Operating and Financial Results

Open Joint-Stock Company Moscow Exchange MICEX-RTS (Moscow Exchange) is a stock exchange based in Moscow, Russian Federation. It was established as closed joint-stock company „Moscow Interbank Currency Exchange“ (MICEX) in 1992. In December 2011 the company was reorganized into the form of open joint-stock company and renamed to Open Joint-Stock Company MICEX-RTS. In July 2012 the name of the company was changed to Open Joint-Stock Company Moscow Exchange MICEX-RTS.

The legal address of Moscow Exchange: 13 Bolshoy Kislovsky per., Moscow, the Russian Federation.

Moscow Exchange Group („the Group“) is an integrated exchange structure that provides financial market participants with a full set of competitive trading, clearing, settlement, depository and information services. The Group operates on the following markets: foreign currencies exchange market, government securities and money market, market of derivative financial instruments, equities market, corporate and regional bonds market, commodities market.

Moscow Exchange is the parent company of the Group, which includes the following entities:
Name Principal activities December 31, 2014 December 31, 2013
Voting rights, % Voting rights, %
CJSC MICEX Stock Exchange (MICEX SE) Stock exchange operations 100% 100%
NCO CJSC National Settlement Depository (NSD) Depository, clearing and settlement services 99,997% 99,997%
CJSC National Clearing Center (NCC) Banking and clearing operations 100% 100%
CJSC Clearing Center RTS (CC RTS) Financial activities 100%
Non-banking Credit Organisation Settlement Chamber RTS CJSC (SC RTS) Settlement services 100%
CJSC DCC (former CJSC Depository Clearing Company) (DCC) Depository services 99,995% 99,995%
Open Joint-Stock Company Evraziyskaia Trading System Commodity Exchange (ETS) Commodities exchange operations 60,82% 60,82%
LLC MICEX Finance (MICEX Finance) Financial activities 100% 100%
LLC MICEX Cyprus (MICEX Cyprus) Financial activities 100% 100%
CJSC MICEX-Information Technologies (MICEX-IT) IT services, operator of electronic trading platform 100%
PJSC PFTS Stock Exchange (PFTS SE) Stock exchange operations 50,02% 50,02%
LLC ME Technology (former LLC E-Stock) Technical support of exchange activities, IT services 100,00% 100,00%
CJSC National Mercantile Exchange (NAMEX) Commodities exchange operations 61,90% 36,51%

MICEX SE provides services for Securities Market Sections of the Group.

NSD is the central securities depository of the Russian Federation. NSD is the Russian national numbering agency and the substitute numbering agency for the Commonwealth of Independent States (CIS), authorized to assign the international ISIN, CFI and pre-LEI codes. NSD holds licenses for depository, clearing and settlement operations issued by the Central Bank of Russia (CBR).

NCC performs functions of a clearing organization and central counterparty on the financial market. NCC has a license for clearing activities.

PFTS SE is a stock exchange, which has a stock exchange license in Ukraine and facilitates spot trading.

MICEX Finance and MICEX (CYPRUS) LTD are established for facilitating financial activities of the Group.

Until December 2012 CC RTS provided clearing services for Derivatives Market and Securities Market („Standard” sector) Sections of the Group. At the end of 2012 this line of business was transferred to NCC. In August 2014 CC RTS was merged with NCC.

SC RTS was a non-banking credit institution and had a license to perform settlement services issued by the CBR. In August 2014 SC RTS was merged with NCC.

DCC provides depository services. DCC has licenses to perform depository activities.

LLC ME Technology provides technical support of exchange activities and IT services to Moscow Exchange clients.

ETS is a commodity exchange, which has a license for organisation of trading in commodities in Kazakhstan.

In 2014 the Group obtained control over CJSC National Mercantile Exchange (NAMEX), which is a commodity exchange operating in Russia (refer to Note 6).

In 2014 the Group sold its stake in its subsidiary MICEX-IT.

Moscow Exchange and all subsidiaries are located in Russia, except for ETS, PFTS SE and MICEX (CYPRUS) LTD. ETS is located in Kazakhstan, PFTS SE is located in Ukraine and MICEX (CYPRUS) LTD is registered in Cyprus.

The Group has 1 636 employees as at December 31, 2014 (December 31, 2013: 1 692 employees).

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