Moscow Exchange Supervisory Board appoints new members to the Exchange Council

At its meeting on 21 July 2016, the Moscow Exchange Supervisory Board approved a new version of the Exchange Council Provisions and named new members of the Council.

According to the amended provisions, the chairman of the Council will be appointed by its newly selected members, and not by the Supervisory Board.

The Board also endorsed Anatoly Shvedov, Chairman of Goldman Sachs Bank (Russia), and Andrey Shemetov, Head of Global Markets, Sberbank CIB, as members of the Exchange Council. They will replace Steven Hellman, former CEO at Credit Suisse (Moscow), and Maksim Safonov, former Head of Global Markets Department at Sberbank CIB.

Exchange Council include 26 senior representatives of the top-15 market participants by trading volume, executives of leading self-regulating organisations, asset management companies, investment banks, custodians and the Bank of Russia.  Ruben Aganbegyan, CEO of Otkritie Holding, is the Chairman of the Exchange Council. Sergey Romanchuk, Head of FX and Money Market Operations at Metallinvestbank is Deputy Chairman. The main function of the Exchange Council is to craft strategic proposals for the development of exchange infrastructure and of Russia"s financial market overall.

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