HFT trading. High-frequency traders can reach their potential by acting as market makers at SPB Exchange. We look toward mutually beneficial cooperation allowing algorithmic traders to act as liquidity providers. The market infrastructure is furnished with everything required for successful HFT trading. Liquidity time frames during the day.
Longest trading hours. Longest trading hours, see interactive timezone map. We offer new liquidity opportunities in US equities during non-standard trading hours. No matter where your clients are located, in Hong Kong or in Moscow, they will be able to get reliable access to global equities around the world, around the clock. We plan to extend trading hours and add trading days in the future. Our tariff policy implies providing flexible conditions to all participants: buy-sides and brokers.
Information disclosure on the Exchange's website makes markets more transparent for investors. We provide a suite of information products and services based on data and content generated from a variety of public and non-public sources, including trading activity on our platform, our subsidiary BestStocks.
There are various options and opportunities for: residents and non-residents; individuals and legal entities. As a unique provider of valuable financial content, SPB Exchange provides comprehensive access to a broad range of data. Historical data product supports post-trade analysis and back testing strategies with a tick-by-tick record. We provide a wide range of information services such as data transmission services, collocation, network connections and Internet access services.
The largest Russian brokers provide access to the exchange for private, legal and institutional investors. About us. SPB Exchange and its subsidiaries provide a full cycle of support for the exchange infrastructure and market participants. The subsidiaries include: clearing bank providing a range of services for professional market participants; clearing house acting as a central counterparty; OTC market; IT development center; as well as a number of information and analytical services.
August the launch of smart routing technology. Access to global liquidity has made it possible significantly expand the list of traded securities. Brokers as Share- holders. SPB Exchange transformed its governance structure, where a number of key market participants have become also the shareholders. SPB Exchange continued its expansion by broadening the list of traded securities, adding European and US securities in particular.
Sustainability Priorities. The Paris Climate Agreement, which Russia signed in , laid the ideological and legal foundation for a new global redistribution of capital flows in favor of markets that meet the needs of our time, but without prejudice to future generations.
SPB Exchange views ESG as a factor that can radically change the outlook and strategies of many companies in Russia and the rest of the world. ESG in Russia is still at an early stage, but support from the Bank of Russia has enabled market participants to form their own attitudes towards sustainable development goals and ESG financial products.
SPB Exchange is committed to enable businesses of various sizes and markets to participate in determining the future of the planet through the creation of the necessary infrastructure and green financial instruments. The implementation of social sustainability and governance components are of no less importance. This includes, among other things, our commitment to gender equality, composition of top management, independence of board members and protection of minority shareholder rights.
Sustainable platforms for SMEs. We recognize the importance of SMEs for the Russian economy, for its day-to-day operations and its growth potential. Yet, SMEs face various hurdles on their path. The most significant and specific of these challenges is the financial gap. Our platform is open to SMEs from all over Russia. The Voshod Segment is a platform designed to provide financing to issuers of securities from the Far East — the most remote region of Russia, and the most distant from the formal financial markets and large financial institutions.
The new body aims to help companies in the IT sector, which is currently underrepresented in the public market, take advantage of the market dynamics to raise funds for development through public instruments. ESG-related Products. SPB Exchange recognizes the importance of addressing the issue of climate change. SPB Exchange is committed to fully compliment the actions of policymakers by supporting the Net Zero initiative and the investors willing to participate in the financial aspect of the climate change challenge.
SPB Exchange is actively engaged in the development and introduction of green finance products on the Russian market. As part of our most recent initiative to support global efforts to address the climate change challenge, SPB Exchange signed an agreement on July 4, with Sovcombank — a large Russian private bank included in the list of 12 systemically important Russian banks — to form a segment of green and social bonds on SPB Exchange, to organize trading of low-carbon energy certificates and trading of quotas for greenhouse gas emissions, as well as of certificates confirming the neutralization of greenhouse gas emissions.
Roman Goryunov. Actively involved in regulation of the Russian financial market. Eugene Serdyukov. Petersburg Stock Exchange. He will continue to serve on the board of SPB Exchange. Pavel Krupnov. Pavel Krupnov has served as the Head of Corporate Finance since Contact us. Head office. All rights for the information and analytical materials published in this online presentation of Public Joint-Stock Company SPB Exchange are protected in accordance with Russian legislation.
A year after the retail investment boom, the number of active clients is still growing, as are earnings. Compared with peers, the company's performance seems solid. Currently, the exchange is small, but it has significant plans for development, including by introducing more traded instruments and extending its trading hours.
It offers a unique, best-priced liquidity pool for clients to trade U. The IPO of this company is definitely worth paying attention to, as we may see some updates and the price range disclosed in the near future. SPB Exchange is a stock exchange, that primarily works with Russian brokerage firms. The exchange provides access to trading securities e. Securities are represented by foreign and Russian stocks and Eurobonds.
