Page 79 - RusRPTFeb22

8.3.3 ECM news
MOEX December trading update review: MOEX’s stable YoY growth in equity, derivatives and money-market volumes was coupled with a 46% MoM increase in ruble-denominated client balances.
MOEX released its 12M21 trading update last week. In December:
Equity volumes were up 21% YoY. Bond volumes lost 26% YoY.
Both money-market and total repo volumes added 23% YoY, the latter driven by a 32% YoY surge in the CCP-cleared repo segment.
FX volumes moderated 4% YoY overall, with spot FX volumes down 17% YoY.
Derivatives volumes were up 18% YoY, with options volumes surging almost 1.5x YoY. Futures trading volumes were up 16% YoY, with volumes of more profitable individual stock futures up 2.3x YoY.
Ruble-denominated client balances soared 46% MoM and 23% YoY.
US dollar-denominated and euro-denominated client balances fell 4% MoM and 10% MoM, respectively.
Sber (formerly known as Sberbank) announced, 20 January, that its Executive Board approved the decision to buy its own ords in the amount of up to RUB50bn for SBER’s long-term management incentive (LTMI) program over 2022-2025. The purchases should be performed over-the-counter on MOEX by Sber CIB, not Sberbank PJSC, and therefore should not impact DPS calculations. The LTMI program for SBER’s employees was launched in 2021. More than 1,000 key employees of the company participate in the first stage of the program. The program is based on three-year cycles with interim payments. The shares used for the cycle launched in 2021 were already held by SBER. On a separate note, SBER disclosed that Anatoly Popov, Deputy CEO, and Oleg Ganeev, Senior Vice-President, had each bought c. RUB10mn worth SBER ords earlier this week at RUB232-235/ord.
Softline has increased the amount allocated to its buyback programme from the initial $10mn to $100mn. We think that this increase will be supportive for the stock and is likely to help reduce its downward volatility amid thin liquidity. We continue to see Softline as an attractive investment story, with our 12-month target Price of $15 implying an ETR of 150%.
Polyus has launched a buyback programme. The maximum amount is set
79 RUSSIA Country Report February 2022 www.intellinews.com