The Moscow Exchange (MOEX) Group is the main liquidity and price discovery centre for Russian instruments. The Moscow Exchange hosts trading in equities, bonds, derivatives, currencies, money market instruments and commodities.  The Moscow Exchange ranks among the world's top 20 exchanges by total capitalisation of shares traded, and also among the 10 largest exchange platforms for bonds and derivatives trading. Securities of over 700 issuers are admitted to trading on the equity and bond markets of the Moscow Exchange.


MOEX teamed up with B2BITS®, EPAM Systems' Capital Markets Competency Center to create open Market Data and Transactional interfaces, compliant with the standard Financial Information Exchange (FIX) protocol. EPAM's B2BITS is a well-respected provider of tools and technologies for exchange connectivity, OMS, and EMS solutions. It has a solid track record of successful solutions development and implementations in the security industry.

FIX Market Data service, developed by EPAM, offers the following benefits:

  • It provides subscription services to all securities traded on the exchange, as well as data snapshots, incremental updates, instrument definitions, and status information
  • It supports both the FIX (version 5.0 SP2) and FAST protocols
  • Its interface enables access to MOEX via a diverse range of vendor solutions designed for brokers, investment banks, and insurance companies
  • The services and interface provided by MFIX Market Data dramatically reduce the time it takes to onboard new clients

MFIX  Transactional, service developed by EPAM, is the fastest way to communicate with the MOEX Trading System.

MFIX Transactional offers the following solutions: 

  • MFIX Trade is used to submit and cancel orders, request order status and receive execution reports for each order
  • MFIX Trade Capture is used to receive executed trades, including negotiated and REPO deals and corresponding executions
  • MFIX Drop Copy is used to receive copies of all execution reports available to the user.

MFIX Trade, MFIX Trade Capture, and MFIX Drop Copy services are served by separate servers (connections differ by IP addresses and port numbers) and have different access levels.

MFIX Trade service only delivers messages related to the orders of the appropriate user. MFIX Trade Capture and MFIX Drop Copy services deliver data according to user permissions of the MOEX Trading System.

MFIX Transactional supports the FIX 4.4 protocol.

Each of these solutions provides the functionality of broadcasting their current state and availability. The MOEX support team uses a special monitoring tool developed by EPAM for real-time information about the state of each service.

Technologies and Tools


The MFIX Market Data implementation that MOEX commissioned has strengthened the competitive position of Russia's stock market. It has been successfully used on MOEX production since 2008.