Foreign stocks are the unique advantage of SPB Exchange, and it is the leading one in Russia in terms of the trading volume of foreign securities. Providing access to the largest volume of international securities in Russia is the unique advantage of SPB Exchange. Founded in , SPB Exchange first focused on the derivatives market. Subsequently, the exchange sold its business of organizing futures market trading, as a result of which the Moscow Exchange was founded a detailed comparison of business models is presented below.
After this, the focus of SPB Exchange shifted to the organization of trading in international securities. Since then, this number has been constantly increasing. Today, the exchange has a large number of shares and depositary receipts of foreign companies and a few Russian companies, Eurobonds, ETFs, and shares of issuers from the CIS countries. Other instruments such as Russian stocks, ETFs and bonds are not so popular, so the exchange is gradually shifting its focus to foreign stocks.
More than The revenue structure of the exchange is quite simple. The main amount of income it receives is due to the provision of services related to the general common operations, and the commissions themselves. Other income includes information services, maintaining bank accounts, repository services, listing services, and others. Source: created by the author using data from the company's reports. The modern history of SPB Exchange began in when it began trading international shares.
In the Russian market, this was the first convenient, safe, fast and legal solution for investing in foreign companies — in stocks denominated in USD. In fact, making transactions on SPB Exchange is an alternative to opening accounts with foreign brokers for Russian investors. The well-known securities offered on SPB Exchange are the same ones you find listed on foreign exchanges. Thus, they give investors similar rights, including receiving dividends.
Retail investors make up the bulk of the volume of transactions on the exchange. SBP Exchange organizes trading for almost 19 hours a day. The exchange starts working at a. And end closes at a. Moscow time. From a. From p. SPB Exchange offers smart order routing — a type of built-in best execution service, which tracks both its internal liquidity pool and an external one that is available when international markets are open. This mechanism allows SPB Exchange to offer its clients the best-priced liquidity pool automatically.
This system also provides opportunities associated with investing in premarket and postmarket. It limits high-frequency trading to liquidity providers. Market-makers, at the same time, are not required to place orders with large spreads to prevent spreads in a short period of time due to HFT activity. Consequently, market players are competing on price rather than on speed. Maintaining a deep internal liquidity pool is good for revenue.
If there is enough liquidity, both the seller and the buyers pay the commission, but when liquidity is provided from the external markets the commission is paid either by the seller or by the buyer. The income of the exchange was strongly affected by the influx of retail investors, and it counts on the continuation of this trend in the future.
Judging by the current monthly increase in the number of retail investors, the trend may have seasonal slowdowns, but it definitely won't stop. The population of Russia is huge, but the move towards investing in the markets is new. At the moment, about 7. And only 1. This figure is significantly lower than countries such as the United States, China, and many European countries.
Therefore, the near-term development prospect is the continuation of the trend of income growth due to the influx of new Russian retail investors. SPB Exchange has an easily scalable platform. This allows it to maintain high rates of turnover growth and unusual volume spikes. The exchange wants to continue extending the trading day, with the prospect of covering the entire 24 hours. The exchange considers the possibility of entering foreign markets as a long-term development prospect.
First of all, these are the CIS countries, which have large populations and rising levels of financial literacy. New digital brokerage platforms are also developing in these countries, the same as in Russia, making investing simpler for individuals. Further, the company sees the prospect of expanding into the markets of Eurasia, including Central Asia and India. As its unique trading offer, SPB Exchange plans to offer foreign brokers the opportunity to trade shares around the clock.
The year was the decisive moment for SPB Exchange, in which the strong flow of retail investors, who want to make money on a wide range of instruments and investment ideas for any type of market rising, falling, flat was solidified. Since then, trading volumes and the number of clients have been growing relentlessly nearly every month, with the exception of some seasonal troughs.
Until the company wasn't making any profit. Profitability changed positively too. Right now SPB Exchange shows high profitability ratios, that are in some cases are even better than peers' the comparison is presented below. Years prior to do not show any picture of the company's performance. In my opinion, it literally "existed". The company was increasing sales year to year, but still losing money. It was an essential change that the company gained new client accounts in In , the company's growth did not slow down.
The growth of turnover on the stock exchange led to an increase in income, even with a slight slowdown in the growth of investors. In , SPB Exchange should show even better results than in the previous year, despite a sharp surge. This situation suggests that the majority of retail investors who come to the exchange remain there and continue to invest, creating income for brokers and the exchange.
Until recently, the competition between these companies was low, since there was a division of markets between them. But now, MOEX is developing foreign stock trading. At the moment, foreign stocks are available on this exchange. A distinctive feature is that transactions with shares are made in Russian rubles and the prices are indicated in the same currency.
Both changes share the market of financial instruments in Russia.
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