Moscow Exchange (; latinization: OAO Moskovskaya Birzha) is the largest exchange group in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals. The Moscow Exchange Group also operates Russia’s central securities depository (National Settlement Depository) and the country’s largest clearing service provider (National Clearing Centre). The exchange was established in December 2011 by merging the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System.