CLIENT SERVICES
ACCESS TO THE MARKETS
In 2023, work continued to facilitate the customer journey:
- processes and requirements for documents for Know Your Customer (KYC) were unified across Moscow Exchange Group companies;
- the unified client registration system was brought in line with new legislative requirements: multi-level registration was made available in terms of technology and the algorithm for cross-trades was adjusted;
- the first major corporate clients and credit organisations gained access to trading in digital financial assets;
- The Exchange continued to streamline the client areas of trading and clearing members, including adapting the interface for non-resident participants;
- robotisation has made internal processes more technologically advanced and less time-consuming, reducing the time it takes to process customer enquiries.
INFORMATION TECHNOLOGIES
Availability and reliability
In 2023, Moscow Exchange Group continued to demonstrate high reliability with 99.98% uptime of trading systems.
The performance and information capacity of the trading and clearing systems (TCS) of all markets was tripled versus live trading parameters.
FX Market | Derivatives Market | Equity & Bond Market | |
|---|---|---|---|
Peak transaction load in second intervals, live trading | 20,000 | 25,000 | 15,000 |
Limit frequency of constant transaction flow, load testing | 81,000 | 150,000 | 79 000 |
Latency | 220 ms | 220 ms | |
Maximum quantity of orders: | |||
| 85/98 mln | 60/80 mln | 100/80 mln |
| 112 mln | 145 mln | 115 mln |
| > 200 mln | > 200 mln | > 200 mln |
Maximum quantity of trades: | |||
| 5 mln | 12 mln | 13 mln |
Technological development of MOEX’s TCS allowed for the following upgrades:
- the start/restart time of the trading system was reduced;
- the clearing session T+ was facilitated;
- performance of the clearing engine was increased;
- performance of TCS commands was increased by 15%.
IT processes
The Group’s production processes and tools were centralised in the reporting period:
- DevOps platform: unified planning, estimation and joint implementation;
- unified stack of development tools;
- 100 per cent coverage of the Group’s teams with production metrics.
IT process maturity level improved from 2.3 to 3.5 according to COBIT, which was confirmed by an external audit of Exchange’s IT development, testing and operations processes.
IT departments continued to measure the speed and quality of production and introduce the improvements, resulting in continuous improvement and reduced time-to-market for new products.
Elements of digital transformation
Moscow Exchange Group is actively implementing a programme to harmonise the IT landscape, and the gap between the current and target landscape is narrowing. The share of the target landscape increased by 15%.
The Group’s technology sovereignty programme is being implemented in line with regulatory requirements, i.e. the share of foreign software and equipment has decreased by 18%.
IT resources
The Group has active IT communities (DevOps, QA, etc.), which helps accelerate the development of new digital products by attracting additional expertise, as well as involve the high-calibre specialists by improved brand awareness.
The Company continues to actively source resources through a pool of accredited suppliers, which enables the Company to provide the best personnel at market price and increases the speed of hire.
Expanding the range of instruments
In line with Strategy 2028, in 2024, Moscow Exchange will continue to develop capital markets and attract clients to the market.
To develop capital markets, Moscow Exchange engages with companies at all stages, creating a product line and providing assistance from the pre-public stage to pre-IPO with a view to going public. The Exchange will continue this work by analysing new trends in capital raising, streamlining the processes of going public, and encouraging the sharing of experience and best practices between issuers.
The Group will continue to expand the range of traded instruments on all on-exchange and OTC markets, expand trading and settlement hours, and boost liquidity in all segments. In particular, in 2024, Moscow Exchange will continue to actively promote Money Market products among various client groups (corporate clients, Money Market funds). MOEX will focus on improving liquidity in the yuan segment of the Money Market for long maturities, including RUSFAR yuan indicators with maturities of more than a week.
MOEX will continue to actively expand our Derivatives Market instrument offering, including the development of a range of perpetual futures and premium-style options. MOEX plans to launch an IPO index tracking the share prices of recently listed companies, as well as adding new instruments to the CCP cleared OTC Equity and Bond Market.
The 2024 target for the Finuslugi platform is to become Russia’s first platform for selecting and processing financial products. MOEX will continue to operate in four areas: savings (deposits), investments (bonds and financial literacy), protection (insurance) and loans (expenses), so that customers can solve their main financial tasks in one area.
Technological development
In 2024, MOEX plans to introduce Smart Allocator service on the Equities Market, which will allow lead underwriters to conduct allocations more efficiently. It will contain a large set of rules and options to determine allocations and fulfil investors’ requests with them. The technology will be built into MOEX’s trading platform and will not require additional connection costs.
A new type of orders, GTT (Good Till Today), will be introduced on the secondary equity market, which implies automatic transfer of orders from the main session to the evening session. At present, they are automatically removed at the end of the main session.
On the Debt Market, MOEX is developing a bookbuilding service for issuers and lead managers of bond offerings that will allow for more efficient collection of bids and determination of bond yield and allocation.
On the Derivatives Market, modification of the trading session is considered. The general idea is to make it seamless for clients, do away with intermediate clearing sessions and switch to the T+1 settlement cycle, synchronising it with settlements on other markets. Clients will get an extra 20 minutes of trading time and no technical breaks in trading.
Information services
The Trade Radar terminal will continue to improve in 2024. There are also plans to launch DataShop, a marketplace for information products for a wide range of users. It will allow access to financial data and analytics to solve a wide range of tasks from algorithmic trading to analytical solutions designed to support investors by brokers. DataShop Marketplace will be an open platform where information products will be presented not only by the Group, but also by partners.
MOEX’s Information and Analytical Centre, established in 2023, plans to develop a wide range of information and analytical products (reviews, bulletins, reports) on commodity markets in Russia and CIS countries, which will be distributed both through the Exchange’s own channels (primarily the Trade Radar terminal) and through partners’ channels (international, regional and national news agencies and exchanges).