J’son & Partners Consulting presents key results of the study «Network outsourcing by mobile / fixed operators in Russia».
Network outsourcing market is considered to be one of the most closed, probably more closed than M&A market. Many parameters of outsourcing deals have never been disclosed. Global statistics shows deals where none of the parties were disclosed.
The goals and objectives of the study
The goals and objectives of the study are defined as follows:
Examine the main global trends of Network outsourcing by mobile operators
Describe the practice of providing Network outsourcing services in the Russian Federation
Analyze the price situation on Network outsourcing market in the Russian Federation
Identify prospects of Network outsourcing in the Russian Federation
Key issues for analysis
Key issues for analysis are defined as follows:
Global trends in Network outsourcing
Trends in Network outsourcing in Russia
Key features of the Russian legislation
The practice of Resources outsourcing in the Russian Federation
The practice of Equipment outsourcing in the Russian Federation
The practice of Communication facilities outsourcing in the Russian Federation
Importance of the problem
In recent years, the mobile and fixed communications across the world faced the need to audit the usual value chains and detected the need to review its cost structure.
This need is caused by the rapid replacement of traditional switching technologies to wider but less profitable, packet-switched services.
As the result, mobile operators are increasingly forced to team up with the partners in order to keep their business profitable. Major players are already familiar with the operating models such as outsourcing of resources, equipment, communication facilities, as well as joint ownership of network assets.
Analysis shows that the deployment of several LTE networks in the limited market is extremely unprofitable, so the managers of the large operators are increasingly relying on external or shared network infrastructure.
Some industry experts believe that outsourcing and infrastructure sharing can increase the operating cash flow of the mobile communications firm by 10%.
The global market shows very good examples of symbiotic partnership. In the UK, Vodafone and O2 have taken the «Cornerstone» initiative assuming sharing sites of mobile networks (site sharing).
Another pair of operators - T Mobile and Orange - within the project «Everything everywhere» have taken another step forward and set up a joint network company responsible for network access of both brands.
The current state of the global outsourcing market
On average, 140 - 180 outsourcing contracts are being signed every three months globally, i. e. 600-700 contracts a year ¹ (¹ Everest Global, Inc. data).
Most of the contracts - about 70% - is being signed for Information Technology Outsourcing including telecommunications (IT outsourcing, ITO). Fewer contracts are being concluded for Business Process Outsourcing, BPO - in 27% of cases. Even more seldom, complex contracts for both ITO and BPO are being made.
The telecommunication industry alone is a very small part of the outsourcing market - about 6%. State organizations, banking and insurance, medical facilities and "Others" (includes a multi-enterprise, advertising agencies, media, educational institutions, etc.) play the decisive role on the market.
The assessment of Networks outsourcing market is difficult, as far as the financial side of the concluded contracts remains closed in many cases. The figure above shows the composite data of the leading consulting agencies.
In 2012, the Networks outsourcing market equaled 62-64 billion USD. According to assessments in 2005 the size of the market was 51-52 billion USD, so the average annual growth over the seven year period from 2005 to 2012 was about 3%. However, if we consider the post-crisis years only, the CAGR is estimated at 8%.
Managed services presented about one-third of the total revenue and this share is growing steadily (Managed services market indicators are presented in the report in more details).
According to forecasts, the volume of global Network outsourcing market will maintain a positive growth trend in the medium term.
Ericsson, the Swedish manufacturer is the undisputed leader in terms of revenue received in 2012, which is about one-third of all income of outsourcing market. Nokia Siemens Networks and Chinese manufacturer Huawei Technologies follow the leader with similar market shares. The fourth major player is Franco-American Alcatel-Lucent. Total share of "Big Four outsources" is over 80% of total market revenue.
As mentioned above the Network outsourcing market is estimated at 62-64 billion USD in 2012. It is expected that the market will grow with the CAGR of 5 % by 2016 which is slightly less than during the period of 2009-2012 (the CAGR was 8%).
Russian outsourcing market as a part of the global market
The «Big Four outsources» members (Ericsson, NSN, Huawei, AlcaLu) have different views on the attractiveness of Russian Network outsourcing market. There are 6 large-scale national projects as of mid-2013 in Russia. Four of them are being led by Huawei, the others - by NSN. The "Big Three" mobile operators and Skartel / Yota are involved in these projects. Potentially the strongest driver of the Network outsourcing in Russia is LTE deployment. In general, the motivation of the major Russian operators in Network outsourcing differs from their foreign peers.
ian legislation Features
As of mid-2013 there were 71 legal acts against which Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications (ROSKOMNADZOR) has the right to verify the organizations in field of communication. In 2011, there were only 48 acts of this kind.
