Moscow Exchange
TypeStock exchange, Futures exchange, FX exchange
LocationMoscow, Russia
Founded19 December 2011; 12 years ago (2011-12-19)
OwnerPublic company
Key peopleYury Denisov (CEO)
CurrencyRussian ruble
No. of listings219[1]
Market capUS$ $773 billion[2]
IndicesMOEX Russia Index, RTS Index

The Moscow Exchange (MOEX; Russian: Московская биржа, romanized: Moskovskaya birzha, IPA: [mɐˈskofskəjə ˈbʲirʐə]) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central securities depository, the National Settlement Depository (NSD), and the country's largest clearing service provider, the National Clearing Centre.[3] The exchange was formed in 2011 in a merger of the Moscow Interbank Currency Exchange and the Russian Trading System.

At the end of 2023, the total trading volume on MOEX platforms reached 1.3 quadrillion rubles (about $14 trillion).[4][5]


The Moscow Exchange was established on 19 December 2011 by merging the two largest Moscow-based exchanges, the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System, hence the name "Moscow Exchange MICEX-RTS".[6] Both organisations had been formed in the 1990s and were leading Russian exchanges for two decades with their MICEX Index and the RTS Index. The merger created a single entity[6] to support Russia's plans to turn Moscow into an international financial centre.[7]

The exchange completed an initial public offering on 15 February 2013, raising 15 billion (approximately US$500 million).[8] The offering, at the time the largest ever held exclusively in Moscow, was more than twice oversubscribed and drew demand from institutional investors globally. The exchange's shares were included in the MSCI Russia Index in November 2013.[9] In July 2014 the Central Bank of Russia, the largest shareholder of the exchange, completed the public sale of shares representing nearly 12% of the exchange.[10] A Russian federal law requires[needs update] the Central Bank to fully sell its stake in the exchange by 1 January 2016.[11] In October 2018, Moscow Exchange launched the trading of deliverable gold futures on its Derivatives Market.[12] Gold are delivered through precious metals market spot section.[12]

Suspension of trading due to war in Ukraine

On 24 February 2022, following the start of the Russian invasion of Ukraine, the Moscow Exchange suspended trading until further notice.[13] On 27 February, TASS reported that foreign clients were banned from selling any securities, effective immediately.[14][15]

On 4 March, the exchange was suspended from the World Federation of Exchanges.[16][17]

On 18 March it was announced that trading in OFZ bonds should be resumed on 21 March.[18] On 23 March, it was announced that trading of 33 ruble securities would resume on 24 March for residents of Russia, but that foreign investors were being restricted to repo deals and deals with derivative instruments. It was also announced that the act of short selling would be banned.[19] On 26 March, it was announced that limited trading would be expanded to all stocks in a shortened four-hour session on 28 March.[20] It remains unclear if, and if so when, normal operations will resume.[needs update]

The exchange was also targeted as part of international sanctions against Russia.[21] On May 5, the United Kingdom revoked the exchange’s status as a UK "recognized stock exchange", thereby depriving securities traded on the exchange of certain UK tax reliefs.[22]


The Executive Board consists of five members:

For 2020-2021 the board consisted of the following members:[28]


Moscow Exchange's shares are publicly traded under the ticker MOEX. As of December 2021 approximately 63% of shares were in the free float, while the following held blocks of shares: Central Bank of Russia (11.75%),[35] Sberbank (9.9%), Vnesheconombank (8.4%), European Bank for Reconstruction and Development (6.1%) and US asset management firm Capital Research and Management Company,[36] which manages more than $1.3 trillion globally in retirement assets.[37] In total, US investors owned 36.8% of the shares of Moscow Exchange, and UK investors owned 10.1%.[36] Additionally, 360,000 Russian retail investors owned MOEX shares.[38]

Trading markets

Equity & Bond Market

The Equity & Bond Market is a key platform for Russian businesses to raise capital and for domestic and international investors to access equity and debt investment opportunities. It is the main trading venue for Russian stocks as well as government, municipal, and corporate bonds. In 2013–2014, 16 companies placed stock via Moscow Exchange, raising a total of approximately RUB 200 bln. On the fixed income side, more than 400 bond issues were placed, raising more than RUB 3.4 trillion for issuers.

