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Every English article in the TradeAlmanac journal: the Russian market, bonds, dividends, taxes, valuation and portfolio construction.

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Moscow Exchange close: October 8, 2026The Moscow Exchange close on October 8 (Thursday): the MOEX Russia Index, market breadth, daily turnover, leaders and laggards among liquid stocks, and the nearest dividend record dates.09 OctMarket wraps60 views
Moscow Exchange close: October 7, 2026The Moscow Exchange close on October 7 (Wednesday): the MOEX Russia Index, market breadth, daily turnover, leaders and laggards among liquid stocks, and the nearest dividend record dates.08 OctMarket wraps67 views

The secondary market for DFAs: why the asset never leaves its own platform

The secondary market for DFAs: why the asset never leaves its own platformA DFA can be sold before redemption only inside the platform where it was issued, and only through an exchange operator listed in the Bank of Russia register. Why the asset cannot be moved to another operator, how selling it differs from placing an order in a bond's order book, and what the sale changes in the purchase limit and in the tax.08 OctInvesting basics · 8 min82 views

Terms of Trade: How the Ratio of Export to Import Prices Moves the Rouble and Profits

Terms of Trade: How the Ratio of Export to Import Prices Moves the Rouble and ProfitsThe terms of trade are the ratio between the prices at which a country sells its exports and the prices at which it buys its imports.08 OctInvesting basics · 5 min50 views

TWAP order: the algorithm slices volume by time, not by liquidity

TWAP order: the algorithm slices volume by time, not by liquidityA TWAP order (time-weighted average price) is an instruction to the trading system: take a large order, break it into a stream of small child orders and release them in equal portions at equal intervals until the end of a set window.08 OctInvesting basics · 5 min45 views

The Impossible Trinity: What a Central Bank Pays for a Fixed Exchange Rate

The Impossible Trinity: What a Central Bank Pays for a Fixed Exchange RateThe impossible trinity is the proposition that, out of the set of goals "fixed exchange rate", "free movement of capital" and "independent interest rate", a state can hold any combination except the complete set.08 OctInvesting basics · 5 min47 views

Broker Fees: How to Calculate the Total Cost of Ownership, Not the Commission Rate

Broker Fees: How to Calculate the Total Cost of Ownership, Not the Commission RateBroker fee schedules should be compared not by the commission rate per trade but by the amount you will pay for your own year of transactions.08 OctInvesting basics · 5 min35 views

IIS-3 insurance: protection against a broker's bankruptcy, not against losses on securities

IIS-3 insurance: protection against a broker's bankruptcy, not against losses on securitiesA guarantee scheme for IIS-3 has been in force since 1 January 2026. If a broker or asset manager that takes part in it goes bankrupt, the account holder is entitled to compensation. What counts as a guarantee event, what remains the holder's own risk, and how this differs from deposit insurance.08 OctTaxes and the Russian IIA · 7 min30 views

Spoofing: the order that is never meant to be filled, and how it shows up in the order book

Spoofing: the order that is never meant to be filled, and how it shows up in the order bookSpoofing is the placing of a large limit order that its author never intends to have filled: its purpose is to let other participants see a "wall" of demand or supply in the order book and move their prices after it, so that the spoofer can cancel the order and profit from a trade on the opposite side at an improved price.08 OctInvesting basics · 5 min30 views

Total Factor Productivity: The Residual That Explains Growth

Total Factor Productivity: The Residual That Explains GrowthTotal factor productivity (TFP) is the part of output growth that cannot be explained either by an increase in the number of people employed or by the build-up of capital.08 OctInvesting basics · 5 min62 views

Merger Synergy: Who Creates It and Who Captures It — the Buyer or the Seller

Merger Synergy: Who Creates It and Who Captures It — the Buyer or the SellerSynergy is not the sum of two businesses but the difference between the value of the combined company and the value of the same assets held separately.08 OctInvesting basics · 5 min57 views

Short Selling on the Exchange: A Securities Loan, Not a Bet on a Fall

Short Selling on the Exchange: A Securities Loan, Not a Bet on a FallA short (short position) is the sale of a security you do not own: the investor borrows it from the broker, sells it straight into the order book at the market price and undertakes to return the same security later — the security itself, not money.08 OctInvesting basics · 6 min45 views

