Moscow Exchange

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 (RTS), hence the name "Moscow Exchange MICEX-RTS".{{cite news|url=http://www.newswire.ca/en/story/897297/micex-and-rts-merger-creates-russian-exchange-powerhouse|title=Micex and RTS merger creates Russian Exchange powerhouse|publisher=newswire.ca|date=2011-12-19|access-date=20 December 2011|archive-date=5 November 2014|archive-url=https://web.archive.org/web/20141105055538/http://www.newswire.ca/en/story/897297/micex-and-rts-merger-creates-russian-exchange-powerhouse|url-status=dead}} 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 to support Russia's plans to turn Moscow into an international financial centre.{{cite news |url=http://www.ft.com/intl/cms/s/0/45eec10a-2976-11e1-8b1a-00144feabdc0.html#axzz1gza36H9A |url-access=subscription |title= Russia's Micex and RTS set to complete merger|newspaper=Financial Times}}

The exchange completed an initial public offering on 15 February 2013, raising {{RUB|15 billion|link=yes}} (approximately US$500 million).{{cite news|url=http://www.kommersant.ru/doc/2130035|title=Themes of the week - Moscow Exchange|newspaper=Kommersant|date=2013-02-18}} 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.{{cite news|url=https://www.bloomberg.com/news/2013-11-08/lsr-group-inter-rao-tmk-tumble-on-msci-deletion-moscow-mover.html|title=LSR Group, Inter RAO, TMK Tumble on MSCI Deletion: Moscow Mover, Ksenia Galouchko|date=2013-11-08}} 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.{{cite magazine|url=http://www.institutionalinvestor.com/Article/3359817/Banking-and-Capital-Markets-Banking/Russian-Stocks-Stagnate-but-Moscow-Exchange-Shares-Soar.html| title=Russian Stocks Stagnate, but Moscow Exchange Shares Soar|magazine=Institutional Investor|date=2014-07-09}} A Russian federal law requires{{update inline|date=February 2022}} the Central Bank to fully sell its stake in the exchange by 1 January 2016.{{cite news|title=Russian central bank decides to sell Moscow Exchange shares|url=http://uk.reuters.com/article/moscow-exchange-cenbank-idUKL6N0PC4KW20140701|archive-url=https://web.archive.org/web/20190330121139/https://uk.reuters.com/article/moscow-exchange-cenbank-idUKL6N0PC4KW20140701|url-status=dead|archive-date=30 March 2019|access-date=27 August 2014|work=Reuters|date=1 July 2014}} In October 2018, Moscow Exchange launched the trading of deliverable gold futures on its Derivatives Market.{{Cite news|url=https://www.leaprate.com/financial-services/exchanges/moscow-exchange-launches-gold-futures-with-physical-delivery/|title=Moscow Exchange launches gold futures with physical delivery|date=2018-10-10|work=LeapRate|access-date=2018-10-11|language=en-US}} Gold are delivered through precious metals market spot section.

On 24 February 2022, following the start of the Russian invasion of Ukraine, the Moscow Exchange suspended trading until further notice.{{cite news|url=https://www.wsj.com/livecoverage/russia-ukraine-latest-news/card/moscow-stock-exchange-suspends-trading-after-russia-attacks-ukraine-bbgjla4znrY1v3PxmOxK|title=Moscow Stock Exchange Suspends Trading After Russia Attacks Ukraine|date=2022-02-24 | work=Wall Street Journal | access-date=2022-02-27 }} On 27 February, TASS reported that foreign clients were banned from selling any securities, effective immediately.{{cite tweet |user=BNONews |number=1498160087323627520 |title=BREAKING: Russia bans foreign clients from selling their securities, effective immediately - TASS|date=2022-02-27 |author=BNO News | access-date=2022-02-27 }}{{cite news |url=https://www.reuters.com/business/russian-cbank-orders-block-foreign-clients-bids-sell-russian-securities-document-2022-02-27/|title=Russian c.bank orders block on foreign clients' bids to sell Russian securities - document|date=2022-02-27|work=Reuters|access-date=2022-02-27 }}

On 4 March, the exchange was suspended from the World Federation of Exchanges.{{cite news |url=https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-04/card/moscow-exchange-kicked-out-of-global-trade-group-KffKbanpsXTjdXNfDvNQ|title=Moscow Exchange Suspended From Global Trade Group |date=2022-03-04|work=Wall Street Journal|access-date=2022-03-04 }}{{cite news |url= https://www.newsweek.com/russian-stock-market-suspended-world-federation-exchanges-1684964|title=Russian Stock Market Suspended From World Federation of Exchanges |date=2022-03-04|work=Newsweek|access-date=2022-03-04 }}

