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The Moscow Exchange 2Q20: trend normalization

Movement towards normalization in growth rates of Fee & commission income... which increased by 22% yoy (vs strong 29% yoy in 1Q20)  and  +1% qoq to ₽8 bln as volatility and trading volume is starting to normalize against 1Q20.Fee income accounted for two thirds of the exchange's operating income, which is close to the 70% target set in the long-term strategy....on the back of diverging fees dynamics qoq. Fee and commission income decreased: -13% qoq to ₽1 bln in the equities market; -5% qoq to ₽1 bln in the FX market; and -24% qoq to ₽0.8 bln in the derivatives market.

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