A Losing Streak: Where Statistics End and a Broken System Begins

A Losing Streak: Where Statistics End and a Broken System BeginsA losing streak proves nothing by itself.08 OctInvesting basics · 5 min48 views

The Most Traded Stocks on the Moscow Exchange: What Turnover Measures and What It Does Not Show

The Most Traded Stocks on the Moscow Exchange: What Turnover Measures and What It Does Not ShowThe "most traded" stocks are the ones through which the most money passed during the trading day: turnover is calculated as the total value of all trades in an instrument, not as the number of trades and not as the number of shares that changed hands.08 OctInvesting basics · 5 min55 views

The risks of buying cryptocurrency: what is visible before the trade and what stays with the buyer

The risks of buying cryptocurrency: what is visible before the trade and what stays with the buyerA digital currency has no obligor, no insurance and no guaranteed price, and trading through a licensed intermediary becomes mandatory in stages. We look at the risks of the trade, the intermediary, custody, price and paperwork — and the sign by which each can be seen before the purchase.08 OctRisk and portfolio · 8 min37 views

DFA risks: whose obligation you are buying and where you cannot sell it

DFA risks: whose obligation you are buying and where you cannot sell itA DFA that certifies a monetary claim carries the same credit risk as a bond, but without a prospectus, a depository or an exchange order book. We look at issuer, platform, liquidity, payout-formula and legal-transition risk — and at what the debtor's bonds reveal about it.08 OctInvesting basics · 8 min61 views

Carrying a Position Overnight: What You Are Charged For and Who Decides to Close It

Carrying a Position Overnight: What You Are Charged For and Who Decides to Close ItThe night costs more than it seems: the broker charges a fee for carrying an uncovered position, and the main risk of this interval is the kind that no protective order can close.08 OctInvesting basics · 6 min43 views

Revolving Credit Facility: What a Company Pays For Before It Has Borrowed a Rouble

Revolving Credit Facility: What a Company Pays For Before It Has Borrowed a RoubleA revolving credit facility is a bank's commitment to lend money within a set limit as many times as the borrower wishes, on the condition that the repaid portion becomes available again.08 OctInvesting basics · 6 min48 views

Labour productivity: what output per worker measures and what it fails to see

Labour productivity: what output per worker measures and what it fails to seeLabour productivity is the ratio of output to the labour spent on it: how much value added falls on each hour worked or on each person employed.08 OctInvesting basics · 5 min32 views

CIR: what counts as costs, what counts as income, and why the denominator is the more contested part

CIR: what counts as costs, what counts as income, and why the denominator is the more contested partThe cost-to-income ratio (CIR) is a bank's operating expenses divided by its operating income before provisions.08 OctInvesting basics · 6 min34 views

Earn-out: how part of the deal price depends on what happens after closing

Earn-out: how part of the deal price depends on what happens after closingAn earn-out is a deferred part of the deal price that the buyer pays the seller only if the company delivers pre-agreed results after closing.08 OctInvesting basics · 6 min47 views

FIFO: the costing method that changes profit, not what sits in the warehouse

FIFO: the costing method that changes profit, not what sits in the warehouseFIFO (from "first in, first out") is the assumption that whatever arrived in the warehouse first is the first to go into cost of sales.08 OctInvesting basics · 5 min34 views

Sum-of-the-parts valuation: how to break a holding company into segments without paying twice

Sum-of-the-parts valuation: how to break a holding company into segments without paying twiceSum-of-the-parts valuation (SOTP) is a way of valuing a company not as a whole but piece by piece: each business inside the group is valued separately by the method that suits it, the results are added up, and then everything that belongs to the group as such is deducted from the total — net debt08 OctInvesting basics · 5 min46 views

Bond price gains: what the ranking measures and why a rise lowers future yield

Bond price gains: what the ranking measures and why a rise lowers future yieldThe list of bonds that have risen more than the rest sits directly below this paragraph: it is sorted by price change over the month, from the largest gain to the smallest, and is recalculated from the platform's database — the line-up changes, which is why no security is named in the text.08 OctInvesting basics · 5 min48 views

The neutral rate: a benchmark missing from the quote screens that still moves OFZ

