Strategic priorities 2015-2020
Key objectives of the Group’s Strategy for 2015–2020
Substantially increase revenues from classic infrastructure services and create new trading markets
Key areas of focus
- Market data and information services
- Technical services
- Indices
- Listing
- OTC derivatives clearing
- On-exchange trading of standardised products
Projects completed in 2016
- Deliverable futures contracts launched for USD/RUB, EUR/RUB and CNY/RUB currency pairs.
- CHF/RUB trades launched on the FX Market.
- MICEX and RTS indices for mid- and small-cap stocks introduced.
- First RTS ETF trading started on MOEX.
- New types of OTC contracts with the central counterparty (CCP) introduced, including FX swaps, FX forwards and interest rate swaps.
- Trading in Eurobonds switched to partial depositing and deferred settlement schemes.
- Trades in RUONIA futures launched.
- Premium segment created in the Innovation and Investment Market (IIM-Prime).
Improve operational efficiency and streamline Group’s business processes
Key areas of focus
- Strengthening corporate culture
- Optimisation and harmonisation of business processes
- Improving the customer experience
- Implementation of a cost savings programme
- Tariff optimisation
Projects completed in 2016
- IT systems migrated to the new data centre, with the quality of services and access to MOEX markets improved.
- Shared client registration introduced across all MOEX markets to streamline market access for clients.
- Derivative market tariff reform completed to align tariffs and fees across MOEX markets and harmonise fees within derivative contract groups.
- Batch client registration introduced on the FX Market and Equity & Bond Market enabling clients to start trading on the registration date.
- Updated MOEX values implemented.
- Procurement function restructured with RUB 734 m in cost savings achieved.
- New budget planning system introduced to have the Group budgeting and OPEX/CAPEX control processes significantly optimised.
Develop an advanced comprehensive system for managing risks, collateral pool and settlements extending to all Group markets
Key areas of focus
- Development and harmonisation of the risk management system across all markets
- Unified clearing and settlement pool
- Single collateral pool and new collateral management services
- New tripartite post-trading services
Projects completed in 2016
- Central counterparty (CCP) protection improved with collateral for stress.
- CCP allocated capital increased by RUB 3 bn to RUB 9.5 bn.
- Project finalised to enable inter-market cross-default procedures.
- Migration to the CCP unified accounting system completed.
Develop the local investor base and facilitate greater liquidity of the Russian financial markets
Key areas of focus
- Support of the regulator in implementing reforms
- Development of the local investor base
- Development of the Bond Market (bondisation)
- Customisation of Repo and derivatives products
- Attracting new issuers
- Implementation of liquidity protection programmes
Projects completed in 2016
- A new type of securities – general collateral certificates (GCC) – introduced.
- Asset Manager Ranking launched.
- Over 200,000 individual investment accounts opened.
- Shortest-term bonds trading started.
- Direct access to the FX Market and deposit operations provided to corporate customers.
- Cooperation agreements made with Chinese exchanges, brokers and depositories.
- New type of members (auction organisers) introduced to the M-Deposit segment.
Complete upgrade of key elements of the Russian financial market infrastructure in accordance with evolving international standards
Key areas of focus
- Alignment of local financial market practices with international standards in terms of key aspects relevant for foreign investors
- Developing the NSD product offering
- Streamlining of exchange interfaces for market participants and investors in line with best global practices
- Promoting better corporate governance at Russian companies
Projects completed in 2016
- The first international clearing members (ICM) entered the MOEX FX Market, including Bank of America, National Association (BANA) and ICBC Standard Bank Plc.
- MOEX indices and FX fixings found compliant with the IOSCO principles.
- CME Group and EMTA began using the MOEX fixing for the settlement of RUB FX futures.
- NSD acted as the Head Depository in the placement of sovereign eurobonds.