Executive Board

Yury Denisov, Chief Executive Officer 

Yury Denisov, Chief Executive Officer

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 also 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 Moscow Exchange’s Supervisory Board from 2008 to 2011 and has been again from 2013 until now. At various times he chaired the Board’s Risk Management Commission, Business Standards & Practices Commission and Audit Commission. He has also served as a member of the Strategy Planning Commission, Nomination & Remuneration Commission and Budget Commission. Since 2008 he has been a member of the Supervisory Board of the National Clearing Centre (NCC), which acts as the central counterparty on all of the Exchange’s markets. In 2010-2011 and 2016-2019 he served as the Supervisory Board Chairman. Since 2018 he has also served on the Board of the National Settlement Depository (NSD).

In 2002-2010, Yury Denisov was Senior Vice President and Head of 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.

In 1999-2002, he worked at Eurofinance Bank, latterly as Vice President – Head of 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), specialising in international economic relations.


Maxim Lapin, Chief Financial Officer (CFO)

Anna Kuznetsova

Maxim holds an economics degree with distinction from Moscow State University (2003), and an MBA from Columbia Business School specializing in corporate finance (2007). He is interested in the beyond budgeting concept, application of numerical techniques, statistical analysis, big data and digital marketing.

Before joining Moscow Exchange, Maxim Lapin was a member of the Management Board and Business Development Director at the steelmaker MMK. Before MMK, he was Director of Planning and Analysis at Sibur (2009-14), and worked in the Moscow office of McKinsey & Company where he focused on strategy and operational efficiency in the industrial and banking sectors (2003-09). 

Maxim Lapin was appointed Chief Financial Officer and  approved as a member of the Executive Board of Moscow Exchange in September 2017.







Igor Marich, Managing Director of Money and Derivatives Markets

Igor Marich

Igor Marich joined Moscow Exchange (then MICEX Stock Exchange) in 2000. Before MOEX, he held various securities operations positions at banks. He was involved in the reform of the government securities market and creation of the Exchange's repo market. As Head of MOEX's Money and FX Markets from 2011, he led a number of prominent initiatives such as the launch and rollout of CCP-cleared repo; the transformation of the FX Market (rollout of a new risk-management system, agent-based model offering DMA and access for brokers, clearing membership for non-residents and new products with new currency pairs and deliverable FX derivatives); and the launch of a new Money Market instrument based on GCC repo.

He has been a member of the Executive Board since July 2016.

Igor Marich graduated with high academic honors from the Finance Academy under the Government of the Russian Federation. He has also completed INSEAD's Transition to General Management programme. 






Dmitry Shcheglov, Chief Operating Officer (COO)

Dmitry Shcheglov

Dmitry graduated from the Moscow State University of Technology "STANKIN" in 1998. He joined MICEX the same year as an expert of the Department for Trading and Clearing Systems Support of the Derivatives Market. Then he held different positions within the FX market division at the Exchange. Dmitry was immediately engaged in arranging the operation of National Clearing Center and transferring clearing on the FX market to NCC. In 2009 he organized the work of the MICEX Operational Center.     

Dmitry was Deputy Head of the Project Center for the Integration since April 2011.

In 2012 he was appointed Executive Director of Operations at Moscow Exchange.

Dmitry holds a PhD in technical sciences specializing in automating processes and production.