In 2018, Moscow Exchange continued improving its services to ensure effective cooperation with clients and customers, reduce costs incurred by them and optimizing document flow.
In addition to professional financial market participants (Russian banks and brokerage companies) and non-residents, who historically have been the main customer groups of MOEX, since 2017 our customer base expanded to include non-financial and insurance companies, who were granted direct access to the Exchange’s FX and Money Markets.
To improve the quality of client service by the client support department, in 2018 six key areas were identified: work with corporate customers, cooperation with foreign participants, commodities market operations, improvement of internal processes, market-making and clearing. By developing their expertise in these areas, personal managers will be able to respond to customers’ requests faster and with higher quality.
As a part of the ongoing expansion of communication channels with customers, we added more functionality to the Trading Participant Online Account service, which is now used to provide trading and clearing reports on all markets, information on market admission statuses and financial information.
The single registration service for clients of trading members was improved. In April 2018, trading members were provided with an online registration service through file exchange within the Electronic Document Interchange system (EDI system). In October, a project to register new clients via trading members’ API connections to MOEX systems was implemented. This allowed private investors to gain access to trading almost instantly after opening a brokerage account.
To cut costs and optimize document flow by implementing procedures for obtaining information from publicly available sources (Federal Tax Service and Rosstat websites), the list of documents to be submitted by customers for admission to trading was reduced by 50%. Work on transition of the Money Market to the unified scheme has been completed, with uniform admission egulations, a uniform participation agreement and depersonification of traders. his allowed a further 30% reduction in document flow for Money Market participants.
Restructuring of the departments in charge of customer relations increased the efficiency of client service and the transparency of procedures, and allowed for more diversified and qualifued support o be provided to customers. To speed up admission procedures and support regional customers, some of the functionalities were delegated to MOEX regional offices.
In 2019, it is planned to reduce the quantity of paper documents received from customers, with key interactions taking place by submission of electronic documents through an online account. At the beginning of 2019, a large project will start to simplify and automate acceptance for servicing, which will significantly reduce the waiting time for admission to trading and clearing, as well as the volume of document flow and the resources used by these processes by the Exchange and by customers.