The unresolved question of the easement - the most optimal form land usage right in the construction and maintenance of outside plant for the operators - remains the biggest problem.
2013 can bring significant positive changes in the legislation. The changes are currently being made to the Law "On Telecommunications". The new licensing policy and other fundamentally important regulations are actively discussed.
Resources outsourcing in Russia
Local operators rarely delegate the construction of networks to foreign manufacturers and more often - to local system integrators and regional construction companies.
A feature of Communication networks’ construction and operation market in Russia is the presence of one major player - GC "INFRA engineering" and several companies which scope of activities is 4-6 times lower (other companies’ activity is considerably lower).
Equipment outsourcing in the Russian Federation
Global manufacturers prefer to enter into contracts with networks operators of national scale. Russian outsourcers usually work with regional scale networks, but it makes difficult to perform with local tasks of major operators.
During the preparation of any outsourcing contract most of the time is being spent on clear and unambiguous formulation of authorities and distribution of responsibilities of both sides - the operator and service provider.
Such coordination can take several months or a year, and the amount of the final document can amount to hundreds of pages. The result of continuous negotiations is the Responsibility Matrix with clear lines of the authorities.
Equipment outsourcing requires a well-defined QoS metric - a set of KPI.
Communication facilities outsourcing in the Russian Federation
Communication facilities’ outsourcing is a set of services which is the easiest way to outsource for operators and to accept for vendors.
Read more about the current situation on the Networks outsourcing market in the Full Version of the Report.
List of contents of the Report Full Version (243 p) «Network Outsourcing by Mobile / Fixed Operators in Russia»
