Moscow Exchange Completes First Interval Mutual Fund Placement on Moscow Exchange

The Moscow Exchange, Russia's largest exchange, successfully completed the first placement of interval mutual fund units on October 2025, marking a significant milestone in simplifying the process and reducing costs for management companies. This development follows international IPO/SPO standards, showcasing the exchange's commitment to modernizing its infrastructure. The placement of fund units was conducted in test mode, featuring two hedge funds, "Hedge Fund R5" and "Hedge Fund D5," issued by the Astra Management Company. The move is expected to expand the pool of potential clients for management companies and increase the accessibility of the Russian collective investment market.

Key Takeaways:

• The Moscow Exchange completed the first interval mutual fund placement on October 2025, marking a significant milestone in the exchange's development.
• The placement was conducted in test mode, featuring two hedge funds, "Hedge Fund R5" and "Hedge Fund D5," issued by the Astra Management Company.
• Boris Blokhin, Managing Director for Stock Market and Digital Assets at Moscow Exchange, stated that the use of exchange-traded infrastructure simplifies the process, reduces costs, and expands the pool of potential clients for management companies.
• In 2025, management companies completed 14 closed-end and interval fund placements, totaling almost two billion rubles.
• The placement mode for issuing new units of established mutual funds on the Moscow Exchange began in December 2020 and is actively used by management companies to place units of closed-end mutual investment funds.
• Around 10 management companies have already taken advantage of the opportunity to place shares using the exchange infrastructure.
• Today, nearly 200 units of various mutual investment funds from over 40 Russian management companies are available to investors on the Moscow Exchange.

Statistics:

• In 2025, management companies completed 14 closed-end and interval fund placements, with a total value of almost two billion rubles.
• The placement of fund units is carried out in a separate trading mode, consisting of several stages: collecting orders, activating them, and concluding transactions.
• Today, nearly 200 units of various mutual investment funds from over 40 Russian management companies are available to investors on the Moscow Exchange.
• The Moscow Exchange Group includes a central depository and a clearing center, enabling the exchange to provide its clients with a full range of trading and post-trading services.

Sources:

• Moscow Exchange
• MIL-OSI Publisher Translation
• Bloomberg/Reuters