The neutral rate: a benchmark missing from the quote screens that still moves OFZThe neutral rate is the level of the key rate at which monetary policy neither heats up the economy nor holds it back: inflation stays at the Bank of Russia's target and output is close to its potential.08 OctInvesting basics · 5 min35 views

Pyramiding a Position: How Adding Shifts the Average Price and the Breakeven Point

Pyramiding a Position: How Adding Shifts the Average Price and the Breakeven PointPyramiding means building up an already open position in the direction of its profit: you buy additional volume not instead of the initial stake but on top of it, and every add moves your average entry price up after the market.08 OctInvesting basics · 6 min40 views

IIS-3 deductions: they refund tax already paid, not part of the contribution

IIS-3 deductions: they refund tax already paid, not part of the contributionThe IIS-3 contribution deduction refunds personal income tax already paid on other income, while the income deduction exempts the account's result at closure. How each one is calculated, what limits it, and when there is nothing to refund.08 OctTaxes and the Russian IIA · 7 min33 views

Tax on digital financial assets: a separate base, an operator instead of a broker, and a loss with nothing to offset it against

Tax on digital financial assets: a separate base, an operator instead of a broker, and a loss with nothing to offset it againstIncome from digital financial assets is subject to personal income tax at the general rates, but in a separate tax base. Who withholds the tax, why the deductions for individual investment accounts and for long-term holding do not apply to DFAs, and what happens to a loss.08 OctTaxes and the Russian IIA · 7 min50 views

Tax on selling cryptocurrency: what counts as income, which expense reduces the base and who files the return

Tax on selling cryptocurrency: what counts as income, which expense reduces the base and who files the returnAn individual's income from selling digital currency is subject to personal income tax under Law No. 418-FZ. What counts as income, on what condition the purchase expense reduces the base, at what rates the tax is calculated and when the owner files the return themselves.08 OctTaxes and the Russian IIA · 8 min40 views

EV/EBITDA: why the numerator is the price of the whole business, not market capitalisation

EV/EBITDA: why the numerator is the price of the whole business, not market capitalisationEV/EBITDA is calculated as a fraction: the numerator is the price of the business as a whole (EV, enterprise value), the denominator is EBITDA for a comparable period.08 OctInvesting basics · 5 min44 views

CAPM: how beta turns the market risk premium into a discount rate

CAPM: how beta turns the market risk premium into a discount rateCAPM answers one practical question: what return a shareholder is entitled to demand if they agree to bear only the risk that diversification cannot remove.08 OctInvesting basics · 5 min33 views

Altman Z-score: what the model adds up and where it stops working

Altman Z-score: what the model adds up and where it stops workingThe Altman Z-score is a credit scoring model built from ratios of balance-sheet and income-statement figures: it takes a set of ratios, multiplies each by its own weight and adds them up into a single number that places a company in the safe zone, the grey zone or the distress zone.08 OctInvesting basics · 5 min46 views

Mezzanine financing: what a borrower pays for a place between debt and equity

Mezzanine financing: what a borrower pays for a place between debt and equityMezzanine is money that enters a company as a loan but earns like an equity stake.08 OctInvesting basics · 5 min36 views

Top Stock Gainers of the Day: What a One-Day Rise Measures and What It Does Not Promise

Top Stock Gainers of the Day: What a One-Day Rise Measures and What It Does Not PromiseThe top gainers list is not a selection of the best stocks but a sort: every traded share is ranked by its price change over the trading day, from the largest gain downwards.08 OctInvesting basics · 5 min29 views

The Month's Biggest Stock Losers: How to Tell a Sell-Off from an Ex-Dividend Drop

The Month's Biggest Stock Losers: How to Tell a Sell-Off from an Ex-Dividend DropThe ranking below sorts Moscow Exchange stocks by one single criterion — the change in price over a calendar month, from worst to best.08 OctInvesting basics · 5 min31 views

The year's worst-performing stocks: what the ranking measures and what it cannot show

The year's worst-performing stocks: what the ranking measures and what it cannot showThe list below sorts Russian stocks by their price change over the year, from the deepest drawdown to the shallowest.08 OctInvesting basics · 5 min29 views

Order Execution Latency: Where Time Is Lost Between the Click and the Trade

Order Execution Latency: Where Time Is Lost Between the Click and the TradeExecution latency is the time between the moment you press "buy" and the moment your order joins the queue in the exchange order book or finds a matching counter-order there.08 OctInvesting basics · 6 min21 views