2.1. The goals and objectives of the study
2.2. Key issues for analysis
2.3. Methodology and Sources
2.3.2. Assessment of markets
2.3.3. Estimating prices and tariffs
18.104.22.168. Open sources
22.214.171.124. Departmental publication
126.96.36.199. Expert interviews
188.8.131.52. The data of state bodies
2.3.6. The relevance of data
3. Outsourcing models, the current state of the market and global trends
3.1. Importance of the problem
3.2. Types of outsourcing in the field of communication
3.2.1. Outsourcing in general
184.108.40.206. Outsourcing vs. shared ownership
220.127.116.11. The problem of organizing
18.104.22.168. Scenarios to reduce network costs by operators
22.214.171.124. Network and Field Outsourcing
3.2.2. Segmentation of outsourcing services
3.2.3. Services network deployment
3.2.4. Services Network
3.2.5. Managed Services
3.2.6. Professional services
3.2.7. Laying and maintenance of resources (Resource outsourcing)
3.2.8. Installation and maintenance of equipment (Hardware outsourcing)
3.2.9. Communication facilities outsourcing
3.3. The current state of the global outsourcing market
3.3.1. Outsourcing in general
3.3.2. Network outsourcing
126.96.36.199. Volume and dynamics of Networks outsourcing market
188.8.131.52. The penetration of outsourcing
184.108.40.206. Contracts for Networks outsourcing (detailed)
220.127.116.11. Regional distribution of outsourcing
3.4. Global trends
3.4.1. Outsourcing in general
3.4.2. Network outsourcing
18.104.22.168. How will the services develop?
22.214.171.124. How will the market grow?
126.96.36.199. How will Networks outsourcing market grow?
188.8.131.52. How will separate outsourcing services grow?
3.4.3. Outsourcing in the interests of mobile operators
184.108.40.206. How the operating costs of the mobile operator are distribured?
220.127.116.11. What are the functions most commonly outsourced?
18.104.22.168. Who is an active supporter of outsourcing?
22.214.171.124. What is expected from outsourcing?
126.96.36.199. How many service providers should be?
188.8.131.52. What kind of standards to adhere to?
184.108.40.206. What should be in the contract?
220.127.116.11. What are the actual results?
3.4.4.Outsourcing in the interests of fixed-line operators
4. Key outsourcing market players
4.1. Leaders of the global outsourcing market
4.2. Market leaders in outsourcing of telecommunications infrastructure
4.2.1. "The Big Four outsourses" and others
4.2.2. Top 10 players in outsourcing of telecommunications infrastructure in 2012
18.104.22.168. The financial results of the top 10 companies in all areas of TIS
22.214.171.124. The financial results of the top 10 companies on EMEA market
126.96.36.199. The financial results of the top 10 companies on EMEA market
188.8.131.52. The financial results of the service providers network deployment
184.108.40.206. Financial results of service provider for Network maintenance
220.127.116.11. Financial Results of professional services providers
18.104.22.168. The financial results of managed services providers
22.214.171.124. The financial results of the second-tier outsourcers across the TIS
126.96.36.199. Financial Results of IT-solutions providers for TIS
4.3. Profiles of global outsourcers working in Russia
4.3.1. The current situation
4.3.2. Huawei Technologies
188.8.131.52. General Characteristics
184.108.40.206. Best Practice (Success Stories)
220.127.116.11. Presence in Russia
4.3.3. Nokia Siemens Networks
18.104.22.168. General Characteristics
22.214.171.124. Best Practice (Success Stories)
126.96.36.199. Presence in Russia
5. Overview of mobile operators in Russia
5.2. Mobile penetration in Russia
5.3. The subscriber base
5.4. Financial resources
5.4.1. The volume of the mobile market and the regional distribution
5.4.2. Financial and Operating Highlights "Big Three"
5.5. Base station
5.6. The technologies used
5.7. Unfolding network
5.8. Features of the policy statements in outsourcing
6. Russian legislation features
6.1. Regulation of the activities in the field of communication
6.1.1. Overall regulatory assessment
6.1.2. Licensed and regulation of different types of communications industry in the Russian Federation
6.1.3. Regulatory requirements for communication networks
6.1.4. Applicable law and practice (interview results)
6.2. Features of legislation in terms of ownership and lease of ACS, land acquisition, etc.
6.2.1. Overall assessment
6.2.2. Features of land use for LCS
6.2.3. Basic documents
6.2.4. Land use rights
6.2.5. Lease and easement
6.2.6. Regulation in the road sector
6.2.7. Difficult fate of servitude
188.8.131.52. Problem number 1. Easement and construction of LCS
184.108.40.206. Problem number 2. Cadastre and LCS
220.127.116.11. Problem number three. Damages
6.3. Requirements for communication facilities
6.3.1. Special architectural requirements for buildings and premises
18.104.22.168. Normative legal acts (PPA)
22.214.171.124. Server infrastructure
6.3.2. Climatic requirements
126.96.36.199. Requirements to the control center and communications nodes
188.8.131.52. Requirements for the terminal cable equipment
6.3.3. The requirements for energy supply
6.3.4. Requirements for electrical and fire safety
