INFORMATION PRODUCTS AND SERVICES

Moscow Exchange Group’s information services focus primarily on providing market data containing value, quantity and cost parameters for orders and transactions made on its markets, as well as aggregated indicators used in its financial and investment activities: indices, market prices and recognized quotations.

INDICES

MOEX’s indices continue to be the main benchmarks reflecting the state and trends of all segments of the Russian financial market.

In 2023, the Exchange’s index management services were further developed, with key product innovations related to the changing market landscape and client preferences. New benchmarks were launched, including:

MOEX Refined Gold Index;
four new FX fixings;
RUSFAR family indicators, one-week RUSFARCN1W and RUSFARC1WR, denominated in Chinese yuan;
new bond indices under the scale of Russian rating agencies;
sunflower oil, sunflower meal and sugar indices calculated for NAMEX;
MOEX-RAEX ESG Sustainability Index;
warehouse property index;
diamond indices.

Many of the new gauges became the basis for the creation of exchange-traded financial products such as futures contracts and mutual funds.

In 2023, index management revenues grew by a record 14%.

INFORMATION SERVICES

Moscow Exchange Group’s information services continued to develop steadily in 2023. Moscow Exchange managed not only to retain clients for its information services, but also to increase revenues from them. The key growth drivers were:

active development of new information services using the MOEX’s own information resources, among which products designed for information and analytical support of issuers, including reports analysing investor clientele for a particular security, are particularly noteworthy;
expansion of the product line of services created in cooperation with the Exchange’s partners, including services with securities labelling, which met the expectations of market participants and made it possible to meet the regulator’s requirements for the quality of service to investor clients.

In 2023, two new issuer-focused information and analytical products were developed and put into commercial operation:

a report on the issuer’s individual clients (includes advanced analytics on retail investors);
a customised report with in-depth analytics of liquidity indicators of the issuer’s securities (which helps issuers determine the impact of corporate news, identify abnormal activity, and evaluate the efficiency of brokers and market makers).

The launch of new information and analytical products for issuers ensured a 73% revenue growth for this service in 2023.

As part of the service with data on securities labelling, the product line was expanded to include labelling on securities of strategic Russian companies and foreign issuers, as well as labels archives. This service became available not only to trading members in MOEX’s trading system, but also to a wide range of clients via the Exchange’s web-based information platform (MOEX’s ISS) with the option for automated data upload using API. The natural result of the work carried out to develop the service was the growth in the number of its users and the Exchange’s revenues from its commercial realisation, which increased 3.5 times compared to 2022.

The securities labelling data service was highly appreciated by the professional financial community. In August 2023, at the 13th annual FINAWARD-23 Financial Industry Innovation and Achievement Awards, Moscow Exchange was awarded the 1st place diploma in the Investment Product or Service category for its service for labelling complex financial instruments.

In 2023, new impetus was given to the development of partnership relations in improving mechanisms for controlling and protecting rights to MOEX’s information resources, including through joint web monitoring and information audit with a partner.

Efforts to introduce new and modernise existing information products and services have driven revenue growth in this area by 18% in 2023.

TECHNOLOGY SERVICES AND INFORMATION TECHNOLOGIES

2023 was a successful year for the Group in developing technology services that provide trading members, institutional and private investors, and other categories of clients with convenient and high-tech access to MOEX’s financial market resources and mechanisms.

The key drivers of the dynamic development of Moscow Exchange’s technology services in 2023 were:

update of the tariff policy for technology services and the launch of a programme to support the development of infrastructure for trading members;
launch of new high-speed binary protocols;
the growing number of new HFT and algo teams on the market;
effective relations with clients regarding new technology services.

In terms of technological services to provide access to trading for professional participants and their clients, a number of technological protocols, including high-speed binary protocols (SIMBA, TWIME ASTS), were in demand in 2023, which was due to a significant increase in the number of users working in algorithmic and high-speed trading of exchange-traded financial instruments.

Services for technical connectivity to MOEX’s software and hardware suite in 2023 were further developed through the infrastructure of technology partners, which included not only specialised companies such as network service providers, but also trading members, allowing them to facilitate their investments in the development of systems and channels for technical access to trading on MOEX’s markets.

Of particular note here is the growth in sales of the SIMBA binary protocol. In 2023, sales of this service grew by 212%.