On 18 March it was announced that trading in OFZ bonds should be resumed on 21 March.{{Cite web |date=2022-03-19 |title=Moscow Exchange To Resume Trading Of Government Bonds On Monday |url=https://thedeepdive.ca/moscow-exchange-to-resume-trading-of-government-bonds-on-monday/ |access-date=2022-03-19 |website=the deep dive |language=en-US}} 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.{{Cite news |date=2022-03-23 |title=Foreigners banned from selling Russian stocks as market set for limited reopening |language=en |work=Reuters |url=https://www.reuters.com/business/finance/limited-russian-stock-market-trading-resume-march-24-central-bank-says-2022-03-23/ |access-date=2022-03-23}} On 26 March, it was announced that limited trading would be expanded to all stocks in a shortened four-hour session on 28 March.{{cite web|url=https://www.bloomberg.com/news/articles/2022-03-26/moscow-exchange-to-expand-limited-trading-to-all-stocks-monday|title=Moscow Exchange to Expand Limited Trading to All Stocks Monday|website=Bloomberg|date=26 March 2022}} In August 2022, the bourse still hadn't fully returned to normal operations.{{Cite web |date=2022-08-25 |title=Moscow Exchange plans to resume evening stock trading in September |url=https://www.reuters.com/markets/europe/moscow-exchange-plans-resume-evening-stock-trading-september-2022-08-25/ |access-date=2025-01-09 |website=Reuters}} It remains unclear if, and if so when, normal operations did or will resume.{{Update inline|date=January 2024}}

The exchange was also targeted as part of international sanctions against Russia.{{cite web|url=https://www.reuters.com/markets/rates-bonds/european-exchanges-body-votes-exclude-moscow-exchange-2022-03-02/|title=European exchanges body votes to exclude Moscow Exchange|website=Reuters|date=2 March 2022}} 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.{{cite web|url=https://www.rferl.org/amp/moscow-stock-exchange-uk-status-revoked/31835607.html|title=Britain Revokes Recognized Status Of Moscow Stock Exchange In Blow To Russian Investment|website=RFE/RL|date=5 May 2022}}

The Executive Board consists of five members:

• Yury Denisov,{{cite web|title=Management|url=http://moex.com/s359|work=Moscow Exchange|access-date=4 March 2014}} CEO since 2019 and a past supervisory board member{{Cite news|date=2019-04-16|title=Moscow Exchange names new CEO to oversee growth plans|language=en|work=Reuters|url=https://www.reuters.com/article/moscow-exchange-ceo-idUSL5N21Y3MS|access-date=2020-06-09}}
• Andrey Selyuk, chief financial officer since 2022{{Cite news|date=2021-12-09|title=BRIEF-Moscow Exchange names Andrey Selyuk new CFO|language=en|work=Reuters|url=https://www.reuters.com/article/moex-cfo/brief-moscow-exchange-names-andrey-selyuk-new-cfo-idUSL1N2SU1O7|access-date=2022-01-25}}
• Andrey Burilov, chief information officer since 2020,{{Cite web|date=2020-06-01|title=MOEX Appoints Andrey Burilov as Chief Information Officer|url=https://www.financemagnates.com/executives/moves/moex-appoints-andrey-burilov-as-chief-information-officer/|access-date=2020-06-09|website=Finance Magnates|language=en}}
• Igor Marich, Managing Director of Sales & Business Development and a 20-year veteran of Moscow Exchange,{{Cite web|title=Igor Marich, Managing Director of Money and FX Markets, Moscow Exchange|url=https://www.moex.com/a726|access-date=2020-06-09|website=Moscow Exchange|language=en}}
• Dmitry Shcheglov, chief operating officer, a veteran of Moscow Exchange and its predecessor MICEX.

For 2020-2021 the board consisted of the following members:{{Cite web|title=Moscow Exchange|url=https://www.moex.com/s467|access-date=2020-06-10|website=Moscow Exchange|language=en}}

