About the company SPB Exchange
Security pageSPB Exchange is the second-largest Russian trading venue, known above all for organising trading in foreign securities. After sanctions were imposed in 2023, this business was effectively halted, and the company is rebuilding its model. The shares trade under the ticker SPBE.
What the company does
An exchange earns a fee on every trade and charges for related services — clearing, custody, access to data. The model is the same as at any trading venue: costs are almost fixed, so additional turnover comes in at a high margin, while a fall in turnover hits profit disproportionately hard.
What made SPB Exchange unique was its specialisation: it gave Russian retail investors access to the shares of foreign companies. The sanctions imposed on the venue in November 2023 led to the freezing of assets and the halt of this trading — that is, to the loss of the core business, not to its contraction.
The current stage is a search for a new footing: trading in instruments from friendly jurisdictions, commodities and digital assets. This is building a business from scratch, not restoring the old one.
Business lines
Organisation of trading
A fee on the trades of trading participants.
Clearing and settlement
Servicing the settlement of executed trades.
New business lines
Instruments from friendly jurisdictions, the commodity market, digital assets.
History
- 1997A commodity exchange is founded in Saint Petersburg.
- 2014Launch of trading in foreign securities for Russian investors.
- 2021Offering of the company's own shares.
- 2023Sanctions against the venue halt trading in foreign securities and freeze client assets.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- An operating exchange, clearing and depository infrastructure.
- Brand recognition among retail investors.
Weaknesses
- The former main source of income has been lost, and the new one is not yet comparable to it in volume.
- Part of the client assets is frozen, which brings legal and reputational costs with it.
- Competition with an incomparably larger venue on its home turf.
Opportunities
- The development of trading in instruments from friendly jurisdictions opens up a new market.
- Commodities and digital assets are segments where competition has not yet taken shape.
- The accumulated technology and clearing infrastructure can be applied to new instruments.
- The unfreezing of part of the client assets would restore the trust of retail investors.
Threats
- The core business has been lost, not reduced: trading in foreign securities has been halted by sanctions.
- Costs are almost fixed, and at low turnover the venue is loss-making.
- The trust of retail investors has been undermined by the freezing of assets.
- Competition with the largest Russian trading venue in all the new segments.
Frequently asked questions
What does SPB Exchange do?
The company organises exchange trading: it provides a venue on which participants execute trades, and it services the settlement of those trades. Historically, its specialisation was trading in foreign securities.
What happened to trading in foreign shares?
In November 2023, sanctions were imposed on the venue, because of which trading in foreign securities was halted and part of the client assets ended up frozen. Since then the company has been working on unfreezing them and on developing other business lines.
Why does a fall in turnover hit an exchange so hard?
Because its costs are almost fixed: technology, staff and infrastructure cost the same at any trading volume. The fee, however, is charged on every trade, so when turnover falls, revenue declines while the costs remain.
Issuer profile
What the company does
The company is classified under the «Financials» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 11 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7801268965. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 1 security listed: 1 share class. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 4.10B ₽.
That is 3.8 % more than in 2024, when revenue was 3.95B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 561.00M ₽.
Of every unit of revenue, 13.7 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 21.60B ₽ against total assets of 89.00B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.