commodity Exchange is Russia’s platform for spot grain trading, as well as in deliverable futures on agricultural products. Since 2002, National Commodity Exchange has been the platform by which the Russian state executes interventions in the grain market.[22]

Post-trade services, subsidiaries[edit]

Moscow Exchange subsidiary National Settlement Depository (NSD) was granted status as Russia’s Central Securities Depository in 2012. Subsequently Euroclear and Clearstream opened accounts with the NSD, allowing international investors access to Russia’s federal government bonds.[23] Another Moscow Exchange subsidiary, National Clearing Centre (NCC), is Russia’s largest clearing center and is the Central Counterparty (CCP) across all Moscow Exchange markets.

See also[edit]

References[edit]

  1. ^ "Moscow Exchange". Moscow Exchange. 
  2. ^ a b c "Micex and RTS merger creates Russian Exchange powerhouse". 2011-12-19. 
  3. ^ Russia’s Micex and RTS set to complete merger (subscription only) Financial Times.
  4. ^ "Russian Stock Exchange Gets New Name". RIA Novosti. July 3, 2012. 
  5. ^ "Themes of the week - Moscow Exchange". Kommersant. 2013-02-18. 
  6. ^ "LSR Group, Inter RAO, TMK Tumble on MSCI Deletion: Moscow Mover, Ksenia Galouchko". 8.11.2013. 
  7. ^ "Management- Moscow Exchange". Moscow Exchange. Retrieved 4 March 2014. 
  8. ^ "Change in Management". Finparty. 2012-10-26. 
  9. ^ "Sergei Poliakoff". ITAR-TASS. May 24, 2013. 
  10. ^ "Exchange has summoned Brazilian for help". RBC Daily. September 4, 2013. 
  11. ^ "Supervisory Board- Moscow Exchange". MoEx.com. Retrieved 4 March 2014. 
  12. ^ "Advisory Board- Spectrum Partners". Spectrum Partners. Retrieved 4 March 2014. 
  13. ^ "Oleg Jelezko Executive Profile". businessweek.com. Retrieved 7 March 2014. 
  14. ^ "supervisory board- Moscow Exchange". Moscow Exchange. Retrieved 4 March 2014. 
  15. ^ "World Exchanges Statistics". 
  16. ^ "Alroas Public Offering Raises $1.3 billion". October 28, 2013. 
  17. ^ "Putin backs privatization of stakes on Moscow Exchange". June 12, 2013. 
  18. ^ "World Federation of Exchanges - Monthly Reports". 
  19. ^ "Futures Market Instruments". 
  20. ^ "Futures Industry Magazine's Trading Volumes". 
  21. ^ "Moscow Exchange launches trading in precious metals". October 21, 2013. 
  22. ^ "National Commodity Exchange". 
  23. ^ "Project "South Stream" cannot be stopped, said the head of Gazprom Invest". Business-Tass. 3.12.2013. 

External links[edit]