The Exchange is working hard to build constructive dialogue with investors, market participants, current and potential issuers, regulatory agencies and with the professional community, both by direct communication through advisory bodies and working groups, and also at investment conferences, forums and specialized training events. This work helps to attract new investors to the Exchange’s markets, expand the Exchange’s client base, increase liquidity on the financial markets and attract investment into the Russian economy.


To ensure efficient interaction with trading participants and clients, a special advisory collegial body, the Exchange Council, which is tasked with elaborating strategic proposals for the development of the Russian financial market, and also represents the interests of market participants and the Exchange’s clients, to ensure that their needs are fully reflected when addressing issues related to the organization and development of financial market infrastructure. The Exchange Council includes management of major market participants, heads of self-regulatory organizations, management companies, investment banks and the Bank of Russia.

The Exchange Council is elected every two years by the Exchange’s Executive Board. The current members of the Exchange Council were approved by the Executive Board in August 2022.

In 2022, ten meetings of the Exchange Council were held to consider the following issues:
  • the current situation on the financial markets and the resumption of trading on the Moscow Exchange markets in March 2022,
  • plans to organise payments on Eurobonds of Russian issuers.
  • depositary receipts on Russian shares,
  • the work of the Expert Council for listing,
  • the status of the Investor Protection Club,
  • settlement in foreign currencies,
  • the performance of the Moscow Exchange for certain periods,
  • approaches to information disclosure by issuers,
  • the project to set up an information and trading terminal,
  • the status of asset unblocking process.


The Exchange, NCC and NSD convene 23 user committees comprising groups of financial market participants and issuers.

The composition of most user committees is reviewed annually. The members of the committees represent both professional market participants - banks and brokers - as well as issuers, non-financial companies and the regulator, the Bank of Russia.

For many years, the User Committees have been an effective means of communication between Moscow Exchange and the market. Members of the Committees formulate proposals to improve the regulatory framework and develop Moscow Exchange’s products and services. Issues considered at Committee meetings cover all aspects of the Exchange’s activities, from regulation of securities issuance and trading, information disclosure and corporate governance to technological solutions for organising on-exchange trading and clearing and settlements.

A total of 100 meetings of the Committees were held during 2022, at which market participants discussed and provided recommendations on amendments to the Exchange rules, technology and tariffs.


The Expert Council on Listing has operated to improve the quality of securities analysis at admission and maintenance of a security in MOEX’s list. It is responsible for reviewing, analysing and making recommendations on the listing/ delisting of securities, moving companies between the listing levels, suspending trading in securities and other issues.

In early 2022, the Listing Expert Council of 49 members, including appraisers, auditors, bankers, lawyers, analysts, investors and methodologists. A separate group of experts specialising in ESG was established to strengthen the expertise of ESG practices.

Meetings of the Expert Council are held in the format of working groups of subject matter experts of 7–15 people approved by the Chairman of the Expert Council to consider issues on the agenda.

In 2022, five meetings of the Listing Expert Council were held, and seven issues were considered, including elaboration of recommendations on amendments to the Listing Rules, development of recommendations on disclosure of information by securities issuers, and discussion of the introduction of a risk profiling system for securities issuers.


One of the key events in the field of corporate governance and investor relations is the annual report contest which has been held by the Exchange since 1997. The competition helps to increase transparency among public companies and effective information disclosure to investors and customers.

In 2022, 86 companies took part in the 25th anniversary annual reports contest, including seven debutants. The jury consisted of 17 experts, including representatives of professional associations, major consulting companies, banks and investment companies, rating agencies, leading financial analysts, corporate governance and communications specialists.

In 2022, the competition was held with a renewed contestant evaluation process and nomination system. Five grand prizes were introduced in the main categories, which were awarded for the best annual reports and sustainability report, depending on the company’s capitalisation. The contest was held in partnership with Joint Stock Company magazine, Interfax Information Group and RusBonds portal.

