Strategic initiatives	Implemented
Repatriation of IPOs and secondary equity market liquidity back to Russia	Trading infrastructure parity with global venues (Т+2, DMA) Capital raisings by MOEX, VTB, Alrosa, Yandex, Polymetal, Qiwi, Lenta, etc.
Diversification and accelerated development of the Derivatives Market	Futures on RUB/USD is the most traded FX derivative globally +127% — increase in RUB/USD futures trading volume in 2014 vs 2012, increase in Derivatives Market trading volume +23%
Creation of new clearing system with single position of trading participants across all markets	National Clearing Centre (NCC) acts as CCP on all MOEX markets Trading and clearing membership separation on FX Market Risk netting between FX and Derivatives Markets
Creation of reliable and productive technology platform and range of technological services	Launch of integration platform linking MOEX, NCC and NSD’s systems Launch of risk and collateral management software across all MOEX markets Unified FIX/FAST access technology across all markets
Focus on competitiveness of post-trade products offering and settlement services	Launch of the CSD and trade repository Launch of REPO with the CBR with collateral management system ICSD opened direct accounts in NSD
Drive regulatory reform	Key laws regulating the CSD, clearing, exchanges adopted Regulation to launch individual investment accounts adopted Investment horizon of non-state pension funds was extended to 5 years

Key pillars	Goals
Diversification
Data and information services Technical services Indices Listing OTC derivatives clearing On-exchange trading of standardized commodities	Substantially increase revenue from classical infrastructural exchange services and create new on-exchange traded markets
Optimisation
Corporate culture enhancement Business process optimization and harmonization Client service enhancement Cost optimization Tariff structure optimization	Decrease run rate and optimize Group’s business-processes
Penetration
Support of the regulator in reforms executing Grow local investor base Development of fixed income market (“bondisation”) REPO and derivatives products customization Attract new issuers (IPO/SPO) to MOEX Protect liquidity	Develop local investor base and stimulate Russian financial market liquidity growth
Sophistication
Development and unification of risk management system across all markets Unified clearing and settlement pool Single collateral pool and new collateral management services New tri party post-trading services	Develop sophisticated risk-management, clearing, settlement and collateral management systems integrated across all markets of the Group
Standardisation
Trading and clearing services alignment with best international practices Develop NSD product offering Optimisation of documentary and technical interface with market participants Demonstrate leadership in the best corporate governance practices	Finalise key infrastructure elements alignment to evolving global standards