Moscow Exchange includes shares of many of Russia's largest companies, including Gazprom, Sberbank, Rosneft, Lukoil and VTB.[39]

Global investment banks began to provide their clients with DMA to the Russian market in 2013.[40] As a result of regulatory changes, the international central securities depositories Euroclear and Clearstream offered clearance and settlement services for Russian stocks and bonds.[41]

In addition, Moscow Exchange focused on further developing the domestic investor base. The number of individuals with brokerage accounts on Moscow Exchange reached 17 million as of January 2022, which represented 11% of Russia’s population.[42]

Foreign Exchange and money market

The Bank of Russia uses the Exchange's infrastructure to implement monetary policy and provide liquidity to the market through repo transactions and FX swap transactions. For its domestic and international clients, including banks and corporates, Moscow Exchange offers products to manage liquidity and FX exposure. It is the centre of pricing for RUB and offers many RUB currency pairs, with tight spreads based on a transparent order book.[43]

All transactions (spot and swap) on the FX market are centrally cleared by National Clearing Centre. In September 2014, average daily trading volume across all currency pairs was US$22.4 bln.[44]

While RUB/USD and RUB/EUR were the most traded currency pairs in 2014, Moscow Exchange also promoted trading in other currencies. In particular the RUB/CNY pair was well received by the market[45] and trading in the GBP and HKD were launched in late 2014.[46]

Derivatives market

Moscow Exchange as of 2014 was one of the 10 largest exchange platforms for derivatives trading globally.[47] The Derivatives Market facilitates trading of options contracts on, as well as futures contracts on indices, shares of both Russian and foreign companies, currency pairs, precious metals, energy and agricultural products.[48]

Futures on the RTS Index ranked sixth among the world's most actively traded derivatives on stock market indices according to data from the Futures Industry Association as of June 2014. Futures contracts on the U.S. dollar-Russian ruble were ranked first on 2014 in global liquidity, according to the Futures Industry Association.[49]

As of October 2014, 58 types of futures and 18 types of options were traded on the Exchange.[50]

Commodities markets

Precious metals trading

Moscow Exchange introduced spot trading in gold and silver in 2013. It has postponed a launch of trade in platinum and palladium by end of October or early November 2014 in order to do additional testing of the trading and clearing system.[51]

Grain trading

National Mercantile Exchange is Russia's platform for spot grain trading, as well as in deliverable futures on agricultural products. Since 2002, National Mercantile Exchange has been the platform by which the Russian state executes interventions in the grain market.[52]

Post-trade services, subsidiaries National Settlement Depository and National Clearing Centre

Moscow Exchange subsidiary National Settlement Depository (NSD) was granted status as Russia's Central Securities Depository in 2012. Subsequently, Euroclear and Clearstream opened accounts with the NSD, allowing international investors access to Russian bonds and equities, and giving Russian issuers access to non-Russian investors.[53]

In the wake of the 2022 Russian invasion of Ukraine, NSD blocked and froze all securities held in Euroclear's account at NSD, on March 1, 2022.[54] NSD also froze payments on securities of Russian issuers from being made to non-Russian individuals and entities.[36] On March 18, 2022, NSD's accounts at Euroclear and Clearstream (which together held €50tn of assets on behalf of investors) were blocked and frozen.[55][56] In March 2022, the European Central Securities Depositories Association (ECSDA) suspended NSD from membership in the association.[57][56] In addition, the European Union added NSD to its extended sanctions list, blocking NSD's accounts in euros and in Euroclear and Clearstream and making it impossible to service forex-denominated bonds issued by Russia and Russian companies, and the NSD suspended transactions in euros.[58]