• Oleg Vyugin (chairman), an economist and former head of the Russian financial markets regulator{{Cite news|date=2018-04-26|title=BRIEF-Moscow Exchange: Oleg Vyugin Named Chairman of the Supervisory Board|language=en|work=Reuters|url=https://www.reuters.com/article/brief-moscow-exchange-oleg-vyugin-named-idUSFWN1S31IP|access-date=2020-06-10}}
• Andrey Golikov, board member at National Clearing Centre
• Maria Gordon, a former emerging markets portfolio manager at Goldman Sachs and PIMCO
• Valery Goreglyad, chief auditor of the Bank of Russia
• Bella Zlatkis, deputy chairman of the management board at Sberbank and former deputy finance minister of Russia
• Vadim Kulik, deputy president of VTB Bank{{Cite web|title=Vadim Kulik elected Deputy President and Chairman of VTB Bank|url=https://www.vtb.com/o-banke/press-centr/novosti-i-press-relizy/2019/09/2019-09-27-vadim-kulik-izbran-zamestitelem-prezidenta-predsedatelya-pravleniya-banka-vtb/|access-date=2020-06-10|website=www.vtb.com|language=en}}
• Maxim Krasnykh, global chief operating officer at Gett{{Cite web|title=Maxim Krasnykh|url=https://www.moex.com/a7264|access-date=2020-06-10|website=Moscow Exchange|language=en}}
• Paul Bodart, former CEO of BNY Mellon Europe{{Cite web|title=Wim Hautekiet to Succeed Paul Bodart as CEO of BNY Mellon Europe|url=https://www.globalcustodian.com/wim-hautekiet-to-succeed-paul-bodart-as-ceo-of-bny-mellon-europe/|access-date=2020-06-10|website=Global Custodian – The Leading quarterly magazine covering the international securities services industry}}
• Ramon Adarraga, former executive chairman of Bolsas y Mercados Españoles Market Data{{Cite web|date=2017-01-17|title=BME Reorganizes Data, IT Divisions|url=https://www.waterstechnology.com/node/2480392|access-date=2020-06-10|website=WatersTechnology.com|language=en}}
• Alexander Izosimov, former CEO of Vympelcom
• Oskar Hartmann, co-founder of Fast Lane Ventures and a board member of Alfa-Bank{{Cite web|title=Oskar Hartmann|url=https://alfabank.com/members/oskar-hartmann/|access-date=2020-06-10|website=Alfa Bank|language=en-US}}

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%),{{cite news|url=http://cbr.ru/eng/press/pr.aspx?file=02072014_124015eng2014-07-02T12_26_30.htm|title=On OJSC Moscow Exchange shares selling price|publisher=Bank of Russia|date=2014-07-02}} Sberbank (9.9%), Vnesheconombank (8.4%), European Bank for Reconstruction and Development (6.1%) and US asset management firm Capital Research and Management Company,{{cite web|title=Shareholder Structure|url=https://www.moex.com/s1352 |website=moex.com |access-date=Jan 26, 2022}} which manages more than $1.3 trillion globally in retirement assets.{{cite web|title=Employer-Sponsored Retirement Plans|url=https://www.capitalgroup.com/advisor/investments/employer-sponsored.html |website=capitalgroup.com |access-date=Jan 26, 2022}} In total, US investors owned 36.8% of the shares of Moscow Exchange, and UK investors owned 10.1%. Additionally, 360,000 Russian retail investors owned MOEX shares.{{cite web |title=moex.com |url=https://www.moex.com/n39553/?nt=201 |website=moex.com |access-date=Jan 26, 2022}}

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.{{Cite web|date=2017-03-20|title=Constituents — Moscow Exchange {{!}} Indices|url=http://moex.com/s777|access-date=2021-10-06|archive-date=20 March 2017|archive-url=https://web.archive.org/web/20170320170538/http://moex.com/s777|url-status=bot: unknown}}

Global investment banks began to provide their clients with DMA to the Russian market in 2013.{{cite news|url=http://www.efinancialnews.com/story/2013-09-05/global-banks-face-off-against-local-russian-brokers-for-equity-trading?ea9c8a2de0ee111045601ab04d673622|title=Global banks battle Russian brokers for equties trading|publisher=Financial News|date=2013-09-05}} As a result of regulatory changes, the international central securities depositories Euroclear Bank and Clearstream Banking SA offered clearance and settlement services for Russian stocks and bonds.{{cite news|url=https://www.bloomberg.com/news/2014-09-18/russia-stocks-rebound-from-biggest-drop-since-july-as-mts-gains.html|title=Russia Stocks Erase Gain on Poroshenko Warning as Sistema slides|publisher=Bloomberg|date=2014-09-18}}

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.{{cite news|url=http://moex.com/s348|title=Moscow Exchange|publisher=Moscow Exchange}}

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.{{cite news|url=http://moex.com/s1094|title=About the FX Market|publisher=Moscow Exchange}}

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.{{cite news|url=http://leaprate.com/2014/10/moscow-exchange-september-forex-turnover-jumps-10-mom-and-28-1-yoy/|title=Moscow Exchange September Forex turnover jumps 10% MoM and 28.1% YoY|publisher=Leap Rate|date=2014-01-10}}

