MOEX Reports 15.1% Surge in Fee and Commission Income for Q1 2022

Moscow Exchange (MOEX) released its results for the first quarter of 2022 today. Amid strong trading volumes during the first two months of 2022, MOEX saw a jump of over 15% in Fee and Commission (F&C) income. The number touched RUB 10,647.8 million.

Net profit for the first quarter of this year climbed by 18.5% to RUB 8,099.4 million. EBITDA, on the other hand, increased by 17.8% to RUB 11,052.7 million. The exchange saw strong performance across different business segments.

The Fee and Commission income related to the FX market grew by 36.6% YoY in Q1 of 2022. Trading volumes across the FX market witnessed an increase of over 30% during the first quarter of 2022. “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%,” MOEX highlighted.

“The total market capitalization of the Equities Market as of the end of the first quarter was RUB 47.30 trillion (USD 578.63 billion). Fee and commission income from the Equities Market grew by 22.4% on the back of an increase in trading volumes of 29.9%,” the exchange added.

In 2021, Moscow Exchange announced a brand update to represent the evolutionary changes in the last 10 years.

Business Segments

During the latest quarter, Moscow Exchange took a major hit in its fee and commission income related to the Bond market. The number declined by more than 46% as trading volumes dipped by approximately 50%.

“Derivatives Market fee income was virtually flat, decreasing by 1.9%, while trading volumes declined by 11.9%. The discrepancy between fee income and volume 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,” the Moscow Exchange noted.