This document contains a presentation by Alexander Afanasiev, CEO of Moscow Exchange, covering:
- The successful merger of MICEX and RTS stock exchanges and the vertically integrated exchange platform it created.
- Moscow Exchange's diversified product offerings and positioning as a top-20 global exchange.
- Growth trends across equities, fixed income, currency and derivatives markets served by Moscow Exchange.
- Resilience of Moscow Exchange's operating income to economic cycles due to diversification.
- Details of Moscow Exchange's successful IPO in February 2013 and shareholder base.
Speech by Olli Rehn at the Euro Conference LatviaLatvijas Banka
Presentation by Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Olli Rehn at the Euro Conference Latvia.
Riga, September 12, 2013.
This document summarizes derivatives market activity in 2016 based on data from 47 exchanges. Key highlights include:
- Total derivatives volumes increased 2.2% to 24.9 billion contracts traded globally.
- Growth was driven by the Americas (up 6.7%) and EMEA (up 7.8%) while Asia-Pacific declined 5.5%.
- Increases were seen across most product lines except equity derivatives (down 11%) and other derivatives (down 1.1%). Commodity derivatives saw the largest growth at 27.5%.
Keynote speech by Mario Draghi, President of the ECBLatvijas Banka
The president of the European Central Bank gave a keynote speech in Riga, Latvia encouraging Latvia to join the eurozone. He highlighted three lessons learned since the euro's introduction: 1) the euro has proven to be a stable currency, 2) countries need sustainable economic convergence both before and after adopting the euro, and 3) completing the institutions of the Economic and Monetary Union is important. He expressed confidence that Latvia is ready to join the eurozone given its efforts to overcome difficulties since 2008 and maintain economic stability.
У ІІ кварталі тривали тенденції зростання прибутку банківського сектору та інтенсивного кредитування населення. Знижується рівень доларизації та покращилася якість кредитного портфеля, зберігся приплив депозитів населення та бізнесу.
Interest in the Russian FX and FX derivatives markets has been growing recently. This was particularly clear at TradeTech FX in London, the largest annual conference dedicated to FX trading.
Welcome to observe Moscow Exchange Product Guide about Currency Derivatives.
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Recent trends in the global ecenomy and the near term outlookLatvijas Banka
Pasaules ekonomikas un lielāko pasaules valstu ekonomiku attīstības prognozes, balstoties uz jaunāko Starptautiskā Valūtas fonda veikto analīzi. Prezentācijā apskatīti aktuālie ekonomikas jautājumi un nozīmīgākie attīstību kavējošie riski.
Speech by Olli Rehn at the Euro Conference LatviaLatvijas Banka
Presentation by Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Olli Rehn at the Euro Conference Latvia.
Riga, September 12, 2013.
This document summarizes derivatives market activity in 2016 based on data from 47 exchanges. Key highlights include:
- Total derivatives volumes increased 2.2% to 24.9 billion contracts traded globally.
- Growth was driven by the Americas (up 6.7%) and EMEA (up 7.8%) while Asia-Pacific declined 5.5%.
- Increases were seen across most product lines except equity derivatives (down 11%) and other derivatives (down 1.1%). Commodity derivatives saw the largest growth at 27.5%.
Keynote speech by Mario Draghi, President of the ECBLatvijas Banka
The president of the European Central Bank gave a keynote speech in Riga, Latvia encouraging Latvia to join the eurozone. He highlighted three lessons learned since the euro's introduction: 1) the euro has proven to be a stable currency, 2) countries need sustainable economic convergence both before and after adopting the euro, and 3) completing the institutions of the Economic and Monetary Union is important. He expressed confidence that Latvia is ready to join the eurozone given its efforts to overcome difficulties since 2008 and maintain economic stability.
У ІІ кварталі тривали тенденції зростання прибутку банківського сектору та інтенсивного кредитування населення. Знижується рівень доларизації та покращилася якість кредитного портфеля, зберігся приплив депозитів населення та бізнесу.
Interest in the Russian FX and FX derivatives markets has been growing recently. This was particularly clear at TradeTech FX in London, the largest annual conference dedicated to FX trading.
Welcome to observe Moscow Exchange Product Guide about Currency Derivatives.
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Recent trends in the global ecenomy and the near term outlookLatvijas Banka
Pasaules ekonomikas un lielāko pasaules valstu ekonomiku attīstības prognozes, balstoties uz jaunāko Starptautiskā Valūtas fonda veikto analīzi. Prezentācijā apskatīti aktuālie ekonomikas jautājumi un nozīmīgākie attīstību kavējošie riski.
"The rise is because of the European crisis, as the perception of the investor community that gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading brokerage firm SMC Capital.
The retail price of gold in India breached Rs. 19,000 per 10 gm for the first time due to surging global spot and futures markets. Analysts attributed the rise to investors seeking safe havens amid the ongoing European financial crisis. Global demand for gold from India and China is also expected to remain strong, driven by jewelry demand. The price surge followed warnings from the European Central Bank that euro zone banks faced large potential losses due to the global financial crisis.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
Our fundamental and technical analysis indicate higher silver levels are coming.. possibly outperforming gold 3-1.
*Short-term and long-term price projections for Silver
*Supply / Demand charts and historical demand
*How Silver can protect your assets from Hyperinflation
*How to protect yourself against economic uncertainty
*Price projections
Global gold demand in 2020 was led by investment demand at 47% rather than jewelry demand, which accounted for 36.83% of global gold demand. The jewelry industry consumed around 1,400.8 metric tons of gold in 2020. Investment was the largest sector due to monetary expansion weakening currencies and raising gold prices. Speculators in futures markets like COMEX most influence gold prices by followingManaged Money trader positions. The global gold jewelry market is projected to reach $2.9 billion by 2027, with the US market at $589.3 million and China's market growing at 6.9% annually.
