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.[40]
Global investment banks began to provide their clients with DMA to the Russian market in 2013.[41] 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.[42]
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.[43]
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.[44]
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.[45]
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[46] and trading in the GBP and HKD were launched in late 2014.[47]
Derivatives market
Moscow Exchange as of 2014 was one of the 10 largest exchange platforms for derivatives trading globally.[48] 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.[49]
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.[50]
As of October 2014, 58 types of futures and 18 types of options were traded on the Exchange.[51]
Commodities markets
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.[52]
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.[53]
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.[52]
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.[53]
