Moscow Exchange
Russia's largest exchange group, providing trading, clearing, settlement and market-infrastructure services.
Last updated October 14, 2026
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Overview
Moscow Exchange, commonly known as MOEX, is Russia's principal exchange group and a central component of the country's financial-market infrastructure. It operates organized markets for equities, government and corporate bonds, derivatives, foreign exchange, money-market instruments and precious metals. Through associated post-trade institutions, it also provides central clearing and securities-depository services. Its National Clearing Centre acts as the central counterparty across the exchange's major markets, while the National Settlement Depository is Russia's central securities depository. The group was created on 19 December 2011 through the merger of the Moscow Interbank Currency Exchange and the Russian Trading System. The combination brought together MICEX's strength in currency and cash markets and RTS's equity and derivatives expertise. The merger supported a Russian policy objective of consolidating market infrastructure and developing Moscow as an international financial centre. The resulting organization initially used the name Moscow Exchange MICEX-RTS before adopting the shorter Moscow Exchange identity. MOEX completed an initial public offering in February 2013, listing its shares under the ticker MOEX. The offering attracted institutional demand and made the exchange itself a publicly traded financial-infrastructure company. Its market ecosystem includes securities issued by major Russian corporations, sovereign and regional debt, index and single-stock derivatives, currency pairs, repo and swap instruments, and selected commodity products. It has also supported the development of domestic retail investing, with millions of Russian individuals opening brokerage accounts before the major market disruption of 2022. The exchange's international role changed sharply after Russia's invasion of Ukraine in February 2022. MOEX suspended trading, subsequently restarted selected markets under restrictions, and imposed measures affecting foreign investors, short selling and trading hours. Its post-trade subsidiaries and the exchange itself were subject to international sanctions and restrictions. These measures reduced practical connectivity between the Russian market and international settlement systems, including Euroclear and Clearstream, and altered the investor base and market environment. MOEX remains an active Russian financial-market operator. Its strategic importance derives not only from the trading venues operating under its brand but also from its integrated clearing, settlement, benchmark, liquidity and market-data functions. The exchange is therefore both a commercial company and a systemically important component of Russia's domestic financial architecture.
History
Moscow Exchange emerged from the consolidation of Russia's two leading Moscow-based exchanges. The Moscow Interbank Currency Exchange, commonly known as MICEX, developed primarily as a venue for currency and securities trading. The Russian Trading System, or RTS, became particularly associated with equity trading, derivatives and the RTS Index. Both organizations were products of Russia's post-Soviet market development and had operated as important national exchanges during the 1990s and 2000s. On 19 December 2011, MICEX and RTS merged to create a unified exchange group. The merger was intended to reduce fragmentation, improve liquidity, consolidate technology and post-trade processes, and strengthen Moscow's position as an international financial centre. The new institution combined equity, bond, foreign-exchange, money-market and derivatives businesses. It later expanded its commodities and precious-metals capabilities and developed a more integrated model in which trading, clearing, settlement and market data were connected within one group. A major structural step followed in 2012 when the National Settlement Depository received recognition as Russia's central securities depository. The National Clearing Centre became the group's central counterparty and largest clearing provider. These institutions enabled centralized risk management, settlement and collateral processes across the exchange's markets and helped create a domestic alternative to fragmented brokerage and settlement arrangements. Moscow Exchange conducted its initial public offering on 15 February 2013. The offering raised approximately 15 billion Russian rubles and was reported as heavily oversubscribed. The listing made MOEX itself a publicly traded company and broadened ownership beyond its founding market institutions. Its shares were later included in the MSCI Russia Index. The Central Bank of Russia, which had held a significant stake, sold part of its position in 2014, although it did not immediately complete a full exit. During the 2010s, MOEX expanded the range of instruments available to domestic and international participants. Its securities market hosted Russian equities and government, municipal and corporate bonds. The foreign-exchange market became a central venue for ruble pricing and for transactions in major and emerging currency pairs. The derivatives market offered futures and options linked to indices, shares, currencies, precious metals, energy and agricultural products. Spot gold and silver trading was introduced in 2013, and deliverable gold futures were added in 2018. The National Mercantile Exchange, associated with the group, supported grain spot and agricultural derivatives trading and state grain-market interventions. The exchange also sought to deepen participation by international banks and domestic individuals. Direct-market-access arrangements made it easier for global institutions to reach Russian instruments, while the growth of brokerage accounts expanded retail participation. Before the 2022 crisis, millions of individuals held brokerage accounts connected to MOEX and the exchange was an important channel for Russian household investment. The invasion of Ukraine in February 2022 produced the most consequential disruption in the exchange's history. MOEX halted trading, then resumed selected government bonds and equities in stages. Reopening measures included shortened sessions, limits on foreign-investor activity, restrictions on short selling and special rules for repurchase and derivatives transactions. Normal cross-border settlement was also impaired. The National Settlement Depository froze securities and payments connected with foreign settlement links, while European institutions and authorities imposed membership, account and sanctions restrictions on the NSD. The exchange and its clearing infrastructure consequently became more domestically oriented and less connected to Western capital markets. MOEX continues to operate as Russia's main multi-asset exchange group. Its post-trade subsidiaries, market infrastructure, benchmarks and liquidity functions remain central to the domestic financial system, although its international accessibility and ownership environment have been substantially changed by sanctions, capital controls and geopolitical fragmentation.