The document discusses gold's performance in Q1 2013 and analyzes the recent pullback in gold prices. It makes the following key points:
- Gold prices fell 3.6% in Q1 amid gains in other assets, and dropped another 10% in mid-April. However, gold's volatility declined.
- Analysts have questioned if this signals the end of gold's bull run, but structural changes over the past decade have supported long-term price increases despite past corrections.
- Gold prices have previously fallen more than 10% seven times and over 20% three times since 2001 during its bull run, with prices rebounding after each correction. Emerging market demand has increased during past pullbacks
Lekcija "Pasaules tautsaimniecības attīstības tendences un tuvākās nākotnes p...Latvijas Banka
This document summarizes recent global economic trends and the near-term outlook according to reports from the IMF and other sources. It notes that global growth in the first half of 2014 was weaker than expected, while emerging market growth is slowing. The US recovery is gaining momentum due to shale energy production. The eurozone recovery remains fragile with differences in bank lending conditions. It provides projections for major economies and reviews financial stability risks, recommending both continued support for demand and supply-side reforms.
New EU toolbox for economic policy and crisis managementLatvijas Banka
The document summarizes the economic crisis in Europe since 2008 and the policy response at the EU level. It discusses the creation of financial assistance tools like the EFSF and ESM. It also outlines the new EU economic governance framework established between 2010-2013, including the European Semester process, fiscal rules and budgetary monitoring, banking union, and integrated oversight of national economic policies. While progress has been made, the economic situation in the EU remains fragile and fully implementing structural reforms at the national level is critical to restoring growth and stability.
Address by Prime Minister Valdis Dombrovskis at the Euro Conference – LatviaLatvijas Banka
The document is a speech by Prime Minister Valdis Dombrovskis at the Euro Conference - Latvia. It discusses Latvia joining the eurozone on January 1, 2014, making it the first country to adopt the euro after overcoming a financial crisis. The Prime Minister notes Latvia has fulfilled requirements and demonstrated its ability to deal with economic problems facing other eurozone countries. He argues that closer economic integration, such as adopting the euro, is important for small countries like Latvia to remain competitive globally. However, adopting the euro alone will not guarantee success - Latvia must also continue reforms to increase competitiveness, such as boosting exports and reducing inequality. The Prime Minister expresses hope that adopting the euro will serve as a springboard for higher
Lekcija: Eirozonas ekonomika un monetārā politikaLatvijas Banka
Prezentācija (angļu valodā) izmantota lekcijā Latvijas Universitātē 2017. gada 3. aprīlī.
Prezentācijā apskatītas šādas tēmas:
• Eirozonas ekonomikas aktualitātes.
• Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
• Cenu stabilitāte un inflācija.
• Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
• Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Why Latvia succeeded and Southern Europe failedLatvijas Banka
Presentation by Dr. Anders Åslund, Senior Fellow, Peterson Institute for International Economics (USA) at Bank of Latvia conference ""Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?
Riga, November 2, 2012.
Presentation of Igor Burakovsky at NATO Parliamentary Assembly 95th Rose-Roth Seminar In Cooperation with the Verkhovna Rada of Ukraine Towards a Secure and Stable Ukraine and Black Sea Region.
Session “Supporting Growth in the Black Sea Region”
Kyiv, Ukraine, 3-5 July 2017
This document provides an overview and analysis of copper mining companies by Resource Capital Research. It includes commentary on the copper price outlook, performance of copper equities, and featured company summaries. 10 Australian copper exploration, development and production companies are reviewed, with details on their share price, market capitalization, cash/debt positions, and project status. The copper price is at a 27-month high and demand is expected to remain strong due to growth in China and a tight supply outlook. [END SUMMARY]
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Trade in National Currencies: Challenges and OpportunitiesSalikhov Marcel
Salikhov Marsel (m_salihov@fief.ru), Institute for Energy and Finance (Moscow, Russia)
19 October, 2018
Center for Iranian Studies in Ankara (IRAM Center)
A new pricing revolution underway in iron oreTim Hard
Iron ore pricing has been through the death of 'annual benchmarks', a shift to quarterly pricing, then indexed linked. More tonnes are now priced off of derivatives, rather than bilateral trade now.
A new, more subtle 'technical' revolution is underway today, in the the interplay between floating price transactions and the ever-growing derivatives market.
EKONOMI INTERNASIONAL_ Pertemuan 12_Foreign Exchange & Exchange Rate System.pdfMHattaDosenStiepan
The document discusses foreign exchange markets and exchange rate systems. It provides data on Indonesia's quarterly balance of trade and primary income from 2015 to 2019. It also lists Indonesia's top investment partners from 2015 to 2019. Tables show currency distribution in global foreign exchange markets from 2004 to 2019, with the US dollar, euro, and Japanese yen comprising the largest shares. Daily foreign exchange turnover averaged $6.6 trillion in 2019. The document outlines the history of monetary systems from barter to the modern foreign exchange market.
The document discusses various topics related to exchanges and global competition, including:
1) Equity markets have seen declining market share for major exchanges like NYSE Euronext and Nasdaq OMX due to increased competition from alternative trading venues and other competitors.
2) Derivative markets have also seen increased competition, with some exchanges seeing declines in matched market share for listed securities. Meanwhile, trading of some derivative products like commodity derivatives has increased.
3) Bonds, ETFs, and securitized derivatives have also seen growth in trading on exchanges in recent years.
"The rise is because of the European crisis, as the perception of the investor community that gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
"The rise is because of the European crisis, as the perception of the investor community that gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading brokerage firm SMC Capital.
The retail price of gold in India breached Rs. 19,000 per 10 gm for the first time due to surging global spot and futures markets. Analysts attributed the rise to investors seeking safe havens amid the ongoing European financial crisis. Global demand for gold from India and China is also expected to remain strong, driven by jewelry demand. The price surge followed warnings from the European Central Bank that euro zone banks faced large potential losses due to the global financial crisis.