6.3.5. Other requirements
7. Resources outsourcing
7.1. The current practice by Federal Districts
7.1.1. Planning, coordination
7.1.2. Long-distance fiber-optic construction
7.1.3. Intra-distribution networks construction
7.1.4. SCS construction
7.1.5. Acceptance into operation
7.1.6. Example of rates for LCS LTE network deployment in Moscow
7.1.7. Construction of the facility fixed wireless
7.2. The prospects for the near future
7.2.1. The growth and deepening of specialization
7.2.2. Enlargement of construction and utilities
8. Equipment outsourcing
8.1. Types of Equipment outsourcing
8.2. Overview of manufacturer's offers overview
8.2.1. Technological features
184.108.40.206. Huawei platform
220.127.116.11. The use of global best practices in NSN proposals
18.104.22.168. Extended support and communication networks management by Ericsson
8.2.2. Organizational features
8.3. The existing practice
8.3.1. The existing practice in large multi-vendor networks
22.214.171.124. Quality Index System
126.96.36.199. Time to repair
188.8.131.52. Outsourced services system
184.108.40.206. The share of responsibility
220.127.116.11. Pricing principles of large contracts
18.104.22.168. Russian service providers of operators nationwide
8.3.2. Outsourcing in regional networks
8.3.3. Outsourcing in the newly implemented projects
8.4.1. Technology trends
8.4.2. Strategic trends
22.214.171.124. The next step - the network belonging to vendors
126.96.36.199. The benefits and pitfalls of VoN
188.8.131.52. Network construct: for own use or for sale?
184.108.40.206. Construct or acquire a network?
220.127.116.11. What are the elements of the network that is profitable to buy for a vendor?
9. Outsourcing of communication facilities
9.1. Features of the Russian market in terms of ownership and lease of ACS, land acquisition, etc.
9.1.1. The dynamics of real estate prices in the non-residential part of the (technological) premises
9.1.2. Dynamics of prices on land use
9.1.3. The impact of National Classification Standards use in the balance sheet on the financial performance of organizations
9.2. The practice of capital maintenance of communication facilities
9.2.1. Objects protection
18.104.22.168. National networks
22.214.171.124. Regional networks
9.2.2. Conducting rescue and recovery operations
126.96.36.199. National networks
188.8.131.52. Regional networks
9.2.3. Regular Maintenance
184.108.40.206. National networks
220.127.116.11. Regional networks
9.2.4. Unforeseen works during operation
9.2.5. Labor protection
9.3. Hosting and collocation market
9.3.1. General requirements for the data center
9.3.2. The data centers of fault tolerance Tier III
18.104.22.168. Basic services
22.214.171.124. Additional services
9.3.3. The data centers of fault tolerance Tier I / Tier II
126.96.36.199. Basic services
188.8.131.52. Additional services
10.1. The market outlook by directions and overall
10.2. Trends and Risks
List of Figures
Fig. 1. Equilibrium of traffic and revenue in the digital era
Fig. 2. Direct link between the use of outsourcing and efficiency of the operator
Fig. 3. Migration path to full outsourcing
Fig. 4. Supplement of shared ownership of network outsourcing
Fig. 5. Scenarios to reduce network costs by mobile operators
Fig. 6. Segmentation of services in the interpretation of NSN
Fig. 7. Segmentation of professional services in the interpretation of Alcatel-Lucent
Fig. 8. Segmentation of outsourcing services in the interpretation of Huawei
Fig. 9. Quadrant of managed services
Fig. 10. The hierarchy of key indicators adopted in Huawei
Fig. 11. The global outsourcing market by function
Fig. 12. The global outsourcing market, broken down by sector
Fig. 13. Volume and dynamics of the Network outsourcing market in 2005-2012, bln. USD
Fig. 14. The volume and dynamics of managed services, billion USD
Fig. 15. The penetration of outsourcing networks
Fig. 16. The number of contracts for Network outsourcing, 2008-2011
Fig. 17. The regional distribution of Network outsourcing market
Fig. 18. The regional distribution of Managed services market, billion USD
Fig. 19. The number of contracts for Network outsourcing in different regions, 2008-2011
Fig. 20. Prospects for the development of Network outsourcing
Fig. 21. Benefits of Network outsourcing
Fig. 22. Volume and dynamics of the Network outsourcing market, 2012-2016, bln USD
Fig. 23. The accelerated growth of mobile networks outsourcing
Fig. 24. Income share of Network outsourcing services, 2015
Fig. 25. Amounts of revenue and the dynamics of Network outsourcing services, bln USD
Fig. 26. Typical distribution of mobile operators' OPEX
Fig. 27. Distribution of mobile operator's staff by department
Fig. 28. Typical distribution of OPEX for O&M of mobile operators
Fig. 29. Distribution of network infrastructure costs
Fig. 30. Outsourcing in various departments of the mobile operator (average data)
Fig. 31. Preferences of mobile operators in the Network / field outsourcing outsourcing services
Fig. 32. Preferences in outsourcing services by function
Fig. 33. Russian mobile operators' preferences of outsourcing functions
Fig. 34. Who is the strongest supporters of outsourcing?
