Moscow Exchange (MOEX) has released its financial results for the second quarter of 2023, reporting RUB 1.6 billion in fees and commission income from the foreign exchange (forex) market. The figure jumped 10 percent quarter-over-quarter and 39.8 percent year-over-year.

FX Demand on MOEX Increases

The income from the FX market was generated as the trading volume in the FX market reached RUB 66.7 billion, which is an increase of 9.5 percent and 19.4 percent quarterly and yearly, respectively. The spot volumes increased 8.1 percent, and swap volumes improved 26.8 percent.

The exchange highlighted that the “effective fee dynamics is explained by the new tariff structure that went live in Aug ’22.”

A Profitable Quarter

Overall, the operating income of the Russian exchange for the three months came in at RUB 20.89 billion, which is 10 percent lower than the previous quarter but 5 percent higher than the previous year. While the fees and commission income of the Russian exchange jumped 48.1 percent year-over-year to RUB 11.93 billion, the net interest income (NII) decreased 23.8 percent to RUB 8.9 billion, with the core NII down 23.4 percent.

The pre-tax profit of MOEX improved 46.7 percent year-over-year to RUB 15.1 billion. However, it slipped 15.3 percent from the previous quarter. The exchange ended the quarter netting RUB 12.1 billion.

The official announcement today (Wednesday) highlighted that the cost-to-income ratio of the exchange improved 0.9 percentage points to 28.3 percent.

MOEX is the largest financial markets exchange in Russia. Besides FX, it offers trading in equities, money markets, and derivatives markets. It further generates revenue from depository and settlement services and other additional services like IT, listing, marketplace, and more.

Fees and commissions income from the equities skyrocketed 246.6 percent year-over-year to RUB 1.6 billion. Bond market income also increased 191.8 percent, while the money market managed to jump 23.2 percent.

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