Another Moscow Exchange subsidiary, National Clearing Centre (NCC), is Russia's largest clearing center and is the Central Counterparty (CCP) across all Moscow Exchange markets.[citation needed] In reaction to the 2022 Russian invasion of Ukraine, the European Association of CCP Clearing Houses (EACH) suspended National Clearing Centre from EACH membership.[56]

See also


  1. ^ "Instruments". Moscow Exchange. Retrieved 26 August 2017.
  2. ^ "tradinghours". Retrieved 26 March 2022.
  3. ^ "Moscow Exchange". Moscow Exchange.
  4. ^ "Московская биржа подвела итоги торгов в декабре 2023 года". Moscow Exchange (in Russian). 10 January 2024.
  5. ^ "Moscow Exchange announces results for the full year 2023". Moscow Exchange. 26 February 2024.
  6. ^ a b "Micex and RTS merger creates Russian Exchange powerhouse". 19 December 2011. Archived from the original on 5 November 2014. Retrieved 20 December 2011.
  7. ^ "Russia's Micex and RTS set to complete merger". Financial Times.
  8. ^ "Themes of the week - Moscow Exchange". Kommersant. 18 February 2013.
  9. ^ "LSR Group, Inter RAO, TMK Tumble on MSCI Deletion: Moscow Mover, Ksenia Galouchko". 8 November 2013.
  10. ^ "Russian Stocks Stagnate, but Moscow Exchange Shares Soar". Institutional Investor. 9 July 2014.
  11. ^ "Russian central bank decides to sell Moscow Exchange shares". Reuters. 1 July 2014. Retrieved 27 August 2014.
  12. ^ a b "Moscow Exchange launches gold futures with physical delivery". LeapRate. 10 October 2018. Retrieved 11 October 2018.
  13. ^ "Moscow Stock Exchange Suspends Trading After Russia Attacks Ukraine". Wall Street Journal. 24 February 2022. Retrieved 27 February 2022.
  14. ^ BNO News [@BNONews] (27 February 2022). "BREAKING: Russia bans foreign clients from selling their securities, effective immediately - TASS" (Tweet). Retrieved 27 February 2022 – via Twitter.
  15. ^ "Russian orders block on foreign clients' bids to sell Russian securities - document". Reuters. 27 February 2022. Retrieved 27 February 2022.
  16. ^ "Moscow Exchange Suspended From Global Trade Group". Wall Street Journal. 4 March 2022. Retrieved 4 March 2022.
  17. ^ "Russian Stock Market Suspended From World Federation of Exchanges". Newsweek. 4 March 2022. Retrieved 4 March 2022.
  18. ^ "Moscow Exchange To Resume Trading Of Government Bonds On Monday". the deep dive. 19 March 2022. Retrieved 19 March 2022.
  19. ^ "Foreigners banned from selling Russian stocks as market set for limited reopening". Reuters. 23 March 2022. Retrieved 23 March 2022.
  20. ^ "Moscow Exchange to Expand Limited Trading to All Stocks Monday". Bloomberg. 26 March 2022.
  21. ^ "European exchanges body votes to exclude Moscow Exchange". Reuters. 2 March 2022.
  22. ^ "Britain Revokes Recognized Status Of Moscow Stock Exchange In Blow To Russian Investment". RFE/RL. 5 May 2022.
  23. ^ "Management". Moscow Exchange. Retrieved 4 March 2014.
  24. ^ "Moscow Exchange names new CEO to oversee growth plans". Reuters. 16 April 2019. Retrieved 9 June 2020.
  25. ^ "BRIEF-Moscow Exchange names Andrey Selyuk new CFO". Reuters. 9 December 2021. Retrieved 25 January 2022.
  26. ^ "MOEX Appoints Andrey Burilov as Chief Information Officer". Finance Magnates. 1 June 2020. Retrieved 9 June 2020.