"The rise is because of the European crisis, as the perception of the investor community that
gold is a safe bet," said Jagannadham Thunuguntla, the equities head for leading
brokerage firm SMC Capital.
Our fundamental and technical analysis indicate higher silver levels are coming.. possibly outperforming gold 3-1.
*Short-term and long-term price projections for Silver
*Supply / Demand charts and historical demand
*How Silver can protect your assets from Hyperinflation
*How to protect yourself against economic uncertainty
*Price projections
Global gold demand in 2020 was led by investment demand at 47% rather than jewelry demand, which accounted for 36.83% of global gold demand. The jewelry industry consumed around 1,400.8 metric tons of gold in 2020. Investment was the largest sector due to monetary expansion weakening currencies and raising gold prices. Speculators in futures markets like COMEX most influence gold prices by followingManaged Money trader positions. The global gold jewelry market is projected to reach $2.9 billion by 2027, with the US market at $589.3 million and China's market growing at 6.9% annually.
The document discusses gold's performance in Q1 2013 and analyzes the recent pullback in gold prices. It makes the following key points:
- Gold prices fell 3.6% in Q1 amid gains in other assets, and dropped another 10% in mid-April. However, gold's volatility declined.
- Analysts have questioned if this signals the end of gold's bull run, but structural changes over the past decade have supported long-term price increases despite past corrections.
- Gold prices have previously fallen more than 10% seven times and over 20% three times since 2001 during its bull run, with prices rebounding after each correction. Emerging market demand has increased during past pullbacks
Lekcija "Pasaules tautsaimniecības attīstības tendences un tuvākās nākotnes p...Latvijas Banka
This document summarizes recent global economic trends and the near-term outlook according to reports from the IMF and other sources. It notes that global growth in the first half of 2014 was weaker than expected, while emerging market growth is slowing. The US recovery is gaining momentum due to shale energy production. The eurozone recovery remains fragile with differences in bank lending conditions. It provides projections for major economies and reviews financial stability risks, recommending both continued support for demand and supply-side reforms.
New EU toolbox for economic policy and crisis managementLatvijas Banka
The document summarizes the economic crisis in Europe since 2008 and the policy response at the EU level. It discusses the creation of financial assistance tools like the EFSF and ESM. It also outlines the new EU economic governance framework established between 2010-2013, including the European Semester process, fiscal rules and budgetary monitoring, banking union, and integrated oversight of national economic policies. While progress has been made, the economic situation in the EU remains fragile and fully implementing structural reforms at the national level is critical to restoring growth and stability.
Address by Prime Minister Valdis Dombrovskis at the Euro Conference – LatviaLatvijas Banka
The document is a speech by Prime Minister Valdis Dombrovskis at the Euro Conference - Latvia. It discusses Latvia joining the eurozone on January 1, 2014, making it the first country to adopt the euro after overcoming a financial crisis. The Prime Minister notes Latvia has fulfilled requirements and demonstrated its ability to deal with economic problems facing other eurozone countries. He argues that closer economic integration, such as adopting the euro, is important for small countries like Latvia to remain competitive globally. However, adopting the euro alone will not guarantee success - Latvia must also continue reforms to increase competitiveness, such as boosting exports and reducing inequality. The Prime Minister expresses hope that adopting the euro will serve as a springboard for higher
Lekcija: Eirozonas ekonomika un monetārā politikaLatvijas Banka
Prezentācija (angļu valodā) izmantota lekcijā Latvijas Universitātē 2017. gada 3. aprīlī.
Prezentācijā apskatītas šādas tēmas:
• Eirozonas ekonomikas aktualitātes.
• Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
• Cenu stabilitāte un inflācija.
• Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
• Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Why Latvia succeeded and Southern Europe failedLatvijas Banka
Presentation by Dr. Anders Åslund, Senior Fellow, Peterson Institute for International Economics (USA) at Bank of Latvia conference ""Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?
Riga, November 2, 2012.
Presentation of Igor Burakovsky at NATO Parliamentary Assembly 95th Rose-Roth Seminar In Cooperation with the Verkhovna Rada of Ukraine Towards a Secure and Stable Ukraine and Black Sea Region.
Session “Supporting Growth in the Black Sea Region”
Kyiv, Ukraine, 3-5 July 2017
This document provides an overview and analysis of copper mining companies by Resource Capital Research. It includes commentary on the copper price outlook, performance of copper equities, and featured company summaries. 10 Australian copper exploration, development and production companies are reviewed, with details on their share price, market capitalization, cash/debt positions, and project status. The copper price is at a 27-month high and demand is expected to remain strong due to growth in China and a tight supply outlook. [END SUMMARY]
Lekcija: Eirozonas ekonomika un monetārā politika (ENG)Latvijas Banka
Prezentācijā apskatītas šādas tēmas:
Eirozonas ekonomikas aktualitātes.
Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
Cenu stabilitāte un inflācija.
Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
Trade in National Currencies: Challenges and OpportunitiesSalikhov Marcel
Salikhov Marsel (m_salihov@fief.ru), Institute for Energy and Finance (Moscow, Russia)
19 October, 2018
Center for Iranian Studies in Ankara (IRAM Center)
A new pricing revolution underway in iron oreTim Hard
Iron ore pricing has been through the death of 'annual benchmarks', a shift to quarterly pricing, then indexed linked. More tonnes are now priced off of derivatives, rather than bilateral trade now.
A new, more subtle 'technical' revolution is underway today, in the the interplay between floating price transactions and the ever-growing derivatives market.
