The Moscow Exchange (MOEX) has presented its financial results for the second quarter of 2026, and the picture is mixed. The exchange's net profit grew by only 5% year-on-year, to 15.8 billion rubles, while a decline of 8% was recorded relative to the first quarter. As expected, the key driver was the money market, with revenues from it surging by 27.3% year-on-year.
Activity in the money market reached record volumes: trading turnover exceeded 450 trillion rubles. Investors, including retail ones, are actively seeking alternatives to deposits, whose yields are declining in line with the key rate. This has led to a significant inflow of funds into exchange-traded money market mutual funds, which directly impacted MOEX's commission income.
Structural Shift: Bonds vs. Equities
The change in the structure of commission income is noteworthy. Revenues from bond trading (2.3 billion rubles) exceeded equity revenues (2 billion rubles) for the first time. This is a signal the market cannot ignore. The debt segment is less marginal: with comparable turnover, it brings the exchange less than trading in equity instruments. The comparison is telling: 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, with bond turnover at 11.9 trillion rubles, commission income amounted to only 2.3 billion.
The stock market is going through tough times due to weak market conditions, and the exchange is compensating for this through the derivatives market. Revenues here fell by 13% compared to the first quarter but remain high at 4.1 billion rubles, which is 52% above last year's figure. MOEX is actively expanding its product line: 27 new futures contracts were launched during the quarter, including instruments on digital currencies and precious metals.
My view: MOEX's current dynamics are a classic example of adapting a business model to macroeconomic realities. The money market is becoming not just a "safe haven" but the main profit generator. However, relying on low-margin instruments is a double-edged sword: for sustainable growth, the exchange needs a revival in the equity market, otherwise profit growth rates will remain modest despite record turnover.