Published on: 2026-10-06
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
The volume of transactions by Russian businesses in the money market of the Moscow Exchange for the first nine months of 2026 amounted to 317.7 trillion rubles, which is 49% higher than the figure for the same period last year. The average daily open position of businesses was 3 trillion rubles, which is 35% higher than last year’s figure.
The number of corporate clients who made transactions during the same period exceeded 11 thousand legal entities, increasing by 10% year-on-year. The vast majority of them (99%) operate through professional participants. Most repo and deposit operations are short-term: legal entities placed funds in the money market for an average of 1.9 days, and attracted funds for 3.5 days.
Operations in the money market are traditionally characterized by narrow spreads relative to the key rate of the Bank of Russia, which positively affects their yield. Over the nine months of 2026, the average deviation of interest rates on concluded transactions from the key rate amounted to -0.26%, while the spread between rates for attracting and placing funds was only 0.03%. At the same time, for most of July and September, interest rates in the money market exceeded the key rate.
Dmitry Danilenko, Director of Money Market Development at the Moscow Exchange:
“The real sector of the economy has significantly increased the volume of liquidity transactions through the exchange infrastructure this year. On average, corporations conduct money market transactions totaling 1.7 trillion rubles per day, which accounts for 24% of the volume of trades on the money market. The geographic coverage is substantial: businesses from more than 90% of Russian regions participate in money market operations on the Moscow Exchange. In addition, the corporate sector shows strong interest in investing in the money market through exchange-traded money market mutual funds (ETMFs). The number of legal entities investing in money market ETMFs reached 1.3 thousand by the end of the first nine months of 2026, increasing by 20% since the beginning of the year. The presence of collateral in repo transactions and central counterparty infrastructure reduces investment risks, while high liquidity and a wide range of market participants ensure stable returns, tracking the money market index (RUSFAR) and close to the key interest rate of the Bank of Russia.
The top 10 regions with the highest number of companies conducting repo transactions in the money market over the first nine months of 2026 included Moscow (3.3 thousand active legal entities, +6% compared to the same period last year), Saint Petersburg (1.2 thousand, +3%), Moscow Region (594, -5%), Sverdlovsk Region (562, +3%), Republic of Tatarstan (334, +35%), Novosibirsk Region (333, +6%), Nizhny Novgorod Region (286, +22%), Chelyabinsk Region (253, +11%), Krasnodar Krai (249, +5%), and Rostov Region (224, +19%).
The largest segment of the money market is repo transactions, through which corporate clients place and attract funds secured by securities for periods ranging from one day (overnight) to one year. Such transactions are available through brokers in various currencies: Russian rubles, Chinese yuan, Kazakhstani tenge, and Belarusian rubles. In addition to repos, legal entities can directly operate in the money market by placing deposits with the National Clearing Centre (NCC) — the central counterparty of the Moscow Exchange.
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 monetary liquidity. The list of money market instruments includes repos with the Central Counterparty, repos with the Clearing Settlement System, repos with the Bank of Russia, interdealer repos, deposits with the Central Counterparty, loans, as well as deposit and credit auctions.
Please note; This information is raw content obtained directly from the information source. It represents an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.