Moscow Exchange was a partner of the of the All-Russian Corporate Governance Forum and the Director of the Year Award, an annual platform for communication and exchange of experience among corporate governance professionals.

In addition, Moscow Exchange supported the National Corporate Secretaries Association (NCSA) Forum and the Congress of the Russian Institute of Directors, as well as holding a meeting of members of the boards of directors of major Russian companies.


For many years, the Exchange has organized its own events and supported major professional financial markets conferences.

In 2022, Moscow Exchange held its FX and Money Market Forum, Compliance: Key Trends 2022, was a partner in the business programme of the St Petersburg International Economic Forum (SPIEF-2022) and the Finopolis 2021/22 Innovative Financial Technologies Forum, and supported events organized by self-regulatory organizations – the National Association of Stock Market Traders (NAUFOR) and the National Financial Association (NFA), as well as ACI Russia, the Association of Corporate Treasurers and Cbonds.

As part of the MOEX Home Talks series of online meetings, Moscow Exchange representatives talk to company CEOs, discussing doing business in a changing environment, as well as development plans and new opportunities for the Russian economy and private investors. In 2022, five meetings were held with executives of major issuers.

More than 10 ceremonies and roundtables were held to launch new products and admit new securities to trading on the Exchange.

At the end of 2021, the MOEX IR Club, a professional investor communications community, was established. Four meetings were held in 2022, at which club members and invited experts discussed current events and shared their experiences.


In 2022, Moscow Exchange continued to actively develop cooperation and interaction with international exchanges. In addition to continuing cooperation with financial institutions in China on the Equity & Bond, FX and Precious Metals Markets, Moscow Exchange is developing business relations with the exchanges of Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.


The inflow of private investors to Moscow Exchange continued. In 2022, more than 6 million people opened brokerage accounts with Moscow Exchange; the total number of individuals with brokerage accounts reached 22.9 million, and they opened 38.3 million brokerage accounts. To improve the financial literacy of Russians and broaden knowledge of the principles of the exchange and traded instruments, Moscow Exchange holds specialised events, training seminars and competitions.

In 2022, Moscow Exchange continued to elaborate the Investor’s Way, a training course developed by MOEX with expert support from the Bank of Russia using the methodology of the International Organisation of Securities Commissions (IOSCO). It covers the key principles of effective investing - from understanding the risks of market operations to knowing investor rights - and explains in a simple format how on-exchange trading is organised. The Investor’s Way is the first course to be accredited by the Association for the Advancement of Financial Literacy (ARF), confirming its compliance with financial education best practice. The course is available online on the Moscow Exchange School website and is free of charge for anyone.

In 2022, The Investor’s Way became available on the online cinema Okko, as well as on brokerage websites and mobile apps. It also won NAUFOR’s annual Securities Market Elite award in the category “National Securities Market Development Project”. In 2022, the course’s audience exceeded 500,000 people. A total of 108,000 people were trained as part of the Moscow Exchange School and more than 100 courses were created.

In 2022, Moscow Exchange introduced a new interactive training course, Money Makes Money, for novice investors. The course covers the basics of investing in stocks, bonds and funds, and approaches to forming individual investment portfolio. The course consists of 10 thematic modules, each of which ends with a practical homework. The new course continues Moscow Exchange’s Money Makes Money podcast, whose two seasons have attracted over 1.7 million listens.

The Exchange annually organizes competitions for private investors to demonstrate the opportunities and potential profitability of competent trading on MOEX. The ‘Best Private Investor’ contest has been held since 2003 and is the world’s largest exchange competition for traders.

In 2022, the results in the main category, Best Private Investor, were judged using a new methodology for calculating returns, developed by the Exchange together with CFA Russia. In addition to the main nominations, new categories were introduced for the 2022 contest, including Best Buy-and-Hold Strategy, Best Wheat Index Futures Trader, and Best Spot Metals Trader. The Moscow Exchange School established a “Best Course Attendee” nomination for trainees, which evaluated the work of participants who had completed training on the School’s platform.