Belarusian ruble to euro chart: Edited Transcript of MOEX.MZ earnings conference call or presentation 23-Aug-19 1:00pm GMT

Good set of questions. Thank you, Sergey. So let me dissect them one by one. The system liability of fees in the Money Market. The Money Market, we would compare it year-on-year between the subsegments in the Money Market. The interdealer repo is down by, let’s say, 40% and their direct repo with the Central Bank is virtually 0 year-on-year. So our — that means that the lower, let’s say, priced repos of the structure, they have their share in the overall structure of repo market below the last year. That means that we have the higher average fees because of migration into central counterparty repo. The share of the central counterparty repo trade now at the 88%, like historical high. That improves the average fee. The difference between, let’s say, interdealer repo and the CCP repo on a comparable duration is like to the tune of 4x. So CCP repos are like 4x more expensive. So that means that the market is moving on to the centralized solution. Then within that, the GCC repo share is also improving because of, let’s say, standardized collateral service management that the clients prefer. So it’s kind of standardized service. And we are still onboarding the corporates to the Money Market. We have like 100-plus corporates in the Money Market already, with the average speed of onboarding over the duration of 2 years — of the past 2 years, like one additional corporate a week. And we will continue to do that. So we will continue to add the new clients to the Money Market.

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