EKONOMI INTERNASIONAL_ Pertemuan 12_Foreign Exchange & Exchange Rate System.pdfMHattaDosenStiepan
The document discusses foreign exchange markets and exchange rate systems. It provides data on Indonesia's quarterly balance of trade and primary income from 2015 to 2019. It also lists Indonesia's top investment partners from 2015 to 2019. Tables show currency distribution in global foreign exchange markets from 2004 to 2019, with the US dollar, euro, and Japanese yen comprising the largest shares. Daily foreign exchange turnover averaged $6.6 trillion in 2019. The document outlines the history of monetary systems from barter to the modern foreign exchange market.
The document discusses various topics related to exchanges and global competition, including:
1) Equity markets have seen declining market share for major exchanges like NYSE Euronext and Nasdaq OMX due to increased competition from alternative trading venues and other competitors.
2) Derivative markets have also seen increased competition, with some exchanges seeing declines in matched market share for listed securities. Meanwhile, trading of some derivative products like commodity derivatives has increased.
3) Bonds, ETFs, and securitized derivatives have also seen growth in trading on exchanges in recent years.
London is a leading international stock exchange that offers unique benefits to companies seeking a public listing. It has a global investor community and is the most international equity market in the world. Over 60 companies listed on the London exchange operate in over 115 countries. The exchange also connects investors around the world, including large institutional investors from Asia, Europe, the Americas, Africa and the Middle East. In the first quarter of 2014, London accounted for a fifth of the nearly $42 billion raised globally through initial public offerings.
The document provides information about launching a direct selling company in Russia. It summarizes key details about the Russian market, including that direct sales is growing strongly at 26% annually and the beauty segment is growing faster than in Europe. It outlines a multi-phase launch strategy, including online pre-registration of partners, reduced starter kits, and meetings to support the Russian launch.
The Forex or Foreign Exchange market refers to the trading of global currencies. It is the largest financial market in the world, with over $5 trillion traded daily. The United States dollar, euro, Japanese yen and British pound are the most heavily traded currencies. London controls the largest share of Forex trading volume at 31.3%. Factors like interest rates, economic growth, geopolitics, and trade/capital flows influence currency values in this decentralized global market.
Shifts in the Japanese Economy and the Potential Impact on EU Japan Investmen...Asia Matters
This document discusses shifts in the Japanese economy and their potential impact on EU-Japan investment from the perspective of the financial sector. It notes that the size of Japanese financial markets provides opportunities for cross-border investment. While financial regulations have improved, further constructive dialogue is needed. Data shows an increase in cross-border capital flows between Japan and other regions like Europe. Loose monetary policy and public financing needs may drive more foreign investment and collaboration.
A speech presented at the Global Edge Russian Summit informing property developers and agents on the specific situations on the Russian overseas property market.
The document summarizes the Russian overseas property market. It discusses the countries that are most popular for Russian buyers, including Bulgaria, Spain, Turkey, Montenegro, and Italy. It also examines the profile of typical Russian buyers, who are generally part of the growing middle class looking for safe investments and properties to enjoy or rent out. Developers and agents are advised to focus on establishing trust with Russian clients and gaining an understanding of their needs and preferences in order to successfully market and sell properties.
The SGMT trading system had a gross return of -1.54% in June 2016. June was a tumultuous month due to the Brexit vote, with markets highly underestimating the chance of a leave vote. On June 23rd, the UK voted to leave the EU, contrary to market expectations. This caused sharp reactions across markets. SGMT avoided further losses by exiting positions a day before the Brexit vote to control for potential downside risks from the political event.
- WHV is an asset management firm with $14.3 billion assets under management and 71 employees as of March 31, 2013.
- Developed international equities posted strong returns in the first quarter of 2013, though these returns were reduced for US investors due to a stronger dollar. US equities outperformed, with smaller market caps performing particularly well.
- WHV believes emerging markets equities present an attractive investment opportunity given their faster expected GDP growth, cheaper valuations, and exposure to expanding global consumers classes. WHV aims to provide broad emerging markets exposure through a diversified portfolio.
This document discusses Islamic banking and its role in international financial markets. It provides an overview of Islamic banking in Malaysia, where about 10% of banking transactions are Islamic-based. Globally, Islamic banking assets total around $260 billion, though they account for only 1% of the global banking system. The document also discusses the evolution of international financial markets and their increasing sophistication, concentration, and integration. It notes that Islamic markets have emerged to fill market needs, and that for Islamic finance to grow, it needs to create transparent, fair, and stable markets that satisfy customer needs.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The SGMT trading system generated a gross return of 5.83% in July 2016, with the strongest returns coming from the Japanese Yen and Australian Dollar. Overall market movements were volatile in July as markets assessed risks from Brexit and anticipated monetary policy actions from central banks. SGMT's risk management approach helped reduce volatility and generated modest excess returns compared to maintaining a full model exposure.
The document discusses characteristics of money markets and their key components. Money markets provide short-term borrowing and lending of money or near-money instruments with maturities of less than one year. They involve commercial banks, central banks, corporations, and other financial institutions. Major money markets include domestic markets in local currencies, foreign markets in currencies like Eurodollars, and Islamic money markets following sharia principles. Current trends show declining LIBOR and other rates due to the global financial crisis.
The document discusses emerging markets and compares the top 10 fastest growing emerging markets in 2005 and 2014. It finds that while the largest emerging markets by GDP have remained mostly the same, the composition of the fastest growing markets has changed significantly. In 2005, the top 3 fastest growing markets were China, Kuwait, and Kazakhstan, but in 2014 they were India, China, and Nigeria. The reasons for countries dropping or rising in growth rankings varied, such as economic diversification helping countries like Bangladesh and Nigeria accelerate, while dependence on oil hurt growth for Kuwait, Qatar and Saudi Arabia.
Vietnam's economy and stock market showed signs of turning around in the first half of 2015. GDP growth was around 6.2% year-over-year, inflation was under control, and the real estate market saw increasing sales and prices with diminishing inventory. The stock market lagged regional peers but average trading turnover surpassed $100 million per session, suggesting increased interest. Macroeconomic forecasts for full-year 2015 point to continued GDP growth between 6.2-6.5%, inflation of 2-3%, and foreign direct investment inflows of $11-12 billion.
