Published on: 2026-09-14
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
On September 14, 2026, the Moscow Exchange Group will provide the opportunity to include commercial bonds in the over-the-counter trading mode with a central counterparty (OTC with CCP). Thus, primary placement of commercial bonds and secondary trading of commercial bonds will become available within a single trading infrastructure.
The registration of commercial bonds is carried out by the National Settlement Depository (NSD).
Participation in the placement of commercial bonds, as well as secondary trading of these securities in the OTC mode with the Central Depository, will be available only to qualified investors.
Commercial bonds are a flexible debt financial instrument that allows issuers to raise financing on terms and conditions optimal for their business cycles. Currently, such securities are placed by private subscription without the need to register a prospectus with the Bank of Russia. Including these instruments in the OTC regime with the Central Counterparty will help activate secondary trading within the familiar exchange infrastructure.
Vladimir Ovcharov, Managing Director of the Stock Market at Moscow Exchange:
“Moscow Exchange is consistently expanding the capabilities for working with debt instruments in the over-the-counter market. With the inclusion of corporate bonds in the OTC with CCP mode, they will gain a number of new advantages. Due to the participation of the central counterparty, the security of execution will be enhanced, thereby increasing the predictability of transactions. After inclusion in OTC with CCP, corporate bonds will become part of the market environment, which will expand the circle of potential participants, increase the efficiency of position formation and deal execution. With the launch of primary placement, we are establishing a direct distribution channel through brokers using exchange infrastructure.”
Anna Volodina, Managing Director for Product Development for Corporate Clients at NSD:
“The inclusion of commercial bonds in the OTC trading regime with the Central Counterparty is an important step in the development of the over-the-counter market. This is not about a new separate instrument “in a vacuum,” but about the already existing and significant market segment — commercial bonds — which can now operate in a more modern infrastructure mode. Thanks to this step, commercial bonds will become part of the general market with unified standards for accounting, settlements, and support, which should ultimately improve participant efficiency and reduce operational costs.”
In 2026, the volume of issued commercial bonds increased by 21% compared to 2025. Over the eight months of 2026, the NSD registered six programs with a placement volume of 757 billion rubles for 14 issuers, including 31 issuances totaling 178 billion rubles.
The Moscow Exchange Group operates the only multifunctional exchange platform in Russia for trading stocks, bonds, derivatives, currency, money market instruments, and commodities. The Group includes a central depository and a clearing center that performs the functions of a central counterparty in the markets, enabling the Moscow Exchange to provide clients with a full cycle of trading and post-trading services.
Please note; This information is raw content obtained directly from the information source. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.