Moscow Exchange

Moscow Exchange
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Name	Moscow Exchange
Native name	Московская биржа
Type	Stock exchange
Location	Moscow, Russia
Founded	19 December 2011
Owner	Publicly traded
Currency	Russian ruble
Key people	Yury Denisov (CEO)
Indices	MOEX Russia Index, RTS Index

Moscow Exchange. It is the largest exchange group in Russia, formed by the 2011 merger of the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System (RTS). The exchange operates a multi-asset trading platform for equities, bonds, derivatives, foreign exchange, and money market instruments. As a pivotal institution within the Russian financial system, it is a primary source of capital for Russian corporations and a key venue for both domestic and international investors.

History

The exchange's origins trace back to the establishment of the Moscow Interbank Currency Exchange in 1992 during the post-Soviet economic reforms, initially focusing on currency trading. The Russian Trading System, launched in 1995, was created to trade shares of newly privatized companies like Gazprom and Lukoil. For over a decade, the two entities operated as competing platforms, with MICEX dominating the currency and bond markets and the RTS being the leading equity venue. The merger was finalized in December 2011, consolidating the Russian financial system's infrastructure. Key developments post-merger included the launch of a new derivatives market and the acquisition of the National Settlement Depository. The exchange conducted its own initial public offering in February 2013, listing its shares on its own platform. Following the 2022 Russian invasion of Ukraine, the exchange was severely impacted by international sanctions, leading to prolonged suspensions of trading and the exclusion of many Russian securities from major global indices like the MSCI.

Operations and trading platforms

The exchange operates a unified technological platform supporting trading, clearing, and settlement across all asset classes. Its core trading engines include the Equities Market, the Bond Market (which includes OFZ government bonds and corporate issues), and the Standard and Classic markets inherited from the RTS and MICEX respectively. The Derivatives Market offers futures and options on indices, stocks, currency, and commodities. The FX Market is one of the largest globally for ruble pairs, trading spot, swap, and forward instruments. Clearing and settlement are handled by its subsidiary, the National Clearing Centre, with the National Settlement Depository providing central depository services. The group also encompasses the Moscow Exchange Money Market for repo and other short-term funding operations.

Indices

The exchange calculates and publishes a family of benchmark indices. The flagship MOEX Russia Index (IMOEX), a ruble-denominated index, is the main indicator of the Russian stock market's performance, comprising the most liquid Russian stocks such as Sberbank and Gazprom. Its dollar-denominated counterpart is the RTS Index (RTSI). Other significant indices include the Moscow Exchange Broad Market Index, which offers a wider market representation, and the RTS Standard Index, which tracks the most liquid stocks traded in the Standard segment. Sector-specific indices, like those for oil & gas, financials, and consumer goods, are also maintained. These indices are used as underlying assets for ETFs, derivatives, and other structured products.

Major listed companies

The exchange lists a wide array of major Russian corporations across key sectors of the national economy. The financial sector is heavily represented by giants like Sberbank, VTB Bank, and Tinkoff Bank. The energy and commodities sector features global players such as Gazprom, Rosneft, Lukoil, Novatek, and Tatneft. Significant listings in metals & mining include Norilsk Nickel, Polyus, and Severstal. Other notable issuers come from telecom (MTS), chemicals (PhosAgro), retail trade (Magnit), and IT (Yandex). Historically, many of these blue-chip companies have also had GDR programs listed on international exchanges like the London Stock Exchange.

Regulation and governance

The primary regulator overseeing the exchange's activities is the Bank of Russia, which assumed the functions of the former Federal Financial Markets Service in 2013. The exchange itself is a public company with its own board of directors and is subject to Russian federal laws, including the Federal Law "On the Securities Market" and the Federal Law "On Organized Trading". Its internal governance structure includes a Supervisory Board and an Executive Board headed by the CEO. Key subsidiaries like the National Clearing Centre and the National Settlement Depository are also regulated by the Bank of Russia. The exchange sets its own listing rules and trading rules for participants, which include major domestic and international brokerages and banks. Category:Stock exchanges in Russia Category:Companies based in Moscow Category:Financial services companies established in 2011