The financial results of the Moscow Exchange for the second quarter of 2026 paint an interesting picture: overall net profit grew by only 5% year-on-year, reaching 15.8 billion rubles, but the key driver was the money market. Revenue from it surged by 27.3% compared to the same period last year and by 11.9% versus the first quarter, reaching 5.8 billion rubles. This is a clear signal of where investor activity is shifting under current macroeconomic conditions.
Combined revenue from the money and derivatives markets brought the exchange nearly 10 billion rubles, effectively forming the backbone of the financial result. At the same time, net interest income fell by 13% quarter-on-quarter to 11.9 billion rubles, while operating expenses rose from 10.4 to 11.5 billion rubles. This dynamic underscores that the exchange is offsetting the compression of its interest margin through commission fees and record trading volumes.
Commissions remain the anchor of revenue
Commission income in the second quarter totaled 22 billion rubles—25% above last year's level, although it remained virtually unchanged from the first quarter. However, the structure of this income underwent significant changes. The bond market generated 2.3 billion rubles in commissions, while the equity market brought in only 2 billion rubles. This is a direct consequence of the weak conditions in the equity segment.
The gap in profitability is evident: with equity trading volumes of 12.3 trillion rubles in the first quarter of 2025, commissions reached 3.7 billion rubles, whereas in the second quarter of 2026, with bond turnover of 11.9 trillion rubles, commission income amounted to only 2.3 billion rubles. The debt market is less profitable, and its growth only partially compensates for the decline in activity in the equity market.
The money market as a new anchor point
Record trading volumes in the money market—450 trillion rubles—resulted from two factors. First, large banks are actively managing short-term liquidity through exchange instruments. Second, retail investors, faced with declining deposit yields following the key rate, are shifting toward exchange-traded money market instruments, including exchange-traded funds (ETFs).
The derivatives market also contributed: revenue here fell by 13% from 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: 21 new futures contracts have been launched, and calculation has begun for four indices on digital currencies and three more on silver, platinum, and palladium.
My view: The growth in money market revenue is not a temporary trend but a structural shift. As long as the key rate remains high and the equity market fails to show a sustained recovery, the exchange will become increasingly dependent on repo operations and liquidity management instruments. Investors should closely monitor this segment—it is currently what determines the platform's financial stability.