- 2022
Trading suspended and later reopened under restrictions
[1]Following the invasion of Ukraine, MOEX halted trading and then introduced a staged, restricted reopening.
- 2018
Deliverable gold futures launched
[1]MOEX added deliverable gold futures to its derivatives market, linked to physical precious-metals settlement.
- 2014
Central Bank sells part of its holding
[1]The Bank of Russia publicly sold shares representing nearly 12 percent of the exchange.
- 2013
Initial public offering
[1]MOEX completed its public offering, raising approximately 15 billion rubles and listing under the MOEX ticker.
- 2013
Spot precious-metals trading introduced
[1]The exchange introduced spot trading in gold and silver.
- 2012
National Settlement Depository receives central-depository status
[1]The National Settlement Depository was recognized as Russia's central securities depository.
- 2011
MICEX and RTS merge
[1]The Moscow Interbank Currency Exchange and the Russian Trading System combined to form Moscow Exchange.
Products and positioning
Russia's integrated exchange and post-trade infrastructure provider
Securities market
Equity and Bond Market
The securities market provides trading and primary issuance facilities for Russian shares and for government, municipal and corporate bonds. It includes securities of major Russian issuers and serves both capital raising and secondary-market investment. The market historically supported participation by domestic brokers, institutional investors and international banks, although access and settlement conditions changed materially after 2022.
Currency and liquidity market
Foreign Exchange and Money Market
MOEX operates organized spot and swap trading in the ruble and other currencies, together with repo, money-market and related liquidity products. The Bank of Russia uses the infrastructure for monetary-policy operations and market liquidity. The National Clearing Centre centrally clears transactions across the foreign-exchange market.
Derivatives
Derivatives Market
The derivatives venue offers futures and options linked to equity indices, individual shares, currencies, precious metals, energy and agricultural products. Historically prominent contracts included RTS Index futures and US dollar–ruble futures. Products are centrally cleared through the group's clearing infrastructure.
Commodities · 2013
Precious Metals Market
MOEX provides spot trading in precious metals, including gold and silver, and has offered deliverable gold futures. The products connect exchange trading with physical precious-metals settlement and provide an organized venue for hedging and investment exposure.
Post-trade infrastructure
National Clearing Centre
The National Clearing Centre is Moscow Exchange's central counterparty and Russia's largest clearing service provider. It manages clearing and collateral processes across the exchange's principal markets, helping reduce bilateral counterparty exposure and standardize settlement obligations.
Post-trade infrastructure · 2012
National Settlement Depository
The National Settlement Depository is Russia's central securities depository and a key settlement institution within the MOEX group. It maintains securities accounts and supports settlement services, though its international links and foreign-held assets were significantly affected by sanctions and freezes after 2022.
Brand decisions
2022
Emergency market reopening after invasion-related suspensionStrategyBackground
MOEX suspended trading after the invasion of Ukraine amid market stress, sanctions and restrictions on cross-border capital flows.
Action taken
The exchange resumed selected bond and equity trading in stages, using shortened sessions and restrictions on foreign investors, short selling and certain transaction types.
Aftermath
The reopening restored limited domestic-market activity but left the exchange operating in a heavily regulated and internationally constrained environment.
2013
Initial public offeringOtherBackground
After consolidation, the exchange sought public capital and a broader shareholder base.
Action taken
Moscow Exchange listed its own shares in an offering on 15 February 2013.
Aftermath
The IPO raised approximately 15 billion rubles and established MOEX as a publicly traded exchange operator.
IPO proceeds. Approximately RUB 15 billion raised (15 February 2013)
2011
Merger of MICEX and RTSM&ABackground
Russia's exchange landscape was divided between MICEX's currency and cash-market strengths and RTS's equity and derivatives businesses. Consolidation was intended to create a more competitive and integrated national venue.
Action taken
The two exchanges merged and began operating as a unified Moscow Exchange group.
Aftermath
The merger created Russia's dominant multi-asset exchange and provided the organizational base for integrated clearing and settlement services.
Recent events
Segezha Group prices IPO and announces Moscow Exchange listing[3]
Reported:
Segezha Group set its IPO offering price at RUB 8 per share and announced that trading in its ordinary shares was expected to commence on the Moscow Exchange that day under ticker SGZH.
Segezha Group announces IPO price range and planned listing[4]
Reported:
Segezha Group announced an indicative price range for its initial public offering and a planned listing of ordinary shares on the Moscow Exchange. The announcement said the offering was expected to raise at least RUB 30 billion.
Tinkoff begins secondary listing on Moscow Exchange[5]
Reported:
Tinkoff shares began trading on the Moscow Exchange as part of the bank’s secondary listing.
Sources5 sources
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