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
  • 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
  • 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
  • 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
  • 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
  • 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