Published on: 2026-09-22
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
The Russian capital market is changing – and with it, investors’ expectations from issuers are changing. What the Moscow Exchange is doing to ensure companies remain in regular, substantive, and clear dialogue with investors was explained in an interview with “Finance Mail.Ru” by the director of the Department for Work with Issuers of the Moscow Exchange. Natalya Loginova.
– How is the role of the exchange in interaction with issuers changing today?
Natalya Loginova: The role of the Moscow Exchange has long been more than just listing and settlements. It is important for issuers not only to enter the market but also to build a sustainable dialogue with it. Today, the Moscow Exchange has become a partner for issuers at all stages of a company’s life: before going to market, during, and after the public offering. For issuers, we provide a whole range of opportunities: from training and technological services to support and promotion of issuers.
We are developing two directions: communication – the MOEX IR platform, and educational – the Academy for issuers. On the IR platform, issuers can use the resources of the Moscow Exchange to communicate with their shareholders, potential and current investors. Essentially, the Moscow Exchange becomes a platform where the issuer receives not only market infrastructure but also a set of practices for engaging with the market and strengthening reputation. In educational work, the Academy for issuers plays an important role, bringing together educational programs on key issues of company development in the capital market. Soon the fourth cohort of the “IR Workshop” program will begin – a basic course that provides IR specialists with fundamental knowledge in building financial communications. In addition, the Academy offers educational programs on issuing shares and bonds, listing, sustainable business development, and compliance.
– What are the main problems issuers face when interacting with the investment community that the Moscow Exchange considers most relevant?
Natalya Loginova: The situation in the market is not entirely homogeneous. Many issuers are already demonstrating quality work with investors – informative reports, regular meetings, meaningful disclosure. But some companies limit themselves to meeting regulatory requirements, although the market expects more. The second important challenge is the audience. Today, the investment community is very diverse: it includes institutional and private investors, analysts. It is important for companies to be able to communicate effectively with different client groups. The third issue is regularity. Dialogue with the market should be ongoing and not fade away at the first difficulties or when crisis events arise. Systematic work, openness to investors’ questions, and consistent information delivery are important.
– How has the demand from companies for support in the IR field changed after going public? Which tools are most in demand?
Natalya Loginova: Even before going public, a company must understand that when it becomes public, higher demands arise. And it is important not only to attract capital but also to maintain investors’ interest, build trust, and ensure transparency in its activities. Therefore, it is necessary to keep the focus on regular market engagement and understand that IR within the company performs a strategic function.
In this logic, tools are in demand that help build the structure of communication: in particular, our IR platform MOEX, where events can be held, our guides for issuers – comprehensive manuals on how to become a public company, how to enter the public debt market, how to communicate with investors, how to comply with best sustainability practices. This is a theoretical base that any company can refer to independently: they are available in open access on the official website of the Moscow Exchange. But reading about how to become a good issuer is one thing, and implementing it in practice is another. In practical terms, we also support this. For example, last year, jointly with the Bank of Russia, we launched the Value Creation Program. Companies selected receive the status of program participants and are included in a special MOEX Value Creation Index, and the program itself is aimed at increasing the investment attractiveness of companies, growing their market capitalization, and supporting the best corporate practices.
– How does the exchange help issuers build communications with investors?
Natalya Loginova: We help on several levels.
The first is our platform. At this year’s IR forum, we presented new services from the Moscow Exchange: a video showcase and video business cards, which are available to companies of any size. The video showcase is a specialized online service of the Moscow Exchange for issuers and investors, where companies can post a video business card or a recording of a meeting with investors. For the first time, in 2021, we provided issuers with the opportunity to communicate with investors through our channels. More than 120 companies regularly use our services. Small issuers often have fewer resources, weaker analytical coverage, lower liquidity, and are surrounded by the enormous informational noise of large companies. Therefore, we help such companies not only disclose information but also attract the market’s attention.
The second level is the audience accessible to users of the Moscow Exchange IR platform. The exchange has a broad base of market participants: more than 500 companies, including management, investment and insurance companies, non-state pension funds, and other participants, whose total assets exceed 3.5 trillion rubles.
The third level is methodological and service support. For this, we develop our guides.
In addition, we established the IR award “The Market Chooses,” hold an annual annual reports competition, as well as landmark forums: the annual IR forum and the Corporate Governance Forum. This is an entire ecosystem of services of the Moscow Exchange, which allows the issuer not only to comply with requirements but also to build a higher-quality, clear, and regular dialogue with the market.
– How to ensure a balance between compliance with disclosure requirements and substantive, understandable communication for the investor?
Natalya Loginova: Disclosure should ensure equal access to information for market participants and comply with all regulatory requirements. The task of IR is to help the investor correctly interpret this information. It is important for the investor to receive not only dry figures but also the context in which the issuer operates: what has changed, why a certain event happened, and how it affects the business and the company’s value. For us, it is extremely important that the flow of disclosure information from issuers does not remain just “white noise” for investors. We are pleased to see that issuers are already trying to engage more actively with their audience. Among the trends for 2026, we see that issuers in the debt market have started holding investor days, although previously they communicated with the market only on the occasion of new bond issues.
– How do you assess the current level of maturity of the IR function among Russian issuers? Is there a clear gap between large and small companies?
Natalya Loginova: From our point of view, the maturity level of the IR function is uneven, but we are trying to level it out. In large companies, IR has become an integral part of the corporate strategy: a dedicated team, a separate budget, well-established processes for interacting with analysts, regular perception studies of the company, ESG agenda, event calendar. The situation is different for small and medium issuers – limited resources and a demand for the simplest, clearest, and most accessible communication formats. It is important to understand: good IR does not start with the size of the company. It starts with openness, consistency, and management’s willingness to speak honestly with the market. As we like to say: clarity is the politeness of a professional. Link
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.