Published on: 2026-09-24
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
The net asset value of money market exchange-traded mutual funds (ETMFs) on the Moscow Exchange has exceeded 2 trillion rubles for the first time. Since the beginning of the year, this figure has increased by 31%.
The investment strategy of such funds involves following the yield of money market indicators, such as the RUSFAR exchange money market index calculated by the Moscow Exchange, or RUONIA, calculated by the Bank of Russia. Currently, 21 exchange-traded funds from 14 management companies are traded on the Moscow Exchange.
Dmitry Danilenko, Director of Money Market Development at the Moscow Exchange:
“The growth of assets of money market funds, known as liquidity funds, continues. More than 90% of investments in money market funds on the Moscow Exchange are made by private investors, whose number exceeds 3 million people. Investor interest in such conservative instruments is supported by key advantages: competitive and stable returns, low risk, and high liquidity. Usually, the RUSFAR index is slightly below the Bank of Russia’s key rate, but for the second time this year we are observing a prolonged period when it exceeded it. For more than half of September, RUSFAR was above the key rate — on average by 0.04% per annum. We see that the growth potential for collective investments in the money market is far from exhausted.”
According to the Moscow Exchange, more than 95% of the funds of money market exchange-traded funds are invested in repos with a central counterparty (CCP). This mechanism makes money market funds one of the most reliable instruments in the Russian market. Money is lent for a certain period secured by securities owned by the borrowers. The collateral for such transactions is revalued daily at market prices. The presence of collateral, as well as settlements through the central counterparty using the infrastructure of the Moscow Exchange, mitigate credit and market risks.
Money market Moscow Exchange is one of the most important segments of the Russian financial market, through which financial companies, large, medium, and small businesses, as well as individual investors manage cash liquidity. The list of money market instruments includes repo with the central counterparty, repo with the central securities depository, repo with the Bank of Russia, interdealer repo, deposits with the central counterparty, loans, as well as deposit and credit auctions.
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