Russia’s two main exchanges, MICEX and RTS, combined to create a single exchange group known as MICEX-RTS (later branded as the Moscow Exchange, MOEX). The merger aimed to unify trading in equities, bonds, derivatives, and currencies under one main marketplace and infrastructure provider.
The merged exchange adopted the name “Moscow Exchange MICEX-RTS,” aligning the group’s identity with the Moscow marketplace brand. This was part of an effort to present a single national hub for Russian financial markets to investors and issuers.
MOEX completed an IPO and began trading its own shares on the exchange. The listing was a milestone for the post-merger exchange, increasing transparency requirements and broadening ownership beyond its earlier stakeholder base.
MOEX launched trading with T+2 settlement for a first group of liquid stocks and government bonds. “T+2” means trades settle two business days after the trade date, reducing the need for full prefunding and bringing market practice closer to common international standards.
The exchange introduced trading in precious metals, expanding beyond traditional securities into commodity-linked instruments. This helped diversify MOEX’s markets and added tools for hedging and speculation tied to gold and silver prices.
Russia’s central bank announced a sale of part of its ownership in MOEX through a secondary offering. The move supported a planned reduction of the central bank’s role as a shareholder in the exchange group.
MOEX’s shareholders approved a new business name—Public Joint Stock Company Moscow Exchange MICEX-RTS—to comply with updated Russian legal standards. This formal legal change reflected wider corporate law reforms affecting Russian joint-stock companies.
The main ruble-denominated Russian stock benchmark was renamed from the MICEX Index to the MOEX Russia Index. The change linked the benchmark more directly to the post-merger exchange brand and updated index governance and methodology.
After Russia’s full-scale invasion of Ukraine and the resulting financial turmoil and sanctions, trading in Russian equities on MOEX was halted for an extended period. The closure was intended to reduce disorderly trading and limit immediate market stress.
MOEX resumed trading in a limited set of the most liquid stocks after nearly a month, with shortened hours and a ban on short selling. The staged reopening marked a shift from emergency closure to controlled market functioning under wartime and sanctions conditions.
The National Settlement Depository (NSD), part of MOEX’s post-trade infrastructure, reported an emergency situation after being hit by EU sanctions and suspended euro-denominated banking operations. This highlighted how sanctions pressure could affect settlement and custody functions, not only trading.
After new U.S. sanctions targeted the Moscow Exchange group, MOEX halted exchange trading and settlements for deliverable instruments in U.S. dollars and euros. Russia’s central bank said it would rely more on over-the-counter data for official exchange rates, reflecting a major shift away from on-exchange dollar and euro price formation.
MOEX reported that total trading volume across its markets rose in 2024 compared with 2023. The figures show the exchange continuing to operate at very large scale despite major changes in market access, settlement constraints, and the currency mix after 2022–2024 sanctions.
Moscow Exchange (MOEX) (2011–present)