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Moscow Exchange
The Moscow Exchange (MOEX; Russian: Московская биржа, romanized: Moskovskaya birzha, IPA: [mɐˈskofskəjə ˈbʲirʐə]) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central securities depository, the National Settlement Depository (NSD), and the country's largest clearing service provider, the National Clearing Centre. The exchange was formed in 2011 in a merger of the Moscow Interbank Currency Exchange and the Russian Trading System.
At the end of 2023, the total trading volume on MOEX platforms reached 1.3 quadrillion rubles (about $14 trillion).
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[needs update] the Central Bank to fully sell its stake in the exchange by 1 January 2016. 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.[needs update]
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.
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Moscow Exchange
The Moscow Exchange (MOEX; Russian: Московская биржа, romanized: Moskovskaya birzha, IPA: [mɐˈskofskəjə ˈbʲirʐə]) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central securities depository, the National Settlement Depository (NSD), and the country's largest clearing service provider, the National Clearing Centre. The exchange was formed in 2011 in a merger of the Moscow Interbank Currency Exchange and the Russian Trading System.
At the end of 2023, the total trading volume on MOEX platforms reached 1.3 quadrillion rubles (about $14 trillion).
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[needs update] the Central Bank to fully sell its stake in the exchange by 1 January 2016. 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.[needs update]
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.