- Kuzbasskaya Toplivnaya Company OJSC (KTK) is a major Russian thermal coal producer and supplier. In 2013, KTK produced 10.15 million tonnes of coal.
- KTK reported revenue of $715 million in 2013, a 4% decrease from 2012. EBITDA declined 31% to $77 million and net income decreased 65% to $20 million.
- Production cash costs per tonne declined 12% to $19 in 2013. Domestic sales performed strongly while export sales declined as a percentage of total revenue and gross profit.
This document provides an economic highlights presentation for the 2nd quarter of 2013 from the Ministry of Finance of Israel. It includes indicators such as GDP growth, exports, unemployment, fiscal stance, and more. Key points are that Israel's GDP growth has exceeded average growth of advanced economies since 2004. Exports have remained around 30-35% of GDP. Unemployment has been decreasing since mid-2009 while labor participation has increased.
Discover innovative uses of Revit in urban planning and design, enhancing city landscapes with advanced architectural solutions. Understand how architectural firms are using Revit to transform how processes and outcomes within urban planning and design fields look. They are supplementing work and putting in value through speed and imagination that the architects and planners are placing into composing progressive urban areas that are not only colorful but also pragmatic.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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2. CPI, RUB/USD, MosPrime3M
9.0%
11.9% 13.3%
8.8% 8.8%
6.1% 6.6%
27.1 25.6 24.9
31.8 30.4 29.4 31.1
2006 2007 2008 2009 2010 2011 2012
CPI RUB/USD (avr.)
5.1% 5.9% 9.8% 13.7%
4.3% 5.0% 7.1%
MosPrime3M (avr.)
Large and fast-growing economy with significant capital
market growth potential
Source: Nominal GDP, Real GDP growth, Sovereign debt as % of GDP – IMF; Budget balance – Economist Intelligence Unit; CPI - Russian State Statistics
Agency, RUB/USD – Central Bank of Russia, MosPrime3M – National Foreign Exchange Association; Equity market capitalisation to GDP – WFE, IMF
1 Total gross debt (both local and foreign currency) owed by government to domestic residents, foreign nationals and multilateral institutions such as the IMF,
expressed as a percentage of GDP; for France and Japan only estimated Government debt is available for 2012
2 Central government receipts minus central government outlays, as a percentage of GDP; for France and Japan only estimated balance is available for 2012
3 Market capitalisation for the USA is the sum of NASDAQ and NYSE market capitalisations, for China – the sum of Shanghai and Shenzhen market
capitalisations, for India – BSE market capitalisation, for Brazil – BM&F Bovespa market capitalisation, for Russia – Moscow Exchange market capitalisation, for
France – NYSE Euronext Europe market capitalisation, for UK – LSE market capitalisation (including Borsa Italiana market capitalisation)
Nominal GDP (2012, USD trn)
#9 economy globally…
Real GDP growth (average for 2005-2012)
…with a strong growth track
record…
…low government leverage…
Sovereign debt1 as % of GDP (2012)
Budget balance2 as % of GDP (2012)
…strong fiscal policy…
…decreasing inflation and stable
FX…
… and strong growth potential
for the capital market
Developed markets Emerging markets
15.7
8.2
6.0
3.4 2.6 2.4 2.4 2.0 2.0 1.8
USA
CHN
JPN
GER
FRA
UK
BRA
ITA
RUS
IND
1.3%
10.6%
0.6%
1.5%
0.8%
0.9%
3.6%
(0.3%)
4.1%
7.8%
USA
CHN
JPN
GER
FRA
UK
BRA
ITA
RUS
IND
11% 23%
67% 70%
85% 95% 96% 107%
135%
238%
RUS
CHN
IND
BRA
GER
FRA
UK
USA
ITA
JPN
0.5%
0.2%
(0.9%)
(1.4%)
(2.6%)
(2.8%)
(5.9%)
(6.7%)
(8.8%)
(9.5%)
RUS
GER
CHN
ITA
FRA
BRA
UK
USA
IND
JPN
#1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #1 #2 #3 #4 #5 #6 #7 #8 #9 #10
Equity market capitalisation to GDP3
(2012)
141%
113%
100%
65%
57% 52%
43% 40%
UK
USA
FRA
IND
JPN
BRA
CHN
RUS
Ranking by 2012 GDP
2
3. Merger between MICEX and RTS was completed successfully and
consolidated Russian capital market infrastructure
Vertically integrated exchange providing full range of trade and
post-trade services
Diversified product offering across all asset classes: equities,
fixed income, derivatives, FX and money market
Fully functioning Central Securities Depository
Unified clearing platform and CCP
Public company since February 2013
Moscow Exchange is well positioned for future growth
3
4. Top 9 in fixed income in 1Q 20131
No. Exchange Country Trading vol.
(USD bn)
Includes
REPOs
1 BME Spain 2 212
2 LSE UK 1 349
3 NASDAQ OMX US 623
4 Johannesburg SE South Africa 530
5 Korea Exchange Korea 310
6 Colombia SE Colombia 226
7 Oslo Børs Norway 206
8 Borse Istanbul Turkey 168
9 Moscow Exchange Russia 110
10 GreTai Securities Market Taiwan 74
Top 7 in derivatives in 1Q 20134
No. Exchange Country Millions of
contracts
1 CME Group USA 749
2 EUREX Europe 573
3 NSE India 569
4 NYSE Euronext USA 547
5 BM&FBOVESPA Brazil 380
6 Nasdaq OMX USA 283
7 Moscow Exchange Russia 263
8 CBOE Holdings USA 262
9 Korea Exchange Korea 213
10 MCX India
Top 19 in equities in 1Q 20131
No. Exchange Country Market Cap
(USD bn)
Trading vol.
