Stock Exchanges
MOEX: a measured look at the Moscow Exchange and its index
How the Moscow Exchange works, the MOEX Russia Index (IMOEX), its energy and bank concentration, and the rouble constraints that condition it.
The Moscow Exchange (MOEX) is the main venue for equities, bonds, foreign exchange and derivatives in Russia. It was formed in 2011 from the merger of the older moio exchanges and has grown into a vertically integrated marketplace.
The reference equity benchmark is the MOEX Russia Index (IMOEX), computed in roubles. In earlier years the RTS index, priced in US dollars, was more often quoted; the two differ in that the RTS also carries the rouble-dollar rate in a single number.
The index is weighted towards energy — gas, oil and banks are the largest constituents — and it therefore follows international energy prices very closely.
Access is heavily constrained today. Sanctions, the availability of depositary receipts and capital controls all set how non-residents can, or cannot, participate. Anyone analysing MOEX is well advised to separate the local market dynamic from the restrictions that govern foreign entry.
Key facts
- IMOEX: The rouble-based benchmark index for the Russian equity market.
- Energy weight: Oil, gas and banks dominate and drive most of the move.
- Concentration: A small set of large, often state-linked, names leads the index.
- Access risk: Sanctions and controls materially limit foreign participation.
Frequently asked questions
What is the difference between the MOEX and RTS indices?
The MOEX index is computed in roubles; the RTS is priced in US dollars and thus also reflects the rouble/dollar exchange rate.
Can foreigners buy MOEX-listed stocks?
In practice there are large constraints from sanctions, deposit receipts and capital controls, so it is not simple.