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Moscow Exchange (MOEX)

posted onMay 19, 2019

Moscow Exchange is the largest exchange group in Russia, operating the country's main trading platform for equities, bonds, derivative instruments, currencies, money market instruments and commodities.

The Exchange is a result of December 2011 merger of Russia's two main exchange groups – Moscow Interbank Currency Exchange (MICEX), the oldest domestic exchange and operator of the leading securities, foreign exchange and money market platform in Russia- and the Russian Trading System (RTS), at the time the operator of Russia's leading derivatives market. 

The merger created a vertically integrated public trading market across most major asset classes, advancing Russia's plans to turn Moscow into an international financial centre. 

The merged entity was previously called MICEX-RTS, with the MICEX Index and the RTS Index among the world's top stock indices. 

The exchange rebranded in July 2012. Moscow Exchange held its initial public offering (IPO) on 15 February 2013 (ticker MOEX). Through its listing, it raised 15 billion rubles (approximately $500 million), indicating a valuation for the company of about 126.9 billion rubles ($4.2 billion). 

The IPO, at the time the largest ever held exclusively in Moscow, was more than twice oversubscribed and drew demand from institutional investors from all over the world. The biggest buyer was the state-owned Russian Direct Investment Fund, or RDIF, which purchased $80 million worth of stock. The Exchange's shares were included in the MSCI Russia Index as of 26 November 2013.

The Exchange's RTS and MICEX (now called MOEX) indices, major benchmarks for the Russian stock market, are widely used by portfolio managers to develop investment strategies.

Moscow Exchange also includes Russia's Central Securities Depository (CSD) and the National Clearing Centre (NCP), which performs the function of Central Counterparty (CCP). The launch of the CSD in 2012 removed the key barrier for trading in Russian local shares for foreign investors. 

In 2013-2014 access to Euroclear and Clearstream provided settlement services for Russian sovereign bonds, corporate bonds and equities.

Since 2013 six global banks (Citigroup, Credit Suisse, Merrill Lynch, Morgan Stanley, UBS) provide Direct Market Access (DMA) services on Moscow Exchange securities market.

In 2015, international clearing membership was launched on the FX market.

In 2017 Sponsored Market Access (SMA) was introduced providing direct Market data and Transactional flows between client and Moscow Exchange.

This year, direct clearing membership with NCC on all MOEX markets for non-residents opens new clients perspectives.

The Exchange ranks among the world's top 20 exchanges by total capitalisation of shares traded, and also among the 10 largest exchange platforms for bonds and derivatives trading.
In 2018, it was ranked as the world's eighth largest derivatives exchange by contract volume.

In Q1 2019 the Exchange deepened international cooperation by signing an MoU with BSE & India INX. The MoU provides for cross-listing of derivatives and ETFs and development of equity and fixed income products.

MOEX equity market capitalisation stands at $716 bln (as of 24 September 2019). 


Key people:
Yury Denisov  (CEO)
Mr  Denisov serves as Chief Executive Officer of Moscow Stock Exchange  since May 2019. He was previously MOEX’s deputy CEO and was a member of its supervisory board. Prior to that, he was the Treasury Head at VTB, Russia’s second biggest bank.

Phone: +7 (495) 363-3232, +7 (495) 232-3363
Fax: +7 (495) 705-9622
Email: globalexchange [at] 
Address: 13 Bolshoy Kislovsky, Moscow, 125009, Russia

(Last updated 21/10/2019)