About report

Scope of the report

This Annual Report features the consolidated performance of PJSC Moscow Exchange (hereinafter “Moscow Exchange”, or “the Group”) and its subsidiaries, including CJSC MICEX SE, CJSC National Settlement Depository, and Bank National Clearing Centre.


Information in this report has been consolidated in accordance with Bank of Russia Instruction No 3533-U of 15 January 2015, the Corporate Governance Code of 21 March 2014 and the G4 Sustainability Reporting Guidelines.

Group structure

Moscow Exchange Group, Russia’s only multifunctional exchange platform, was established in 2011 with the merger of MICEX (the Moscow Interbank Currency Exchange, founded in 1992) and the RTS (the Russian Trading System, founded in 1995).

The Group comprises:

  • PJSC Moscow Exchange, which operates the FX & Money Market, Derivatives Market and Precious Metals Market;
  • CJSC MICEX SE, which operates the Equity & Bond Market;
  • CJSC National Settlement Depository (NSD), the central securities depository;
  • JSC Bank National Clearing Centre (NCC Clearing Bank), Russia’s largest clearing centre; and
  • CJSC National Mercantile Exchange (NAMEX), which operates the Commodities Market.

Moscow Exchange holds majority stakes in all key subsidiaries, including 100% stakes in MICEX SE and the NCC Clearing Bank, a 99.997% stake in the NSD, and a 62% stake in the NAMEX.