Moscow Exchange

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Moscow Exchange
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Founded 2011
Headquarters Moscow, Russia
Key People Alexander Afanasiev, Chief Executive Officer and Chairman of the Board
Products Exchange
Website http://rts.micex.ru/en/
Releases Company News

The Moscow Exchange is the largest stock exchange in Russia and the fourth largest derivatives market globally in terms of trading activity. It was formed in 2011 through the merger of the Moscow Interbank Currency Exchange and the Russian Trading System, the two biggest Russian exchanges at the time. The capitalization of the combined company was valued at $4.5 billion ahead of the merger. The merged entity was previously called MICEX-RTS, and took on the legal form of an open joint-stock company.[1]

The Moscow Exchange provides investors, professional institutions and their Russian and foreign clients trading in a wide range of products including equities, bonds, currencies and derivatives. The exchange's market data is accessible worldwide through a range of major vendor distribution channels.[2]

In 2016, the Moscow Exchange was ranked as the world's fourth largest derivatives exchange by contract volume, with 1,950,145,218 contracts traded, up 17.5% from the previous year.[3]

On February 15, 2013, MICEX-RTS announced the successful pricing of an initial public offering in Moscow. The offer price was RUB 55 per share, and based on that price, the total market cap of the exchange at IPO was approximately RUB 126.9 billion (US $4.2 billion).[4]

In January of 2014, Moscow Exchange announced it had sold its stake in MICEX-IT for 440 million rubles.[5]

In August 2013, Eurex announced a partial agreement with the Moscow Exchange to offer futures trading in rubles, but in 2014 the deal was postponed indefinitely partly because of concerns about Western sanctions on Russia. Ruble currency futures are among the most liquid financial instruments on the Russian exchange, with an average daily value above $2 billion.[6]

History

Both RTS and MICEX were formed in the 1990s and for two decades were the leading exchanges in Russia, with the MICEX Index and the RTS Index among the world's top stock indices. The merger created a single entity that exchange leaders hoped would become a leading stock exchange globally for trading across asset classes and advance Russia's plans to turn Moscow into an international financial center.

The specific goals of the merger included the optimization of the Russian stock market, the reduction of the number of organizations with overlapping functions, the creation of a single platform for issuers, traders and investors, the reduction of transaction costs, and easier trading.[7]

In April of 2016 the exchange announced that Markit, a global provider of financial information services, had added the Moscow Exchange to its FX pricing distribution hub service. The move gave FX market participants trading access to the Moscow Exchange.[8]

On 5 April, 2017, Moscow Exchange announced a new name for its MICEX benchmark Russian stock index: the former MICEX Index will now be called MOEX Russia Index. The exchange also plans to change the methodology it uses to select index components, increasing liquidity requirements and the basis for calculation generally, with the aim of making use of the indexes more convenient for investment funds and asset managers in their financial products.[9]

Products and Services

Trading on the Securities Market of MICEX-RTS is held in three sectors: Main Market, Standard sector and Classic sector.

Futures and options contracts trade on the Derivatives Market, which is composed of the derivatives market FORTS (equity, FX and commodity contracts) and MICEX Derivatives Market (currency and interest rates futures).

Trading Hours (local)
Opening of the main trading session 10:00 - 14:00
Intraday clearing session 14:00 - 14:03
Closing of the main trading session 14:03 - 18:45
Evening clearing session 18:45 - 19:00


  • FX Market (foreign currencies)

FX trades are made in UTS, a fully electronic trading system that unites regional technical centers.

On the Money Market trading is facilitated in two sections: repo in government securities and money market instruments, and repo in stocks and bonds.

Regulated commodity markets are operated by the National Mercantile Exchange.

Moscow Exchange announced plans in April of 2013 to develop markets in gold and grains using its ownership in smaller local exchanges.[10]

Contract Volume

Year Total Annual Volume* Percent Change
2016 1,950,145,218 17.5%
2015 1,659,441,584 17.4%
2014 1,413,222,196 24.6%
2013 1,134,477,258 6.8%
2012 1,061,835,904 (-) 3.4%
2011 1,082,559,225* 73.5%*
2010 623,992,363* 31.5%*
2009 474,440,043* --
  • Rankings and volume figures from before 2011 are taken from data for the Russian Trading Systems Stock Exchange

Key People

References

  1. Press Release. PR Newswire.
  2. About Us. MICEX-RTS.
  3. FIA March 2017 Volume Survey. FIA.
  4. Moscow Exchange announces IPO Offer Price. MICEX-RTS.
  5. Moscow Exchange Sells Stake in MICEX-IT to B2B Marketplace for 440 Million Rubles. Forex Magnates.
  6. Eurex Delays Plan for Moscow Exchange Partnership. The Wall Street Journal.
  7. MICEX-RTS. Facebook.
  8. Markit adds Moscow Exchange to FX trading connectivity network. MOEX.
  9. Press Release. Mondovisione.
  10. Russia's Main Exchange Plan To Develop Gold Bullion Market - CEO. Dow Jones Newswires.