INFORMATION PRODUCTS AND SERVICES

INDICES

The MOEX Russia Index and RTS Index are the key benchmarks of the Russian equity market. They are calculated based on the most liquid shares of major Russian issuers.

The MOEX index family includes the Blue-Chip Index, comprising 15 shares of the most liquid and largest issuers by market capitalization; the Mid- and Small-Cap Stock Index, consisting of liquid shares of mid-and small-cap companies; and the Broad Market Stock Index, which includes the top 100 Russian companies based on their liquidity and capitalization. The shares covered by the Broad Market Index are used to form baskets of industry indices by dividing the calculation base of the index by sector profiles.

The MOEX bond index family includes indices of corporate, government and municipal bonds segmented by duration and credit quality.

MOEX also calculates several industry-specific indices for market segments not included in the main line of index products. These include the Public Sector Index, Pension Savings Assets Index, Innovations Index, Volatility Index and the MOEX 10 Index.

By the end of 2022, the number of index-linked exchange-traded funds replicating Moscow Exchange’s benchmark structure was 26 with assets under management totalling RUB 86 billion. In 2022, two new Russian-law ETFs on the MOEX indices were launched.

Moscow Exchange indices became available on the services of China’s largest search portal, Baidu, thanks to the joint efforts of the Exchange and its strategic partner in China, Infonet, part of the Shanghai Stock Exchange Group.

New benchmarks

The range of bond indices was expanded. In November 2022, a new debt market gauge, the CNY-denominated Russian Bond Index, began to be calculated. The new benchmark reflects the dynamics of a new segment of the Russian debt market, CNY-denominated bonds of Russian issuers, which began to be placed on Moscow Exchange in August 2022. The total capitalisation of bond issues included in the new index exceeds CNY 31 billion at face value.

The calculation of the OFZ-IN Index began in 2022 which is based on the prices of federal bonds with a face value indexed to the inflation rate. The total capitalisation of OFZ-IN issues included in the new inflation index exceeds RUB 1 trillion at face value.

The new gauge will improve transparency of the Russian debt market and complement MOEX’s family of bond indices, which includes a wide range of government, corporate and municipal bond market indicators.

In view of the growing volume of on-exchange trading in CNY and the expansion of the range of CNY-denominated instruments on the Money Market, in September 2022, a new benchmark for the cost of CNY liquidity in Russia, RUSFAR CNY (Russian Secured Funding Average Rate CNY), was launched. The rate is calculated on the basis of overnight repo transactions in general collateral certificates with the central counterparty with settlement in CNY.

Russian credit ratings assigned by national rating agencies have been more widely used in forming the bases for calculating bond indices. In addition to ratings assigned by ACRA and Expert RA, credit ratings assigned to issuers and bond issues by National Rating Agency and National Credit Ratings began to be used. It was also decided to abandon the use of credit ratings assigned by international agencies in 2023.

In addition, the pension saving index methodology was improved in 2022 by harmonising the procedure for forming the indices constituent bases, taking into account legislative requirements for the investment of pension savings.

INFORMATION SERVICES

In 2022, Moscow Exchange provided its clients with a service for trade negotiations and setting out the terms of negotiated transactions on the OTC market in the form of the MOEX Dealing product, which was provided on preferential terms as part of a marketing program. When developing the service, Moscow Exchange carefully analysed and took into account the wishes of clients (trading members) regarding the product’s functionality.

As part of further development of MOEX Dealing, a project was launched to develop an information and trading terminal by adding price data, analysis and news to the product. The information and trading terminal is being developed as a universal solution for financial market participants which will contain all necessary tools (calculators, visualisation tools, charts, technical analysis and trading functionality) and information sources (both Russian and international). The pilot launch of the new information and trading terminal is scheduled for the first half of 2023.

The Standartised OTC Derivatives Market data service was launched in test mode in the reporting year. Through the Exchange’s Information and Statistical Server (ISS), web-API technology was used to provide discount and forward curves, as well as market data for Overnight Index Swaps and Interest Rate Swaps instruments for local and foreign rates.

The Analytical Report by the Market Operator for Issuers product was further developed in 2022. The product was supplemented with statistics on individual clients (including security holding times and average holding sizes) in line with demand from clients, which number increased significantly in 2022. In addition, data on repo transactions involving issuer securities was added to the product.

In 2022, a commercial model was implemented to provide the joint service Marking Complex Financial Instruments with a partner (Interfax Agency) to trading members via the Exchange’s trading system interfaces.

A single entry point was created for service users (trading members) to receive the service in a familiar format (through an ITS agreement with Moscow Exchange). Work was started to integrate data from the Marking of Complex Financial Instruments service into the Exchange’s web-based information platform (the Exchange’s Information and Statistical Server). Development of the service in 2022 was aimed at enriching it with new functionality (historical marking data, selection and sorting of data on individual securities, option of automated unloading using web-API).

The Exchange continued further promote and sell information services containing non-real-time data (delayed streams, end-of-data data, archived market data) through partner channels, including those specialising in working with Russian issuers, using special data visualisation tools (data widgets) developed by partners (TradingView, Sbonds).