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

That said, the Group’s principal risk taker is the National Clearing Centre (NCC) on the grounds that it operates as clearing house and central counterparty for all main markets of Moscow Exchange Group and an operator of deliveries in the Commodities Market.

The Group’s comprehensive risk management system (RMS) extends to the NSD, the infrastructure powerhouse of the Russian financial market, whose priorities are the reliable operation and stable development of the following key areas:

• Central securities depository;
• Clearing system;
• Commodities repository;
• Tripartite services;
• Corporate information center.