Annual Report 2014

Operating and Financial Results

Intragroup transactions have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.

(a) Transactions with key management

Key management personnel comprises members of the Executive Board and the Board of Directors. The total remuneration paid to key management personnel includes short-term benefits (salary, bonuses, payroll related taxes, insurance, health care, etc.) and share-based payment expense.
Year ended December 31, 2014 Year ended December 31, 2013
Short-term employee benefits 381 272 241 701
Share-based payment expense 81 411 203 479
Total remuneration of key management personnel 462 683 445 180

(b)Transactions with government-related entities

The Central Bank of Russia sold an 11,7% stake in Moscow Exchange to the market on 2 July 2014. The sale is in line with the Central Bank’s obligation under the Federal Law # 251-FZ dated July 23, 2013 to completely exit the shareholder capital of Moscow Exchange by 1 January 2016. As the result of the sale, the entities controlled by the Russian Federation together hold less than 50% of voting shares of Moscow Exchange. Accordingly, as at December 31, 2014 the Russian Federation exercised significant influence over Moscow Exchange.

The Group considers government-related entities as related parties if Russian Federation has control, joint control or significant influence over the entity. In the ordinary course of business the Group provides stock exchange services to government-related entities, places funds with government-related banks and bonds issued by the Russian Federation and government-related entities.


(c)Transactions with associates

Included in the Consolidated Statement of Financial Position were the following amounts that arose on transactions with associates:
December 31, 2014 December 31, 2013
Investments in associates 46 132 93 149
Other assets 766 2 662
Balances of market participants - 9 539
Loans payable - 50 790
Other liabilities 253 449
Included in the Consolidated Statement of Profit or Loss are the following amounts that arose due to transactions with associates:
Year ended December 31, 2014 Year ended December 31, 2013
Share of profits of associates 7 356 74 605
Fee and commission income and other operating income 1 844 40 470
Foreign currency difference 132 (579)
Administrative and other operating expenses (2 389) (31 141)
Interest expense - (2 636)
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