(USD bn)
Number of
issuers
1 NYSE Euronext2 US 18 126 3 594 3 392
2 NASDAQ2 US 6 068 2 303 3 317
3 Japan Exchange Group 3 Japan 3 887 1 468 2 317
4 London SE Group UK 3 713 564 2 747
5 Hong Kong Exchanges Hong Kong 2 828 356 1 557
6 Shanghai SE China 2 531 954 954
7 TMX Group Canada 2 086 374 3 965
8 Deutsche Börse Germany 1 487 320 738
9 Australian SE Australia 1 481 241 2 048
10 SIX Swiss Exchange India 1 353 174 279
…
19 Moscow Exchange Russia 774 60 286
Top 12 public exchanges by market capitalization5
No. Exchange Country Market Cap
(USD bn)
1 CME Group USA 21.8
2 Hong Kong Exchanges Hong Kong 19.4
3 BM&FBovespa Brazil 13.7
4 ICE USA 12.9
5 Deutsche Börse Germany 11.4
6 NYSE Euronext USA 10.0
7 Australian SE Australia 6.7
8 Singapore SE Singapore 6.6
9 Japan Exchange Group Japan 5.9
10 London SE Group UK 5.8
11 NASDAQ OMX USA 5.2
12 Moscow Exchange Russia 3.8
Current position of Moscow Exchange globally
Source: Moscow Exchange information, WFE, Bloomberg
1 WFE data, Top equity trading exchanges are ranked by market capitalisation of public companies traded on the exchange
2 Includes both US and European market volumes and capitalization
3 Includes both Tokyo and Osaka exchanges trading volumes, capitalization reflects Tokyo exchange only
4 Number of contracts based on WFE
5 Market capitalization of public exchanges based on Bloomberg data as of 17/05/2013
4
5. Vertically integrated platform providing value added services
along the chain
POST-
TRADING
TRADING
PRE-
TRADING
Pre-order validation and associated risk management solutions
Market data, real-time information and indexes
Direct market access (DMA) and co-location, also for international clients new
Partial pre-funding new
T+2 settlement cycle new
Clearing
Well capitalized National Clearing Centre with Fitch rating (BBB-) as CCP new
Unified risk management model new
Broad range of collateral (cash, FX, securities) new
Settlement & Depositary via CSD
DVP/PVP settlement new
Omnibus accounts new
Foreign nominee accounts new
Euroclear & Clearstream accounts with CSD new
Repo collateral management new
Depositary services (safekeeping and settlement)
Repository for OTC trades new
5
6. Diversified product offering with unified clearing
Equities and Fixed Income:
Listing
Local shares
Foreign shares and DRs new
Government bonds
Municipal bonds
Corporate bonds
Mortgage-backed securities new
FX Market:
Spot instruments
(USD, EUR, CNY new and CIS
currencies)
Swap instruments (overnight
and up to one year USD/RUB
swaps new)
Derivatives:
Indixes
FX
Local single stocks
Foreign single stocks new
Commodities
Interest rates new
Money Market:
Inter-dealer REPO
REPO with CBR
REPO with CCP new
Credit & deposit operations
(MinFin, Federal Treasurynew, CBR,
State Pension Fundnew assets
placements)
Commodities market:
(expected in 2013)
Spot precious metals new
Swap precious metals new
Integrated
clearing platform
&
CCP
6
7. Sustainable growth in all market segments
Source: Moscow Exchange data. Values in USD are calculated based on average
USD/RUB rate for the period
1 WFE data for 1Q2013
+XX% – CAGR 2009–2012
470
1 047
1 932 1 608
799 854
2009 2010 2011 2012 1H2012 1H2013
3 022 2 618 2 960 3 765
1 757 2 217
1 879 2 327
4 179
5 750
2 436
3 135
4 901 4 945
7 139
9 514
4 193
5 352
2009 2010 2011 2012 1H2012 1H2013
Money Market
FX market
117 231 296 333
131 221
502
553
668
375
228 134
620
784
964
708
359 355
2009 2010 2011 2012 1H2012 1H2013
Equities Bonds
Securities secondary trading volumes, USD bn
FX & Money market trading volumes, USD bn
Derivatives trading volumes, USD bn
+5%
+25%
+51%
Major domestic platform for
trading Russian financial
instruments across all asset
classes
Sizable market
Good coverage on all
markets
Vertically integrated service
offering
A top-20 position globally by
equity market capitalisation1
One of the few platforms with
on-exchange FX and fixed
income trading
Moscow Exchange derivatives
market is #7 globally by
number of contract traded1
-1%
+28%
+7%
+XX% – % YoY 1H2012/1H2013
7
8. Operating income generation is resilient to economic cycle
According to IFRS financial statement
1 RTS data are consolidated from June 29, 2011. Operating income in USD is calculated based on average USD/RUB rate for the period
210
313
378 353 366
577
693
2006 2007 2008 2009 2010 2011 2012
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200% MICEX Index, %
Rebasedto100%
Operating income1, USD mln
Most exchanges worldwide faced their income (revenue) and net profit fall during the period of
decreasing equities trading volumes and velocity
Due to significant diversification Moscow Exchange is an exception as its 2012 operating income
and net profit have increased by 20%1
8
9. Shareholders holding 5% or more of the Ordinary
Shares (May 20, 2013)
22.5%
9.6%
8.0%
5.8%5.7%6.6%
5.4%
5.4%
31.0%
Central Bank of the Russian Federation
Sberbank
Vnesheconombank (VEB)
EBRD
Unicredit Bank
MICEX-Finance*
VTB Bank
Shengdong Investment Corporation
Others (including free float)
Moscow Exchange IPO highlights
Offering details Transaction highlights
Largest exchange IPO globally since 2007
Milestone transaction for Russian capital market
Out of 75 investors indicated interest in IPO
participation 69 received shares allocation
Moscow Exchange shares are listed in the top
quotation list and included into MICEX and RTS
indexes
More than 1 300 shareholders as of May 20, 2013,
including around 1 100 retail investors
Around 140 foreign shareholders holding 26% of
shares outstanding
Pricing date and the
first date of trading
February 15, 2013
Offer size RUB 15 bn (USD 485 mln)
Offering Price RUB 55 per share (USD 1.83)
Shares outstanding 2 378 489 153
Implied market cap. RUB 126.9 bn (USD 4.2 bn)
Lock-up period 180 days
February 2013 RUB 15 bn (USD 485 mln)
Initial Public Offering
Moscow Exchange, Moscow
9
* 100% owned subsidiary of the Moscow Exchange
Demand breakdown by
investor type in IPO
Demand breakdown by
geography in IPO
Long-
only
67%
Hedge
funds
31%
Retail
1%
US
35%
UK
23%
Cont.
