Annual report 2016

Risk management

Key Risks

The Moscow Exchange Group has built an integrated risk management system, however each of the Group company faces its own inherent risks associated with the specific field of its activities. Thus, the Moscow Exchange, being the parent company of the Group, assumes the risks of a market operator.

The Group’s comprehensive risk management system
  • central securities depository;
  • clearing system;
  • commodities’ repository;
  • tripartite services;
  • corporate information centre.

However, the Group's principal risk taker is none other than Bank National Clearing Centre (Joint-stock company) (short name “NCC Clearing Bank”) on the grounds that it operates as clearing house, a central counterparty for all main markets of the Moscow Exchange Group, and an operator of deliveries in the Commodities Market.