Net profit of the Moscow Exchange (MOEX) for the second quarter of 2026 grew by only 5% year-on-year, reaching 15.8 billion rubles. However, behind this modest figure lies a powerful driver—money market revenues surged by 27.3% quarter-on-quarter, confirming a structural shift in trading participants' preferences.
Analyzing the IFRS reporting, I see a mixed picture. On one hand, net profit declined by 8% compared to the first quarter, and net interest income fell by 13% to 11.9 billion rubles. Operating expenses, meanwhile, rose from 10.4 to 11.5 billion rubles, indicating margin pressure. On the other hand, commission income remains stable at 22 billion rubles, which is 25% higher than last year's level.
Debt Market vs. Equities: The Margin Gap
The structural dynamics are noteworthy: bond market commissions (2.3 billion rubles) now exceed the equivalent figure for the equity market (2 billion rubles). This is an unfavorable trend for the exchange, as the debt segment is less margin-intensive. For comparison: in the first quarter of 2025, with equity trading volumes at 12.3 trillion rubles, commissions reached 3.7 billion, whereas in the second quarter of 2026, with bond turnover at 11.9 trillion rubles, the exchange earned only 2.3 billion. Clearly, the rise in activity in "debt" only partially compensates for the decline in the equity instruments market.
Money Market—The Main Beneficiary
The main contribution to the results came from the money and derivatives markets. Money market revenues grew by 27.3% year-on-year and by 11.9% compared to the first quarter, reaching 5.8 billion rubles. Trading volumes here set a record—450 trillion rubles. This is driven both by increased activity from institutional players—banks actively manage short-term liquidity through money market operations—and by an influx of retail investors seeking alternatives to deposits with declining yields.
The derivatives market also shows resilience: revenues fell by 13% compared to the first quarter but remained at a high level of 4.1 billion rubles, which is 52% above last year's figure. The exchange is actively developing this segment, launching 21 new futures contracts and beginning to calculate four indices for digital currencies, as well as three for silver, platinum, and palladium.
My conclusion: The Moscow Exchange is successfully adapting to the new reality, where the money market becomes the key driver. However, dependence on this segment makes the business more sensitive to the rate-cutting cycle. Investors should closely monitor how the exchange will compensate for potential yield compression in the future.