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{{cite news|url=http://finchannel.com/index.php/business/markets-and-securities/item/39041-chinese-yuan-trading-volume-up-60-in-september-on-moscow-exchange|title=Chinese yuan trading volume up 60% in September on Moscow Exchange|publisher=Financial|date=2014-10-04}} and trading in the GBP and HKD were launched in late 2014.{{cite web |url=http://www.profit-loss.com/node/28009 |title=Moscow Exchange Looks Beyond Sanctions With New Contracts |access-date=2015-02-17 |url-status=dead |archive-url=https://web.archive.org/web/20150217120549/http://www.profit-loss.com/node/28009 |archive-date=17 February 2015}}

Moscow Exchange as of 2014 was one of the 10 largest exchange platforms for derivatives trading globally.{{cite news|url=http://www.world-exchanges.org/statistics/monthly-reports|title=World Federation of Exchanges - Monthly Reports|url-status=dead|archive-url=https://web.archive.org/web/20140817220823/http://www.world-exchanges.org/statistics/monthly-reports|archive-date=17 August 2014}} 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.{{Cite web|url=https://www.moex.com/ru/derivatives/contracts.aspx?p=act|title=Инструменты срочного рынка|website=Московская Биржа}}

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.{{cite news|url=http://www.futuresindustry.org/futures-industry.asp?iss=219&a=1641|title=Trading Volume|publisher=Futures Industry|date=2014-09-16}}

As of October 2014, 58 types of futures and 18 types of options were traded on the Exchange.{{cite news|url=http://fs.moex.com/files/8610/|title=Moscow Exchange|publisher=Moscow Exchange}}

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.{{cite news|url=http://moex.com/n4136/?nt=201|title=Moscow Exchange launches trading in precious metals|publisher=Moscow Exchange|date=2013-10-21}}

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.{{cite web|url=http://www.namex.org/NTB/|title=National Mercantile Exchange|access-date=6 December 2013|archive-url=https://web.archive.org/web/20131212211045/http://www.namex.org/NTB/|archive-date=12 December 2013|url-status=dead}}

Moscow Exchange subsidiary National Settlement Depository (NSD) was granted status as Russia's Central Securities Depository in 2012. Subsequently, Euroclear Bank and Clearstream Banking SA opened accounts with the NSD, allowing international investors access to Russian bonds and equities, and giving Russian issuers access to non-Russian investors.{{cite news|url=http://www.biztass.ru/news/id/49321|title=Project "South Stream" cannot be stopped, said the head of Gazprom Invest|publisher=Business-Tass|date=2013-12-03}}

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.{{Cite web|url=https://interfax.com/newsroom/top-stories/78367/|title=NSD fully open to dialogue with Euroclear, Clearstream, no blocks on its part - MOEX|website=interfax.com}} NSD also froze payments on securities of Russian issuers from being made to non-Russian individuals and entities. 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.{{Cite news |url=https://www.ft.com/content/b9539513-1a73-4951-8ca6-7c7f2268acd0 |title=Banks stuck in legal tangle over Russian corporate bond payments |first1=Philip |last1=Stafford |first2=Tommy |last2=Stubbington |first3=Robert |last3=Smith |newspaper=Financial Times |date=28 March 2022}} In March 2022, the European Central Securities Depositories Association (ECSDA) suspended NSD from membership in the association.{{Cite web|url=https://www.securitiesfinancetimes.com/securitieslendingnews/article.php?article_id=225383|title=DTCC blocks Russian securities from Bank of Russia|first=Jenna|last=Lomax|website=Securities Finance Times}}{{Cite web|url=https://www.securitiesfinancetimes.com/securitieslendingnews/article.php?article_id=225382|title=ECSDA suspends NSD from membership|first=Bob|last=Currie|website=Securities Finance Times}} 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.{{Cite news|url=https://www.reuters.com/markets/europe/eu-sanctions-russias-settlement-depository-which-services-eurobonds-document-2022-06-03/|title=Depository Russia planned to service Eurobonds halts euro transactions|date=3 June 2022|newspaper=Reuters }}

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|date=April 2022}} In reaction to the 2022 Russian invasion of Ukraine, the European Association of CCP Clearing Houses (EACH) suspended National Clearing Centre from EACH membership.

{{Portal|Russia|Economics}}

• Russian Trading System Stock Exchange historic, merged 2011
• Moscow Interbank Currency Exchange historic, merged 2011
• Moscow International Business Center, a commercial district in Moscow

{{Reflist|30em}}

• {{Official website}}

{{Moscow Exchange Index}}

{{World Federation of Exchanges}}

{{Stock exchanges top 25}}

{{Economy of Russia}}

{{Authority control}}{{coord|55|45|19|N|37|36|22|E|type:landmark_region:RU|display=title}}

Category:2011 establishments in Russia

Category:Companies based in Moscow

Category:Financial services companies established in 2011

Category:Financial services companies of Russia

Category:Futures exchanges

Category:Stock exchanges in Russia

Category:Companies listed on the Moscow Exchange