The Largest Cryptocurrencies by Market Capitalisation: What the Ranking Measures and What It Leaves Out

The Largest Cryptocurrencies by Market Capitalisation: What the Ranking Measures and What It Leaves OutThe ranking below orders crypto assets by market capitalisation — the price of the asset multiplied by the number of coins in circulation, recalculated over the past day.08 OctInvesting basics · 5 min43 views

Crypto gainers of the month: how a price gain differs from a project's growth

Crypto gainers of the month: how a price gain differs from a project's growthThe table below answers the question literally: it lists the cryptocurrencies with the largest price gain over the past month according to the platform's database, sorted by change in descending order.08 OctInvesting basics · 5 min26 views

Top Crypto Losers: What a Daily Drop Measures and What It Does Not Tell You

Top Crypto Losers: What a Daily Drop Measures and What It Does Not Tell YouThe list below answers one question: which cryptocurrencies in the platform's database have fallen further than the rest over the past day.08 OctInvesting basics · 5 min34 views

Digital currency under Russian law: property you cannot pay with

Digital currency under Russian law: property you cannot pay withDigital currency is recognised as property in Russia. You may own it, buy it and sell it, but you may not use it to pay for goods, work and services. What Law No. 282-FZ, in force since 1 September 2026, has added, and how it is replacing Law No. 259-FZ in stages.08 OctInvesting basics · 8 min41 views

Cryptocurrency without qualified investor status: the test, the closed list and the annual limit

Cryptocurrency without qualified investor status: the test, the closed list and the annual limitA non-qualified investor can buy digital currency after passing a test, only from the Bank of Russia's list and within an annual amount at one intermediary. We examine which rule each condition rests on, what so far exists only in draft form and what qualified investor status changes.08 OctInvesting basics · 8 min47 views

The Credit Cycle: How the Availability of Credit Passes Through Rates, Banks and Borrowers

The Credit Cycle: How the Availability of Credit Passes Through Rates, Banks and BorrowersThe credit cycle is a fluctuation not in demand for goods but in the lender's willingness to part with money and in the terms on which the lender does so.08 OctInvesting basics · 5 min45 views

The combined ratio: where an insurer loses premium and how it wins it back

The combined ratio: where an insurer loses premium and how it wins it backThe combined ratio shows how much of its earned premium an insurer hands back — in claims payments and in its own expenses.08 OctInvesting basics · 5 min38 views

Interest capitalisation: into the debt principal or into the cost of an asset

Interest capitalisation: into the debt principal or into the cost of an assetInterest capitalisation means giving up a cash payment in favour of a larger base.08 OctInvesting basics · 5 min32 views

Keltner Channel: Bands Moved by Volatility, Not by Price

Keltner Channel: Bands Moved by Volatility, Not by PriceThe Keltner Channel is an indicator whose band width depends not on how far price has moved away from its average, but on how wide the candles themselves have become.08 OctInvesting basics · 5 min38 views

IIS-3: open, transfer or convert — what the law decides and what the contract decides

IIS-3: open, transfer or convert — what the law decides and what the contract decidesA new-style account comes into being through a new contract, a transfer to another intermediary or the conversion of an old account. We look at what is fixed by law in each case and what is written into the contract and should be read before signing.08 OctTaxes and the Russian IIA · 8 min49 views

Buying DFAs: a registered operator, investor status and the issue decision

Buying DFAs: a registered operator, investor status and the issue decisionDFAs are bought in an operator's information system, not in an exchange order book. We go through the order of checks: the Bank of Russia register, the access category and the annual limit, the issue decision, and verifying the issuer through its bonds.08 OctInvesting basics · 8 min40 views

Demand-pull and cost-push inflation: how to tell overheating from a cost shock

Demand-pull and cost-push inflation: how to tell overheating from a cost shockThe difference lies in the source of the pressure on prices.08 OctInvesting basics · 5 min37 views

Index gains for the session: what the daily change measures and what it does not show

Index gains for the session: what the daily change measures and what it does not showThe list below shows the indices that rose over the current trading day, sorted by the size of the daily change from largest to smallest.08 OctInvesting basics · 5 min29 views