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MOEX Sees 18.8% YoY Dip in Fee and Commission Income during Q2
Abstract:Compared to the previous quarter, the number was down by more than 24%. EBITDA in the second quarter climbed by 17%.

Moscow Exchange (MOEX) reported its financial results for the second quarter of 2022 today. During the mentioned period, the exchange witnessed a sharp decline of 18.8% in Fee and Commission income (F&C) as the number reached RUB 8,056 million.
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In the first quarter of 2022, MOEX reported an F&C income of more than RUB 10,647. The exchange saw major challenges during the recent quarter. F&C income related to the Bond Market suffered a substantial drop of over 63%.
“The total market capitalization of the Equities Market as of the end of the second quarter was RUB 40.89 trillion (USD 778.90 billion). Fee and commission income from the Equities Market fell by 61.1% on the back of a nearly identical decrease in trading volumes of 63.1%. A slight improvement in effective fee is explained by the ascending tariff structure as trading volumes decrease,” MOEX highlighted.
“Fees and commissions from the Bond Market decreased by 63.2% as trading volumes excluding overnight bonds shrank by 70.0% amid a backdrop of adverse interest rate environment. Effective fee dynamics was supported by migration of trading volumes to value-added, CCP-based trading modes,” the company added.
FX Market
According to the details shared by the Moscow Exchange, the platform witnessed a jump in F&C income related to the FX market. The number was up by more than 13%. However, FX trading volumes plunged by approximately 36%. Additionally, money market fee income decreased by 22.4%.
“Fee income from the FX Market was up 13.6% while trading volumes decreased by 35.8%. The discrepancy in fee and volume dynamics is largely explained by a shift in trading volumes mix towards the spot segment. Spot volumes declined 4.4% while swap volumes shrank by 47.1% amid a general economic trend of decreasing FX exposure. Derivatives Market fee income was down 49.1% as trading volumes declined by 57.8%,” Moscow Exchange mentioned in the announcement.

Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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