Fig. 35. Mobile operators expectations from outsourcing
Fig. 36. Key criteria in selecting an outsourcing supplier
Fig. 37. ITU-T E.800 recommendation and related standards
Fig. 38. Approaches of contract formation
Fig. 39. The coincidence of expectations with the results of outsourcing
Fig. 40. OPEX per SIM-card, depending on the share of the state in outsourcing
Fig. 41. Number of base stations on one technical officer depending on the share of the state in outsourcing
Fig. 42.Preferences for the desired savings in OPEX of fixed networks operstors during the transition to outsourcing
Fig. 43. Market shares of the largest network outsourcers by revenue, 2012
Fig. 44. Market shares of the largest network outsourcers by number of contracts. 2012
Fig. 45. Number of the largest network outsourcers' contracts, 2012
Fig. 46. Volume and dynamics of top-10 players' across all services TIS income
Fig. 47. Volume and dynamics of the EMEA market leaders' revenues
Fig. 48. Volume and dynamics of the market leaders' revenue from services deployments
Fig. 49. Volume and dynamics of the market leaders' revenue from maintenance services
Fig. 50. Volume and dynamics of the market leaders' revenue from professional services
Fig. 51. Volume and dynamics of the market leaders' revenue from managed services
Fig. 52. Volume and dynamics of the second-tier players' across all services TIS revenues
Fig. 53. Revenue and margin of IT-solutions providers for TIS
Fig. 54. Financial performance of Huawei
Fig. 55. The dynamics and geography of contracts of Huawei service provider
Fig. 56. A distributed network of Huawei outsourcing centers
Fig. 57. Interiors of Huawei Control Centers in China, India, Romania, Indonesia
Fig. 58. КТО's and ATS's project (MTS, Far East and Siberia)
Fig. 59. КТО's and ATS's facilities project (Vodafone, Central Region)
Fig. 60. Field service support network (Project Yota LTE network)
Fig. 61. Indicative self-esteem of Nokia Siemens Networks in the global Network outsourcing market
Fig. 62. Operators - clients of Nokia Siemens Networks
Fig. 63. Global NSN control centers
Fig. 64. Mobile penetration in the Russian Federation, the end of 2012
Fig. 65. TOP-10 Russian regions by the penetration of mobile communication, the end of 2012
Fig. 66. Top 7 operators of mobile penetration in Russia, the end of 2012
Fig. 67. Distribution of subscribers by region, million, end of 2012
Fig. 68. TOP-10 Russian regions by the size of the subscriber base, million, end of 2012
Fig. 69. Top 7 operators ин еру size ща subscriber base in Russia, the end of 2012
Fig. 70. The distribution of income from the mobile by region, end 2012
Fig. 71. TOP-10 Russian regions by revenue from mobile, bln, The end of 2012
Fig. 72. The distribution of base stations by region, end 2012
Fig. 73. TOP-10 Russian regions by the number of BS, the end of 2012
Fig. 74. TOP-10 Russian regions by the increase of BS number, the end of 2012
Fig. 75. The distribution of BS 2G by operators, the end of 2012
Fig. 76. Shares of cellular base stations of different standards, Q1. 2012
Fig. 77. The subscriber base of LTE networks, forecast up to 2020
Fig. 78. Potential players of 4G/LTE market in Russia
Fig. 79. Stages of Network outsourcing transmission by MTS, 2008-2011
Fig. 80. Forecast of Telecommunications towers market structure in Russia, 2015
Fig. 81. Ranking of the major players by an integral indicator, 2011
Fig. 82. Models of the value chain of mobile operators' services
Fig. 83. Globally-deployed Huawei's platform
Fig. 84. General and variables of the Huawei's platform
Fig. 85. Huawei's offer: two stages of outsourcing
Fig. 86. Huawei's offer: quality monitoring
Fig. 87. Huawei's offer: network upgrade
Fig. 88. Huawei's offer: Managed BSS
Fig. 89. Full cycle of outsourcing services by NSN
Fig. 90. Outsourcing services by NSN: technological landscape
Fig. 91. A typical business case by NSN
Fig. 92. Quality Index System
Fig. 93. The share of services transferred under the responsibility of the service provider
Fig. 94. Partners and clients of Infra Civil Engineering in the outsourcing market
Fig. 95. MAYKOR outsourcing services for operators nationwide
Fig. 96. MAYKOR outsourcing services in the Russian regions
Fig. 97. VoN model
Fig. 98. Two strategies of building a network from scratch
Fig. 99. The appeal of network elements as a property to vendors
Fig. 100. CAPEX structure for network site construction
Fig. 101. OPEX structure for network site operation
Fig. 102. Structure of SaaS consumption, 2011
List of tables
Table 1. Comparison of outsourcing and shared ownership
Table 2. The effect of mobile outsourcing introduction by operators
Table 3. Top 15 companies providing outsourcing services
Table 4. Examples of Huawei's recent contracts
Table 5. The statistics of Huawei's staffing by country
Table 6. Huawei's Managed Services (MS) projects in Russia
Table 7. NSN contracts of recent years
Table 8. Financial and Operating Highlights of "Big Three"
Table 9. Policy statements regarding outsourcing
Table 10. List of legal acts, directly governing the conduct of inspections by Roskomnadzor (excerpt)
Table 11. Applicable law and practice (interview results)
Table 12. Server Engineering Systems
Table 13. Climatic requirements for terminal cable equipment (JCE)
Table 14. Contents of Instructions VSN 332-93
Table 15. The practice of construction long-distance fiber-optic
Table 16. The practice of construction international fiber optic links
Table 17. The practice of construction intra-urban distribution networks
Table 18. The practice of construction SCS
Table 19. Rates for additional work during construction (land reclamation, etc.)