Europe
17%
Russia
15%
Asia
10%
10. Challenge Current stage Future steps
Infrastructure T0 settlement and 100%
pre-funding
T+2 with CCP since March 25, 2013,
parallel with T0 regime
All securities in T+2, shutdown of Т0
in Q3, 2013
Absence of Central Securities
Depository
CSD full functionality since April 1, 2013
• National Settlement Depository (NSD)
complies with Rules 17f-7
• Euroclear and Clearstream opened
foreign nominee accounts in NSD
Equities will be eligible for Euroclear
and Clearstream settlement services
from July 1, 2014 1
MarketsandProducts
Bond market:
• limited number of
participants
• securities locked in REPO
with the Bank of Russia
• Euroclear and Clearstream provide
settlement services for international
traders in Russian government
bonds
• REPO with pool of securities and
collateral management
Equities:
• placements (IPOs/SPOs)
outside Russia
• high share of trading in
depository receipts (DRs)
Privatization on Moscow Exchange (in 2012-2016)
• IPOs/SPOs in the amount of USD 4.4 bn
on Moscow Exchange in 1H 2013
• DRs, foreign stocks and mortgage-
backed securities
• Connectivity point of presence and
office in London
• New index family
• Conversion of DRs to local shares
• Listing modernization
• Corporate governance reform
Weak legal protection in
derivatives
• Repository
• Liquidation netting
• Clearing of OTC derivatives with CCP
Key developments in infrastructure, markets and products
1 Earlier term is being discussed: from January 01, 2014 10
11. National Settlement Depository (NSD) - full functioning
Central Securities Depository (CSD)
Launch of the CSD in November 2012
removed the key barrier for trading in
Russian local shares
NSD as CSD fully complies with the Rule
17f-7 of the US Investment Company Act of
1940, allowing US funds to invest in Russian
securities
Foreign nominee accounts for
international custodians
Euroclear and Clearstream opened foreign
nominee securities accounts with NSD and
provide settlement services for Russian
government bonds (OFZ) transactions
Key benefits for foreign investors:
Lower risks and higher investors’ protection
Finality of settlement
Simplified settlement
Lower costs
Investors participate directly in corporate actions
Settlement & depositary system prior to CSD launch in Russia
Current centralized settlement system
Custodian Custodian Custodian Custodian
Registrar Registrar Registrar
Custodian Custodian Custodian Custodian
Registrar Registrar Registrar
11
12. IPO
RUB 15 bn
(USD 462 mln)
Feb 2013
SPO
RUB 14.7 bn*
(USD 453 mln)
April 2013
SPO
RUB 102.5 bn
(USD 3.2 bn)
Мay 2013
Listing of ADR
May 2013
Listing of
ordinary shares
June 2013
SPO
RUB 10.6 bn
(USD 327 mln)
June 2013
Most of new placements of
Russian companies in 2013 were
executed on Moscow Exchange
Strong medium term pipeline
expected to augment total
issuance volume in 2013
Recent equity issuance rules
liberalization stimulates new
listings on Moscow Exchange
The majority of privatizations are
likely to be executed in the form
of public equity transactions and
may result in a pipeline of new
listings on the Moscow Exchange
* FosAgro SPO was executed on both Moscow Exchange and LSE
IPOs/SPOs on Moscow Exchange in 2013
IPOs/SPOs of Russian companies in 2013 were executed
on Moscow Exchange
12
13. Domestic investor demand is key to successful privatization
Russia has launched a privatization program1 of over USD 50 bn
The program covers 18 large-scale companies in 2014-2016
Privatization
Domestic investor demand
Higher allocation of local pension funds assets into equity
Growing personal income and savings
Investment in domestic securities by the National Wealth Fund
Source: Ministry of Economic Development of the RF, Russian Privatization Plan, Rossimushestvo
1 According to Rossimushestvo, preparation of roadmaps with final list of companies and structure of the deals are in progress
13
14. Privatization status update
Russia has launched a privatization program of over USD 50 billion
The majority of privatizations are likely to be executed in the form of public equity transactions
and may result in a pipeline of new listings on the Moscow Exchange
Source: Ministry of Economic Development of the RF, Russian Privatization Plan, Rossimushestvo
1 Putin announcement during the Saint-Petersburg Economic Forum in June 2013 http://eng.kremlin.ru/transcripts/5626
2 According to Rossimushestvo, the full list of companies is on the website: http://www.rosim.ru/documents/80521
“Privatization of state assets will be done on Russian markets. In parallel, we will
increase the transparency and openness of public companies regardless of their
ownership structure, create mechanisms to protect the rights of minority
shareholders, and improve the quality of corporate governance”1
V. Putin
2014-2016 privatization pipeline2
14
15. Sources of potential additional domestic demand
Total personal income of the population (USD bn)
82%
18% Foreign government debt
securities
Deposits in VEB
Total: USD 91.5 bn
637
834
1 015 903
1 069
1 211 1 261
2006 2007 2008 2009 2010 2011 2012E
Source: OECD, National League of Management Companies, investfunds.ru, FSFM, Economist Intelligence Unit, Russian State Statistics Agency, IMF, RF Ministry of Finance
Russian pension funds and National Wealth Fund assets, and household savings in USD are calculated based on USD/RUB rate as of the end of the period.
