Moscow Exchange

What Moscow Exchange does

Moscow Exchange (MOEX) is Russia's largest exchange group, operating a multi-market electronic trading platform covering equities, bonds, derivatives, currencies, and precious metals. Founded in 1992, headquartered in Moscow, and listed publicly under ticker MOEX, the exchange serves over 41 million retail investor accounts, 200+ listed corporate issuers, and a base of institutional and professional participants under Bank of Russia regulatory oversight. The platform combines a central matching engine with the National Clearing Centre (central counterparty) and the National Settlement Depository (central securities depository and settlement bank), and calculates 450+ real-time market indices including the flagship IMOEX (Moscow Exchange Index, live since September 1997) and the RGBITR government bond index.

MOEX's technology stack has expanded materially since 2025. The exchange launched crypto-asset benchmarks — first MOEXBTC and MOEXETH in 2025, then MOEXSOL, MOEXXRP, MOEXTRX, and MOEXBNB in May 2026 — each aggregating 15-second pricing feeds from Binance (50% weight), Bybit (20%), OKX (15%), and Bitget (15%). It has also introduced ruble-settled crypto futures on XRP (May 2026), precious-metals indexes for silver, platinum and palladium (June 2026), and extended trading hours through weekend sessions for stocks, ETFs, and mutual funds. In May-June 2026 MOEX ran a two-phase AI agent infrastructure test in which 38 AI agents executed 13,000+ trades, with the majority reportedly outperforming the IMOEX benchmark. Data distribution is supported by a calendar API for trading schedules and integration with broker-dealer terminals and the Finuslugi financial-services marketplace.

Revenue is generated principally through transaction fees on traded volume across multiple markets, supplemented by IPO/listing fees (26 IPOs since 2022 with cumulative proceeds above 380 billion rubles), central-counterparty clearing fees, and recurring index-data and analytics subscriptions. Distribution is exclusively through licensed broker-dealers and the Finuslugi marketplace; institutional participants connect via direct market access on professional trading terminals. Investor education is delivered through the Moscow Exchange School, fintech investments through the MB Innovations venture fund, and supplementary services through wholly-owned subsidiaries including FinUsluGi and the National Settlement Depository.

Name

Moscow Exchange

Legal name

ПАО Московская Биржа (Public Joint-Stock Company Moscow Exchange)

Website

https://moex.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Moscow Exchange (MOEX) is Russia's largest securities exchange group, operating a multi-market electronic trading platform across equities, bonds, derivatives, FX, and precious metals, with integrated clearing, settlement, index, and crypto-asset benchmark services for 41+ million retail and 200+ corporate clients.

Ownership category

akta.pro rank

Product category

Securities Exchange & Financial Market Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Primary Listing Stock Exchanges (FSAFAAAA)

akta.pro secondary industries

Money Markets & Repo Trading Platforms (FSAFANAG), Government Bond (Sovereign) Trading Platforms (FSAFACAA), FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)

Keywords

• Securities exchange trading
• Market index calculation
• Central counterparty clearing
• Derivatives futures trading
• IPO listing services

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Trading and Transaction Fees: Moscow Exchange generates primary revenue from transaction fees on trades executed across its equity, bond, derivatives, currency, and precious metals markets. Fees vary by instrument type and trading volume.
2. Listing and IPO Services: Revenue from initial public offerings and listing fees for companies seeking public market access. Over 380 billion rubles raised by companies through IPO and SPO since 2022, with 26 companies successfully conducting IPO on MOEX since 2022.
3. Index Data Services: Sale of index data, calculated iNAV for ETFs, and specialized index information products for professional investors and asset managers.
4. Clearing and Settlement Services: National Clearing Centre provides central counterparty services, generating clearing fees for cleared trades.

Pricing tiers

Distribution channels3 records

Marketing channels5 records

Core offering

Moscow Exchange operates a multi-market electronic trading platform covering equities, bonds, derivatives, currencies, precious metals, and digital assets, complemented by central clearing, settlement, depository, and index calculation services. The group also provides IPO/SPO listing services, a financial services marketplace (Finuslugi), and investor education (Moscow Exchange School), serving professional market participants, corporate issuers, and 41+ million retail investors across Russia.

Product overview

Moscow Exchange (MOEX) operates as Russia's largest securities exchange holding, offering a comprehensive multi-market trading platform. The product portfolio includes core trading services across equities (Акции), bonds (Облигации), investment funds (Фонды), money market funds, and precious metals. The exchange has expanded into digital assets with cryptocurrency indexes (MOEXBTC, MOEXSOL, MOEXXRP, MOEXTRX, MOEXBNB) and cash-settled futures on digital assets including Bitcoin, Ethereum, Solana, XRP, TRON, and BNB. Moscow Exchange provides comprehensive index products including IMOEX (Moscow Exchange Index), government bond indices (RGBITR), corporate bond indices (RUCBTRNS), and municipal bond indices (RUMBTRNS). Additional services include IPO facilitation, currency trading, and a financial services marketplace (Finuslugi). The MOEX Group encompasses the National Clearing Centre, National Settlement Depository, and investor education through Moscow Exchange School. The exchange serves over 41 million private investors with more than 200 companies listed.

