The Moscow Exchange (MOEX) presented its IFRS financial results for the second quarter of 2026, and the key takeaway was a shift in focus toward the money and derivatives markets. The exchange's net profit grew by 5% year-on-year, reaching 15.8 billion rubles, but declined by 8% compared to the previous quarter. More noticeable was the drop in net interest income — down 13% quarter-on-quarter, to 11.9 billion rubles.
Commission base: stability, but a structural imbalance
Commissions remain the primary source of revenue, bringing the exchange 22 billion rubles. This figure was virtually unchanged from the first quarter but exceeded the previous year's level by 25%. However, within the commission structure, a notable imbalance is evident. Commissions on the bond market (2.3 billion rubles) exceeded the corresponding figure on the equity market (2 billion rubles) for the first time. This is a worrying signal for business profitability, as the debt segment is traditionally less lucrative at comparable turnover levels.
The numbers confirm this. In the first quarter of 2025, with equity trading volumes at 12.3 trillion rubles, commissions reached 3.7 billion rubles. In the second quarter of 2026, bond market turnover amounted to 11.9 trillion rubles but generated only 2.3 billion rubles in commission income. The gap in efficiency is obvious.
Money market — the growth engine
The real driver of the results was the money market. Its revenues surged by 27.3% year-on-year and by 11.9% from the first quarter, reaching 5.8 billion rubles. Trading volumes in this segment hit a historic high, exceeding 450 trillion rubles. Interest in the money market is fueled by declining deposit yields amid monetary policy easing. Large banks are actively managing short-term liquidity through exchange instruments, while retail investors are seeking alternatives to bank deposits, shifting into money market exchange-traded funds.
The derivatives market also showed resilience: revenues fell by 13% from the first quarter but remained at a high level of 4.1 billion rubles, up 52% from the previous year. The exchange is actively developing this segment, having launched 21 new futures contracts, including instruments on digital currencies, as well as cash-settled futures on silver, platinum, and palladium.
My view
The structural shift toward the money market is a double-edged sword. On the one hand, it provides a steady stream of commissions amid weak conditions in the equity market. On the other hand, dependence on interest rate policy and short-term liquidity makes the exchange's financial results more sensitive to the rate cycle. Investors should closely monitor how MOEX diversifies its revenues, especially ahead of a possible further reduction in the key rate, which could cool activity in the money market.