Personal income of the population and real estate investments in USD are calculated based on average USD/RUB rate for the period
1 Obligatory savings managed both by NPFs (Non-state pension funds) and Pension fund of Russia. Data for 2012 are not available yet
2 Switzerland
3 Vnesheconombank
4 Moscow Exchange estimate based on Rosstat data
56% 60%
65% 66%
68%34% 29%
28% 27%
25%
10% 10%
8% 8%
8%
265 277
402 424
531
2008 2009 2010 2011 2012
Deposits Cash Securities
Total volume (USD bn) and structure of household savings
Growing personal income and savings
Investment allocation by the National Wealth Fund (1Q2013)
Real estate investments (USD bn)4
26
40
62 70 82
96 108
2006 2007 2008 2009 2010 2011 2012
GDP per capita (USD)
9 153
11 704
8 617
10 408
12 993 14 082
2007 2008 2009 2010 2011 2012
2%
27% 29% 30%
35%
43% 45%
52% 54%
RUS NLD BRA CHE JPN CAN GBR USA AUS
Equity exposure of pension funds (2012)
Allocation of mandatory Russian pension fund assets (2012)1
6%
22%
67%
2% 3%
Cash
Deposits
Fixed income
Equities
Other
Total: RUB2.3trn
Higher allocation of local pension fund assets into equity
2
3
15
16. Completed
New regulation of securities issuance:
• Shorter time frame for pre-emptive rights
exercise period
• Simplified offering procedure and rules
on prospectus
New clearing law:
• Centralization of clearing functions in
National Clearing Centre
New depository law:
• National Settlement Depository obtained
the central depository status
• Close-out netting (liquidation netting)
Key regulatory changes
On track
Pension system:
• Removal of the requirement for positive income
on pension savings in each year for NPFs
• Expanding the list of eligible securities
• Lifting restrictions on IPO/SPO participation
• Listing modernization
• Corporate governance reform and new
corporate governance code
• Creating a financial mega-regulator in Russia
Tax reform:
• 0% tax on capital gain from securities held 3+
years
• Tax incentives for savings in pensions and life
insurance
16
17. Building blocks for achieving future excellence
Vertically integrated public
exchange
Diversified products and services
Convenient and efficient post-
trade infrastructure
Full support from the Russian
Government
Market growth potential
Clearing and central counterparty facilities
Settlement and depository services
Clearing and repository services for OTC
Cross product trading and hedging
Funding opportunities in REPO market
Next generation IT platform
Central securities depository
T+2 settlement cycle with partial pre-funding
Well capitalized clearing centre with Fitch rating
(BBB-) as CCP
Russian leaders announced that privatization
will be held on the Moscow Exchange
Clear Government road map to develop
international financial center in Moscow
Repatriation of liquidity to the local market
Growth of domestic investor base
Listing modernization
Corporate governance reform
17
18. Disclaimer
NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
• This presentation has been prepared and issued by Open Joint Stock Company "Moscow Exchange MICEX-RTS" (the “Company”). Unless otherwise stated, the Company
is the source for all data contained in this document. Such data is provided as at the date of this document and is subject to change without notice.
• Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly,
in the United States of America, its territories or possessions as defined in Regulation S under the US Securities Act 1933, as amended (the “Securities Act), except to
“qualified institutional buyers” as defined in Rule 144A under the Securities Act. Any failure to comply with this restriction may constitute a violation of United States
securities laws. The presentation is not an offer or sale of securities in the United States. Moscow Exchange Group has not registered and does not intend to register any
securities in the United States or to conduct a public offering of any securities in the United States.
• This presentation does not constitute an advertisement or a public offer of securities in any jurisdiction. It is not intended to be publicly distributed in any jurisdiction. This
document is only being made available to interested parties on the basis that: (A) if they are UK persons, they are persons falling within Articles 19 or 49 of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005; or (B) they are outside the United Kingdom and are eligible under local law to receive this document.
Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements.
• This document does not constitute or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of any offer to buy
or subscribe for, any securities, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract,
commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.
• The information in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed
on, the fairness, accuracy or completeness of the information or opinions contained herein. None of the Company, or any of its subsidiaries or affiliates or any of such
person's directors, officers or employees, advisers or other representatives, accepts any liability whatsoever (whether in negligence or otherwise) arising, directly or
indirectly, from the use of this document or otherwise arising in connection therewith.
• This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation,
those regarding our financial position, business strategy, management plans and objectives for future operations are forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, achievements or industry results to be
materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions
regarding our present and future business strategies and the environment in which we expect to operate in the future. Important factors that could cause our actual
results, performance, achievements or industry results to differ materially from those in the forward-looking statements include, among other factors:
– perception of market services offered by the Company and its subsidiaries;
– volatility (a) of the Russian economy and the securities market and (b) sectors with a high level of competition that the Company and its subsidiaries operate;
– changes in (a) domestic and international legislation and tax regulation and (b) state policies related to financial markets and securities markets;
– competition increase from new players on the Russian market;
– the ability to keep pace with rapid changes in science and technology environment, including the ability to use advanced features that are popular with the
Company's and its subsidiaries' customers;
– the ability to maintain continuity of the process of introduction of new competitive products and services, while keeping the competitiveness;
– the ability to attract new customers on the domestic market and in foreign jurisdictions;
– the ability to increase the offer of products in foreign jurisdictions.
• Forward-looking statements speak only as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of, or revisions
to, any forward-looking statements in this presentation as a result of any change in our expectations or any change in events, conditions or circumstances on which these
forward-looking statements are based.
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