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National Settlement Depository
National Settlement Depository (NSD) is the central securities depository of the Russian Federation
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Central Counterparty National Clearing Centre acts as a Clearing House and CCP in the Russian financial market
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Why invest in MOEX

Why invest in MOEX
Top-tier, world-class exchange infrastructure

  1. The only exchange focused on Russian financial assets;
  2. A unique, completely vertically integrated platform comprising a trading venue with a clearing house (central counterparty) and a central securities depository;
  3. Diversified product range with trading in five complimentary asset classes – equities, bonds, derivatives, FX, commodities – and liquidity management through repo, credit and deposit transactions;
  4. Fully collateralized operations with pre-trade risk checks powered by advanced and competitive in-house IT solutions, ensuring integrity of trades and business continuity;
  5. #1 Personal finance platform Finuslugi with unparalleled product offering closing down all possible client needs in financial products.


Strong performance and growth potential

  1. Counter-cyclical, resilient business model coupled with robust cost control produces one of the highest EBITDA margins among global exchanges (adjusted EBITDA margin amounted to 76.7% in 2022);
  2. The 2028 strategy entails: [1] fee and commission income CAGR of 13+% over the strategic horizon, [2] maintenance of business efficiency in terms of cost-to-fee & commission income ratio, [3] ROE generation of at least 18%;
  3. Business-driven margin and collateral requirements produce sustainable net interest income (NII) with operating income F&C/NII split of 45/55 in 2022 following ruble interest rate increase;
  4. Increased retail, corporate and local institutional activity indicates further upside potential, supported by undemanding valuations of the Russian equity market;
  5. MOEX’s mission is to transform the financial market for the growth of everyone’s wealth, and aim to become the number one choice for comprehensive and effective financial management.


Transparency and high standards of corporate governance

  1. No single controlling shareholder: the largest shareholder owns less than 12%, meaning a high free float of 64% and ample liquidity with ADTV at nearly RUB 1.1 bln in 2023, an equivalent of USD 13 mln;
  2. Ranked 3rd by Corporate Governance among Russian public companies in ESG Rating by RAEX-Europe as of December 2023;
  3. Alignment of management and shareholder interests through a long-term share-based incentive program;
  4. Comprehensive disclosure of operational, financial and non-financial information, including sustainability reporting;
  5. Attractive dividend policy with a payout target of 100% FCFE and no less than 50% of IFRS net profit if regulatory requirements as well as investment and CAPEX needs are met, based on a strong track record of dividend payout (out of net profit for the year):
  • 58.2% vs minimum 55% for 2015
  • 69.4% vs minimum 55% for 2016
  • 89.5% vs minimum 55% for 2017
  • 88.9% vs minimum 55% for 2018
  • 89.4% vs minimum 60% for 2019
  • 85.5% vs minimum 60% for 2020
  • 30.4% for 2022 (the Supervisory Board decided to temporarily suspend clause 4.7 of the dividend policy, which sets the minimal share of net profit distributed as dividends at 60%)
  • 65.0% vs minimum 50% for 2023