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". 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.

The exchange completed an initial public offering on 15 February 2013, raising 15 billion ₽ (approximately US$500 million). 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. 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. A Russian federal law requires the Central Bank to fully sell its stake in the exchange by 1 January 2016. In April 2015, the Central Bank of Russia saw it was inexpedient to completely withdraw from the OJSC Moscow Exchange capital and CJSC SPCEX. So, they made a new proposal to the Russian Ministry of Finance. In October 2018, Moscow Exchange launched the trading of deliverable gold futures on its Derivatives Market. 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. On 27 February, TASS reported that foreign clients were banned from selling any securities, effective immediately.

On 4 March, the exchange was suspended from the World Federation of Exchanges.

On 18 March it was announced that trading in OFZ bonds should be resumed on 21 March. 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. On 26 March, it was announced that limited trading would be expanded to all stocks in a shortened four-hour session on 28 March. In August 2022, the bourse still hadn't fully returned to normal operations. It remains unclear if, and if so when, normal operations did or will resume.

The exchange was also targeted as part of international sanctions against Russia. 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.

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.

Global investment banks began to provide their clients with DMA to the Russian market in 2013. 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.

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.

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 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.

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. 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. In March 2022, the European Central Securities Depositories Association (ECSDA) suspended NSD from membership in the association. 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.

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