On 15 April 2019, Moscow Exchange’s Supervisory Board approved changes to the company’s management team. Having delivered ahead of schedule on all of the goals set out in the Exchange’s current strategy, Alexander Afanasiev will step down from his role as Chief Executive Officer. In line with best corporate governance practices, the Board has engaged in a succession planning process over the last year, supported by professional consultants. As a result of the process, the Board has recommended the appointment of Yury Denisov as Chief Executive Officer, pending approval of his candidacy from the Bank of Russia. Upon this approval, the Board plans to confirm Yury Denisov in this role. Alexander Afanasiev will remain as CEO until 15 May 2019.
Oleg Viyugin, Chairman of the Moscow Exchange Supervisory Board, said:
“Moscow Exchange has completed the implementation of its current five-year strategy – the backbone for substantial growth of the company’s business – ahead of schedule. Future growth of shareholder value will be driven by implementation of the new strategy, which the Supervisory Board initiated in 2018 and which is designed to create qualitatively and technologically new infrastructure services for the Russian financial market. At the same time, the Board has also completed a search for a new CEO, who will oversee the finalization and implementation of the new strategy. We plan to approve and present MOEX’s new strategy to shareholders and clients in the next few months.
“Yury Denisov has served on the Exchange’s Supervisory Board for ten years, and chairs the Supervisory Board of the National Clearing Centre (NCC). He has played a critical role in the work of the Exchange’s supervisory bodies, and been instrumental in developing the new strategy; he also possesses deep financial markets expertise and has a firm grasp of the Exchange’s work and the needs of its clients. We believe that he is a leader fully capable of guiding the Moscow Exchange team toward continued growth of the business.
“Alexander Afanasiev has led Moscow Exchange for seven years. During this time the Exchange became a public company, established relations built on partnerships with key Russian and international market participants, and delivered on pivotal stages of the modernization of Russia’s financial market infrastructure. All of the strategic goals set by the Supervisory Board for Alexander Afanasiev as CEO have been achieved. The Supervisory Board thanks Alexander Afanasiev for the work he has done to develop the company’s business and the results that he has achieved, which are highly valued by both our shareholders and participants in the securities and capital markets.”
Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, said:
“Moscow Exchange has successfully built out world-class financial market infrastructure, significantly expanded its range of products, earned the trust of the market and investors and become one of the world’s largest exchanges by trading volumes. I would like to thank the Exchange’s clients, shareholders and the regulator for their trust and support as we have walked this challenging path. The Exchange team is a group of highly committed professionals. I am most grateful to them for their contributions toward the success of the company.
“I have known Yury Denisov for many years through his work on the Supervisory Board as a highly regarded professional and an outstanding manager. Together we developed the Exchange’s new strategy. I welcome the Supervisory Board’s decision to name Yury as the next CEO.”
Yury Denisov, member of the Moscow Exchange Supervisory Board, commented:
“Moscow Exchange has a central role in the Russian financial market. It has considerable growth potential and the ability to further diversify its business and add new services and infrastructure to meet the needs of a wide range of clients. The company’s track record, expertise, technological solutions and unique relationships with its customers – financial market participants – provide a powerful foundation for continued growth of the company. In my new role – and with the support of the Supervisory Board, clients and the entire Moscow Exchange team – I will strive to lead the company’s further development and grow shareholder value.”
Yury Denisov biography
Yury Denisov has more than 25 years of financial markets experience, including leadership positions at major Russian financial companies. He previously held an executive role at Moscow Exchange, serving as Deputy CEO in 2010-2011. During this time, he was involved in the development of new financial instruments and services, and was responsible for the establishment of the fully-fledged central counterparty and financial risk-management function, as well as the development of the Group’s cash management system.
Yury Denisov was a member of the Exchange’s Supervisory Board from 2008-2011 and again from 2013 till the present. At various times he chaired the Board’s Risk Committee, Business Standards & Practices Committee and Audit Committee. He has also served as a member of the Strategic Planning Committee, Nomination & Remuneration Committee and Budget Committee. Since 2008 he has been a member of the Supervisory Board of the NCC, which acts as central counterparty on all of the Exchange’s markets, and in 2010-2011 and since 2016 has served as Supervisory Board Chairman. Since 2018 he has also served on the Board of the National Settlement Depository (NSD).
From 2002-2010, Yury Denisov was Senior Vice President and Head of the Treasury at VTB Bank, deputy head of the bank’s committee on asset and liability management and a member of its credit committee. At various times he was responsible for trading operations on the securities market, money and FX markets, as well as capital management.
From 1992-2002, he worked at Eurofinance Bank, latterly as Vice President – Head of the Treasury and a member of the asset and liability management and credit committees. He began his career at Vnesheconombank in 1987.
In 1993, Yury Denisov graduated from Moscow State Institute of International Relations (MGIMO), specializing in international economic relations.