Differentiator

Problem solved

Functional benefit

Products and services

• Stock Trading (Акции)
• Bond Trading (Облигации)
• Derivatives Market (Срочный рынок)
• Currency Trading (Валютный рынок)
• Precious Metals Market (Рынок драгоценных металлов)
• Investment Funds (Фонды)
• Money Market Funds (Фонды денежного рынка)
• Digital Asset Futures (Фьючерсы на цифровые активы)
• IPO Services (IPO на MOEX)
• IMOEX (Moscow Exchange Index)
• RGBITR (Government Bond Index)
• RUCBTRNS (Corporate Bond Index)
• RUMBTRNS (Municipal Bond Index)
• MOEXBTC (Bitcoin Crypto Index)
• MOEXSOL (Solana Crypto Index)
• MOEXXRP (Ripple Crypto Index)
• MOEXTRX (TRON Crypto Index)
• MOEXBNB (BNB Crypto Index)
• Gold Investment (Золото на MOEX)
• National Clearing Centre Services (НКЦ)
• National Settlement Depository Services (НРД)
• Finuslugi Financial Services Marketplace
• Moscow Exchange School (Школа Московской биржи)

Quantifiable outcome

• 172.6 trillion roubles trading volume in October 2025
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered major and core.

• SberbankmajorStrategic or Co-development Partner · 1 June 2026Sberbank, Russia's largest state-owned bank with 110 million customers, has completed technical preparations to launch cryptocurrency trading and custody services on MOEX infrastructure, pending regulatory approval expected by June 2026.
• BinancecoreTechnology or Integration · 13 May 2026Binance serves as the primary data source (50% weight) for Moscow Exchange's cryptocurrency indexes including BTC, ETH, SOL, XRP, TRX, and BNB. The partnership provides pricing data feeds from one of the world's largest crypto exchanges.
• BybitmajorTechnology or Integration · 13 May 2026Bybit provides 20% weight of pricing data for MOEX cryptocurrency indexes, contributing to the weighted average price calculation for crypto benchmarks.
• OKXmajorTechnology or Integration · 13 May 2026OKX provides 15% weight of pricing data for MOEX cryptocurrency indexes, contributing to the weighted average price calculation for crypto benchmarks.
• BitgetmajorTechnology or Integration · 13 May 2026Bitget provides 15% weight of pricing data for MOEX cryptocurrency indexes and was used in AI agent infrastructure testing by MOEX in 2026.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Deutsche Börse: European exchange operator with cash markets, derivatives (Eurex), clearing (Eurex Clearing), and indices (STOXX). Directly comparable to MOEX's multi-asset trading model with integrated clearing and benchmark publication across asset classes.
• Euronext: Pan-European exchange with primary listings across multiple jurisdictions, derivatives, and clearing services. Comparable to MOEX as a multi-asset exchange operator with cash equities, bonds, ETFs, and derivatives, though Euronext spans several geographies.
• Japan Exchange Group (JPX): Operator of Tokyo Stock Exchange and Osaka Exchange with cash equity, derivatives, and clearing operations. Comparable as a dominant regional exchange serving a primarily domestic retail-investor base in a regulated framework.
• B3 (Brasil, Bolsa, Balcão): Latin America's largest exchange with equities, futures, FX, fixed income, and crypto products. Comparable to MOEX as a vertically integrated multi-asset exchange in a large domestic market with growing crypto and derivatives offerings.
• London Stock Exchange Group (LSEG): Global exchange operator integrating primary listings, clearing (LCH), indices (FTSE Russell), and data services. Comparable to MOEX's multi-asset platform model combining equities, bonds, derivatives, FX, indices, and clearing through subsidiaries.
• Singapore Exchange (SGX): Asian multi-asset exchange with equities, fixed income, derivatives, and commodities. Comparable to MOEX's integrated equities, FX, and derivatives offering in a single dominant domestic venue context.
• Hong Kong Exchanges and Clearing (HKEX): Major Asian multi-asset exchange operator with dominant domestic position, integrated clearing/settlement subsidiaries, and expanding derivatives and commodity products. Comparable to MOEX as a regional primary exchange with vertical clearing infrastructure and product diversification beyond equities.
• Intercontinental Exchange (ICE) / NYSE: Global exchange operator combining NYSE cash equities with ICE futures, clearing, and data services. Comparable to MOEX as an integrated exchange, clearing, and indices platform, though at vastly larger scale and global reach.

Regional players

• TMX Group (Toronto Stock Exchange): Canadian exchange operator with equities, fixed income, derivatives, and energy markets. Comparable multi-asset exchange model serving a resource-rich economy, though focused on Canada rather than Russia.
• BME (Bolsas y Mercados Españoles): Spanish exchange operator with equities, fixed income, derivatives, and clearing services. Comparable in scale and integrated exchange/clearing model, though primarily serving Iberia and select LatAm linkages rather than Russia.

Market position

Strengths3 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTuberutube.ru/channel/38420507
• Xx.com/moscow_exchange
• Facebookfacebook.com/MSKExchange
• LinkedInlinkedin.com/company/moscow-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Moscow Exchange