  27. ^ "Igor Marich, Managing Director of Money and FX Markets, Moscow Exchange". Moscow Exchange. Retrieved 9 June 2020.
  28. ^ "Moscow Exchange". Moscow Exchange. Retrieved 10 June 2020.
  29. ^ "BRIEF-Moscow Exchange: Oleg Vyugin Named Chairman of the Supervisory Board". Reuters. 26 April 2018. Retrieved 10 June 2020.
  30. ^ "Vadim Kulik elected Deputy President and Chairman of VTB Bank". Retrieved 10 June 2020.
  31. ^ "Maxim Krasnykh". Moscow Exchange. Retrieved 10 June 2020.
  32. ^ "Wim Hautekiet to Succeed Paul Bodart as CEO of BNY Mellon Europe". Global Custodian – The Leading quarterly magazine covering the international securities services industry. Retrieved 10 June 2020.
  33. ^ "BME Reorganizes Data, IT Divisions". 17 January 2017. Retrieved 10 June 2020.
  34. ^ "Oskar Hartmann". Alfa Bank. Retrieved 10 June 2020.
  35. ^ "On OJSC Moscow Exchange shares selling price". Bank of Russia. 2 July 2014.
  36. ^ a b c "Shareholder Structure". Retrieved 26 January 2022.
  37. ^ "Employer-Sponsored Retirement Plans". Retrieved 26 January 2022.
  38. ^ "". Retrieved 26 January 2022.
  39. ^ "Constituents — Moscow Exchange | Indices". 20 March 2017. Archived from the original on 20 March 2017. Retrieved 6 October 2021.((cite web)): CS1 maint: bot: original URL status unknown (link)
  40. ^ "Global banks battle Russian brokers for equties trading". Financial News. 5 September 2013.
  41. ^ "Russia Stocks Erase Gain on Poroshenko Warning as Sistema slides". Bloomberg. 18 September 2014.
  42. ^ "Moscow Exchange". Moscow Exchange.
  43. ^ "About the FX Market". Moscow Exchange.
  44. ^ "Moscow Exchange September Forex turnover jumps 10% MoM and 28.1% YoY". Leap Rate. 10 January 2014.
  45. ^ "Chinese yuan trading volume up 60% in September on Moscow Exchange". Financial. 4 October 2014.
  46. ^ "Moscow Exchange Looks Beyond Sanctions With New Contracts". Archived from the original on 17 February 2015. Retrieved 17 February 2015.
  47. ^ "World Federation of Exchanges - Monthly Reports". Archived from the original on 17 August 2014.
  48. ^ "Инструменты срочного рынка". Московская Биржа.
  49. ^ "Trading Volume". Futures Industry. 16 September 2014.
  50. ^ "Moscow Exchange". Moscow Exchange.
  51. ^ "Moscow Exchange launches trading in precious metals". Moscow Exchange. 21 October 2013.
  52. ^ "National Mercantile Exchange". Archived from the original on 12 December 2013. Retrieved 6 December 2013.
  53. ^ "Project "South Stream" cannot be stopped, said the head of Gazprom Invest". Business-Tass. 3 December 2013.
  54. ^ "NSD fully open to dialogue with Euroclear, Clearstream, no blocks on its part - MOEX".
  55. ^ Stafford, Philip; Stubbington, Tommy; Smith, Robert (28 March 2022). "Banks stuck in legal tangle over Russian corporate bond payments". Financial Times.
  56. ^ a b c Currie, Bob. "ECSDA suspends NSD from membership". Securities Finance Times.
  57. ^ Lomax, Jenna. "DTCC blocks Russian securities from Bank of Russia". Securities Finance Times.
  58. ^ "Depository Russia planned to service Eurobonds halts euro transactions". Reuters. 3 June 2022.

55°45′19″N 37°36′22″E / 55.75528°N 37.60611°E / 55.75528; 37.60611