Table 20. Share of expenditure in excess of the estimate
Table 21. Example tariffs for outside plant design and exploration works under LTE network deployment in Moscow (excerpt)
Table 22. Example of tariffs for outside plant construction and installation works under LTE network deployment in Moscow
Table 23. Examples of the construction cost of the various options of placing the new site WiMax / LTE in the CFD
Table 24. TOP-10 largest networks constructors in Russia, 2011
Table 25. Central functions of GNOC NSN outsourcing
Table 26. Roles of the Parties in the contract for outsourcing
Table 27. Example of Responsibility Matrix (excerpt)
Table 28. Key performance indicators included to service quality SQIMOB index (service quality index od the Mobile Network)
Table 29. Key performance indicators that make up the SQITF index (Services Quality Index of the Transport / Fixed Network)
Table 30. Key performance indicators that make up the SQIBB index(Services Quality Index of the broadband access networks)
Table 31. Example of timing requirements for disaster recovery
Table 32. Group services, outsourced
Table 33. A typical example of outsourcing deals
Table 34. Rates for rental of premises
Table 35. Fees for land use
Table 36. Tariffs for the protection of premises and outside plant
Table 37. Conditions and tariffs for conducting rescue and recovery operations
Table 38. The scope of work during a scheduled maintenance
Table 39. Fees on planned maintenance of outside plant
Table 40. Tier III classification parameters
Table 41. The cost of stands renting in Moscow's data center of Tier III / Tier III + level, Q1 2012
Table 42. Cost of Collocation services, 1U in Moscow data center of Tier III / Tier III + level, Q1 2012
Table 43. Cost of Dedicated service, server, in Moscow's data centers of Tier III / Tier III + level, Q1 2012
Table 44. SaaS-solutions offered by Masterhost
Table 45. The cost of leased line Internet access, Q1 2012
Table 46. Cost of "virtual dedicated Windows-server" in the data center Masterhost
Table 47. Cost of "virtual dedicated Linux-server" in the data center Masterhost
Table 48. Cost of "backup" in the data center Filanko, Moscow
Table 49. The cost of information security services, data center Oversan
Table 50. Classification of Tier I / Tier II parameters
Table 51. The cost of stands renting in Moscow's data center of Tier I / Tier II level, Q1 2012
Table 52. Cost of "rental unit" in Moscow's data center of Tier I / Tier II level, Q1 2012
Table 53. Cost of Dedicated Service, server, in Moscow's data center of Tier I / Tier II level, Q1 2012
Table 54. The cost of leased line Internet access, data centers TierI / TierII
Table 55. The cost of renting a virtual Linux servers in a data center, "Berzarina"
Table 56. The cost of renting a virtual Windows server in the data center, "Berzarina"
Table 57. Top 100 companies providing outsourcing services
Table 58. List of legal acts, directly governing the conduct of inspections by Roskomnadzora
Table 59. Example tariffs for outside plant design and exploration works under LTE in Moscow
Table 60. Example of tariffs for outside plant construction and installation works under LTE network deployment in Moscow
Table 61. Example estimates construction of the new site WiMax or LTE in the CFD
Table 62. Example of Responsibility Matrix in outsourcing infrastructure
Table 63. Proposals for the sale and lease of process facilities in major cities of Russia
Table 64. List of terms
Table 65. List of companies mentioned in the Report
Table 66. Examples of the construction cost of the various options of placing the new site WiMax / LTE in the CFD
This Information Note is Prepared by J’son & Partners Consulting, We strive to provide factual and prognostic data that fully reflect the situation and are available to us before issuing the material. J’son & Partners Consulting reserves the right to revise the data after publication of new official information by the market players.
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