The Moscow Exchange has published its IFRS results for the second quarter of 2026. The key takeaway is that the exchange's net profit grew by 5% year-on-year, reaching 15.8 billion rubles. However, the main surprise was the revenue structure: record trading volumes in the money market offset the weakness of the equity segment.
According to my analysis of the report, commission income remains the foundation of the business—it brought in 22 billion rubles, up 25% from the previous year, although it remained flat compared to the first quarter. At the same time, operating expenses rose from 10.4 to 11.5 billion rubles, reflecting continued investment in platform development.
Structural shift: bonds vs. stocks
The redistribution of activity is noteworthy. Commission income from the bond market (2.3 billion rubles) significantly exceeded revenue from equity trading (2 billion rubles) for the first time. This is a worrying signal for profitability: the debt segment is traditionally less lucrative at comparable turnover levels. For comparison: in the first quarter of 2025, with equity trading volume at 12.3 trillion rubles, commissions reached 3.7 billion, whereas in the second quarter of 2026, bond turnover of 11.9 trillion brought in only 2.3 billion. The efficiency gap is obvious.
The money market is the growth engine
The main contribution to the improved results came from the money market. Revenue here surged by 27.3% year-on-year and by 11.9% quarter-on-quarter, reaching 5.8 billion rubles. Trading volumes set a historic record—450 trillion rubles. This is a direct consequence of declining deposit yields: institutional players, including major banks, are actively managing short-term liquidity through exchange instruments, while retail investors are seeking alternatives to bank deposits.
The derivatives market also showed resilience: revenue declined by 13% from the first quarter but remained at a high level of 4.1 billion rubles (+52% year-on-year). The exchange continues to expand its product lineup—14 new futures contracts were launched during the quarter, including instruments on digital currencies and precious metals.
My expert assessment: the current dynamics confirm that the Moscow Exchange is successfully adapting to changing market conditions. However, the persistent bias toward low-margin segments requires management to actively develop premium products. Investors should closely monitor the company's ability to monetize growing turnover without losing efficiency.