Русский
In signs of increasing confidence in the Russian economy, private investors boosted investments in mutual investment funds on the Moscow Exchange by 320% year-on-year to ₽19.7 billion (US$231.5 million) in September 2026, the exchange has stated.
This is due partially because of increasing optimism as concerns the Russian economy, and because the State has been encouraging private investment to be deployed into the Russian financial markets via tax incentives and other motivations. Only about 20% of Russians trade stocks as opposed to 62% of Americans and about 40% of Europeans. Russian household bank deposits total about ₽70.5 trillion (US$827 billion) according to recent Central Bank of Russia data. Getting that capital into more productive investments has long been a problem for the Russian economy.
However, in September, private individuals invested ₽237.1 billion in securities on the Moscow exchange, ₽6.8 billion in shares and ₽210.6 billion in bonds.
The number of private investors with brokerage accounts on the Moscow Exchange increased by 244,200 to 42.7 million in September, and the number of open accounts increased to 81.9 million in the month from 81.4 million in August. Almost 3 million individuals made transactions on the exchange in September, including more than 337,800 qualified investors.
Individuals accounted for 66.5% of the stock trading volume, 10.5% of the bond trading volume, and 45.2% of the futures market in September.
Individual investment accounts (IIA) totaled 6.4 million at the end of September, with trading turnover via these accounts reaching ₽301.7 billion (US$3.54 billion). Shares accounted for 47.8% of the turnover, bonds accounted for 25.3% and mutual funds accounted for 26.9%.
The most popular securities in the portfolios of private investors were ordinary and preferred shares of Sberbank (30.4% and 6.9% respectively), as well shares in Lukoil (14.8%), Gazprom (12.3%), VTB (7.1%), T-Technologies (6.8%), Yandex (5.8%), Rosneft (5.5%), Novatek (5.5%) and X5 (MOEX: X5) (4.9%). Money market funds made up 80% of the exchange-traded funds of private investors: LQDT, AKMM, SBMM, BCSD and AMNR.
The Moscow Exchange (MOEX) is a publicly traded company (Public Joint-Stock Company “Moscow Exchange MICEX-RTS”) with a free float of roughly 64%, meaning it is owned by a mix of state-controlled entities, institutional investors, and individual shareholders. The main shareholders of the Moscow Exchange include the Bank of Russia (11.7%), Sberbank (10%), VEB.RF – the State Development Corporation (8.4%), Fundament Capital Investment Management – a UAE-based investment fund (6.86%) – and the European Bank for Reconstruction and Development (5.3%).
