Access to markets
In 2016, Moscow Exchange continued to develop its client services to ensure efficient interaction with customers. This helped to attract new users, make online services more convenient, optimise document management and reduce costs for clients.
Centralised Customer Registration Service
In 2016, Moscow Exchange migrated to shared client registration for the FX, Equity & Bond and Derivatives Markets. The new technology provides trading members with a single universal client code for all MOEX markets, eliminating the need for clients to sign up for each market separately. One of the Group’s strategic priorities is to acquire new retail investors.
Additionally, batch client registration was implemented, enabling clients to begin trading on the day they register. In July 2016, this procedure was introduced for the FX Market and
Equity & Bond Market, and in the future it will be rolled out for the Derivatives Market. In addition to the ability to open remote broker accounts, batch client registration will significantly reduce the time needed for investors to join the Equity & Bond Market. Future plans include online registration to enable clients to trade on Moscow Exchange within just 30 minutes of opening an account.
Document Flow Optimisation
In 2016, the Group continued to optimise document management and migrate to paperless technology. An option to send electronic documents for updating Know Your Customer (KYC) information without hard copies was offered to clients.
With the unified approach applied to trading access procedures, document management in the Money Market was optimised in early 2017, including depersonalisation of traders, merging of documents and transition to electronic interaction with the Bank of Russia. These changes will significantly simplify access procedures and to reduce client costs.
To improve the client experience and upgrade business processes, the Group continued to implement projects aimed at end-to-end data processing. This will reduce the time required to process client requests and in future will enhance accessibility, reliability and quality of the Group's services.
Customer Online Account
In 2016, the Trading Participant Online Account service was upgraded. It became more reliable and user friendly with improved design. New sections for client registration and document generation were developed and implemented, a KYC form was added for legal entities, translation for trading and clearing reports was offered and report generation based on user ID was enabled.
As a result, the number of service users increased by 30% year-on-year and the number of visits went up by 125% compared to 2015. Generation of documents, registration of clients and financial documents are the most popular sections. Acceptance of e-documents from trading members via the online account significantly reduces the time required for clients to generate documents, and the time the Exchange needs to process them.
Customer Satisfaction Survey
Moscow Exchange endeavours to provide a high level of satisfaction with the quality of its services.
In 2016, MOEX engaged MAGRAM Market Research to conduct a survey aimed at identifying the current level of client satisfaction. More than 650 clients and partners took part in the survey, including issuers, banks, brokers, investment management firms, members of the media, investment advisors, the Bank of Russia and the Ministry of Finance.
The customer satisfaction index was 8.6-9.0 on a 10-point grading scale, depending on the target audience. The highest satisfaction level was recorded for banks and securities issuers.
Upon completion of the survey, a decision was made to design mechanisms enhancing client and partner experience. To this end, road maps will be developed in order to improve service quality. The Exchange plans to set up a similar on-going monitoring tool for client satisfaction and to measure changes in perception annually.