The financial results of the Moscow Exchange (MOEX) for the second quarter of 2026 demonstrate a telling transformation in the revenue structure. The exchange's net profit grew by 5% year-on-year, reaching 15.8 billion rubles, but a decline of 8% was recorded on a quarterly basis. The main growth driver was operations in the money and derivatives markets, which together brought in nearly 10 billion rubles.
The key driver is record trading volumes in the money market, which reached 450 trillion rubles. Revenue from this segment jumped by 27.3% compared to the same period last year and by 11.9% compared to the first quarter, amounting to 5.8 billion rubles. This trend is directly linked to the management of short-term liquidity by the largest banks, which actively use the exchange's instruments to place available funds.
Commissions and Structural Shift
Commission income remains the foundation of the business, providing 22 billion rubles in revenue. Notably, commissions in the bond market (2.3 billion rubles) exceeded the corresponding figure in the stock market (2 billion rubles) for the first time. This reflects a fundamental shift in investor preferences, who, amid weak stock market conditions, have pivoted toward debt instruments. However, this trend is mixed for the exchange: the bond segment's margin is lower, which partially offsets the effect of growing turnover.
A comparison of figures across different periods clearly illustrates this imbalance. With stock trading volumes of 12.3 trillion rubles in the first quarter of 2025, commissions reached 3.7 billion rubles. In the second quarter of 2026, with bond turnover of 11.9 trillion rubles, commission income amounted to only 2.3 billion rubles. It is evident that the extensive growth of the debt market cannot fully compensate for the decline in activity in the equity segment.
Derivatives Market and New Products
Derivatives market revenue, although down 13% from the first quarter, remains impressive at 4.1 billion rubles, which is 52% higher than the previous year's figure. The exchange is actively stimulating this segment: 21 new futures contracts have been launched, and calculation has begun on four indices for digital currencies and three for precious metals (silver, platinum, palladium).
My view: The Moscow Exchange's strategy of developing the derivatives and money markets is entirely logical under current macroeconomic conditions. However, relying on these segments makes the exchange's financial results more sensitive to the regulator's interest rate policy. In the event of a reversal in the key rate cut cycle, the profitability of these areas could quickly decline, requiring management to seek new growth points. Investors should consider this structural risk when assessing the long-term attractiveness of MOEX shares.