At its meeting on 27 September 2018 Moscow Exchange's Supervisory Board unanimously agreed not to pay shareholders an interim dividend for the first half of 2018. The decision is compliant with the dividend policy of Moscow Exchange that stipulates the distribution of net profit based on full-year financial results. Maintenance of robust capital adequacy level is one of MOEX’s major objectives. This is particularly relevant at a time of potential increase of volatility as anticipated by the market. Such circumstances might drive the increase of both trading volumes and the share of operations through NCC due to their collateralized nature and NCC’s superior credit rating. This could lead to an increase in client balances deposited with NCC and put pressure on its prudential ratios as a credit institution.
The Supervisory Board and the management team reaffirms its commitment to pay out the majority of net income as dividends. This dividend policy is a key component of the company's investment case. The dividend for the full year 2018 will be determined at the Annual General Meeting of Shareholders in 2019.
