Moscow Exchange council and user committees

The primary objective of the Moscow Exchange Council is to develop strategic proposals for the development of exchange infrastructure and the Russian financial market.

In 2015, the composition of the Council was modified:

  • Minimum membership was increased to 15 members, and the maximum to 26 members;
  • 15 members are representatives of the top 15 traders based on total trading volume;
  • 11 members are elected on the recommendation of Moscow Exchange from traders, asset management companies, financial market, self-regulatory organisations the Bank of Russia, government agencies, depository banks, and subsidiaries of foreign banks.

In December 2015, the Council’s new 26-strong membership was approved. Ruben Aganbegyan was elected Chairman, and Sergei Romanchuk as Deputy Chairman.

The Council held four meetings in 2015 to discuss:

  • Actions of the Bank of Russia aimed at maintaining stability and monitoring the Russian financial sector;
  • Introduction of tools to restore financial stability and CCP loss-sharing in accordance with the new regulatory requirements of the Bank of Russia and international standards;
  • Approaches to the standardisation of clearing services across Moscow Exchange Group markets.

Moscow Exchange continues to serve as a platform for discussing legislative and regulatory requirements and major technological changes with clients.

There are 17 user committees operating under the auspices of Moscow Exchange and the NSD. The committees are advisory bodies of Moscow Exchange. Their main tasks are to prepare proposals for changes to legislation and other regulation, and to review regulatory issues associated with public trading and issuance of securities, information disclosure on the securities market, and corporate governance. In addition, they develop proposals for managing trading in securities, improvements in clearing and settlement technology, and expansion of available tools and services.

A number of innovations successfully implemented in 2015 were developed under the aegis of the user committees.