Stock index of benchmark issuers to be introduced

The programme provides for establishing a benchmark, i.e. a group of issuers capable of growing fast, thus acting as a driver of the capitalisation of the entire stock market. Issuers whose shares are included in Level One and Level Two quotation lists of Moscow Exchange may participate in the programme. Their securities will be included in the new stock index’s calculation base. The index will become a useful market benchmark helping investors select securities for their investments. Professional market participants will be able to use the index to establish collective investment funds and index-based trust management strategies.

Applications will be reviewed by a committee comprising representatives of Moscow Exchange, the Bank of Russia, and the Analytical Credit Rating Agency. They will assess the efficacy of corporate governance, issuers’ information transparency, and their financial and economic indicators. The participants in the programme will have to confirm their status at least once a year.

Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia:

‘We will conclude that the programme has succeeded if two conditions are met. Firstly, if the number of its participants rises, which will suggest the spread of the best practices in the market. Secondly, if the portion of the participants’ shareholder value in the total market capitalisation increases. We believe that the launch of the programme will not only encourage demand for equity instruments. We hope that the shares of benchmark issuers will be attractive to investors planning portfolio investments. We will be happy if representatives of various sectors as well as companies who have recently conducted or are only preparing for an IPO join the programme.’

Viktor Zhidkov, Moscow Exchange Chairman of the Board:

‘The market’s long-term growth is driven primarily by high-quality issuers. It is a good sign when such issuers enter the market in increasing numbers in a well-ordered and transparent manner. This may be achieved through a number of procedures and instruments that the Bank of Russia and Moscow Exchange tried to combine within the shareholder value creation programme. When discussing the best way to introduce the new benchmark into the market, we concluded that launching a separate stock index would be better than labelling or creating a separate sector. Therefore, an issuer will be granted the status of a participant in the programme only after the shares are officially included in the new index’s calculation base. I hope that the market will appreciate our initiative and a wide range of issuers will be guided by the eligibility criteria for the index’.

Issuers’ applications will be accepted from 31 March through 15 June 2025.