The success was driven by the reforms we have made to our market infrastructure to bring the Exchange’s trading and clearing services on a par with the world’s largest marketplaces.

During the year, the Exchange actively expanded its offering by updating the range of products available and by making further enhancements to service. We also continued to streamline our risk management systems.

Listing reform was the one of the major innovations in 2014. This raised corporate governance standards for Russian issuers and thus helped to attract new investors.

During the year we also faced the first serious stress test of the reliability of our new infrastructure. I am delighted to note that trading and settlement continued uninterrupted during the periods of extremely high volatility that the market witnessed. The Exchange’s risk management systems and central counterparty clearing rose to the challenge, and our members were able to continue trading across all asset classes amid intense market turbulence.

The next stage will be to continue enhancing the products and services we offer to further improve the attractiveness of Russia’s financial market infrastructure. One of our primary targets is to become a global centre for companies looking to raise capital, and to create a reliable and transparent investment environment for Russian and foreign investors.

All participants of the Russian financial market have helped to drive the success of our business, and we would like to thank them for their support in developing the market over the past several years.