Operational risks — The introduction of new products and services associated with the use of new or modified technologies could create additional operational risks that could lead to both the instability of existing systems and services and the failure of the newly implemented systems.

Political and economic risks — The projected slowdown in the Russian economy in 2016 and slow growth in 2017 could further reduce the inflow of investments into the Russian economy and dampen interest in Russian financial markets, which could have an adverse impact on the attractiveness of, and market demand for, new products and rates of return for the Exchange.

Regulatory and legal risks — The introduction of new products may require changes in existing legislation and/or approval from the regulator; there are risks associated with the inability to effect changes in legislation and/or obtain the regulator’s approval.

Sanctions risk — The introduction of new products or the upgrading of existing products may require a technological solution that is not available in the Russian market; however, the availability of such solutions could be hampered or banned in the event of strengthening of the West’s sanctions policy.

Information security risks — The expansion of our product mix could cause criminal elements to take an interest in new products with a view towards asset stripping and stealing, thereby increasing the risk of attacks on the Exchange’s infrastructure.

Reputational risks — The introduction of new products and/or technologies, if proven to be inefficient or in low demand, and given the increasing operational risks, could adversely affect the Company’s reputation.

Operational risks — The transition to new technologies introduced to optimise existing technologies and processes could increase operational risks associated with new products and processes.

HR risks — The optimisation of existing processes could increase the HR risks associated with the inability of current personnel to fully meet the requirements of new technologies and new business processes.

Information security risks — A major redesign of operating technologies and/or business processes could render ineffective the current system of controls, disrupting the operation of Moscow Exchange’s key systems and processes.

Political and economic risks — The projected slowdown in the Russian economy in 2016 and slow growth in 2017 could further reduce the inflow of investments into the Russian economy and dampen interest in Russian financial markets, including from domestic investors, as well as from Russian and foreign issuers.

Regulatory and legal risks — The development of financial markets may require changes in existing legislation and/or approval from the regulator, thereby creating risks associated with the inability to effect changes in legislation and/or obtain the regulator’s approval.

Operational risks — The introduction of new products and services associated with the roll-out of new or modified technology could create additional operational risks that could lead to both the instability of existing systems and services and the failure of the newly implemented systems.

HR risks — Launching new services could increase the HR risks associated with the inability of current personnel to fully meet the requirements of new technologies and new business processes.

Information security risks — A major redesign of existing technologies and/or business processes could render ineffective the current system of controls, disrupting the operation of key systems and processes of Moscow Exchange.

Sanctions risk — The introduction of new products or the upgrading of existing products may require a technological solution that is not available in the Russian market; however, the availability of such solutions could be hampered or banned outright with any toughening of the West’s sanctions policy.

Regulatory and legal risks — The introduction of new services and the optimisation of existing processes may require changes in current legislation and/or approval from the regulator; there are risks associated with the inability to effect changes in legislation and/or obtain the regulator’s approval.

Reputational risk — The absence of visible changes in this area could create an additional reputational risk for the Exchange.