Vietnam, officially the Socialist Republic of Vietnam, is the easternmost country on the Indochina Peninsula in Southeast Asia. With an estimated 92.7 million inhabitants as of 2016, it is the worlds 14th-most-populous country, and its capital city has been Hanoi since the reunification of North and South Vietnam in 1976, with Ho Chi Minh City as a historical city as well. The northern part of Vietnam was part of Imperial China for over a millennium, an independent Vietnamese state was formed in 939, following a Vietnamese victory in the Battle of Bạch Đằng River. Following a Japanese occupation in the 1940s, the Vietnamese fought French rule in the First Indochina War, Vietnam was divided politically into two rival states, North Vietnam, and South Vietnam. Conflict between the two sides intensified in what is known as the Vietnam War, the war ended with a North Vietnamese victory in 1975. Vietnam was unified under a communist government but remained impoverished, in 1986, the government initiated a series of economic and political reforms which began Vietnams path towards integration into the world economy.
By 2000, it had established relations with all nations. Since 2000, Vietnams economic growth rate has been among the highest in the world and its successful economic reforms resulted in its joining the World Trade Organization in 2007. It is a member of the Asia-Pacific Economic Cooperation and the Organisation Internationale de la Francophonie, Vietnam remains one of the worlds four remaining one-party socialist states officially espousing communism. The name Việt Nam is a variation of Nam Việt, a name that can be traced back to the Triệu Dynasty of the 2nd century BC. The word Việt originated as a form of Bách Việt. The form Vietnam is first recorded in the 16th-century oracular poem Sấm Trạng Trình, the name has been found on 12 steles carved in the 16th and 17th centuries, including one at Bao Lam Pagoda in Haiphong that dates to 1558. Then, as recorded, rewarded Yuenan/Vietnam as their nations name, to show that they are below the region of Baiyue/Bach Viet. Between 1804 and 1813, the name was used officially by Emperor Gia Long and it was revived in the early 20th century by Phan Bội Châus History of the Loss of Vietnam, and by the Vietnamese Nationalist Party.
The country was usually called Annam until 1945, when both the government in Huế and the Viet Minh government in Hanoi adopted Việt Nam. Archaeological excavations have revealed the existence of humans in what is now Vietnam as early as the Paleolithic age, Homo erectus fossils dating to around 500,000 BC have been found in caves in Lạng Sơn and Nghệ An provinces in northern Vietnam. The oldest Homo sapiens fossils from mainland Southeast Asia are of Middle Pleistocene provenance, teeth attributed to Homo sapiens from the Late Pleistocene have been found at Dong Can, and from the Early Holocene at Mai Da Dieu, Lang Gao and Lang Cuom. The Hồng Bàng dynasty of the Hùng kings is considered the first Vietnamese state, in 257 BC, the last Hùng king was defeated by Thục Phán, who consolidated the Lạc Việt and Âu Việt tribes to form the Âu Lạc, proclaiming himself An Dương Vương
Naberezhnye Chelny is the second largest city in the Republic of Tatarstan, Russia. A major industrial center, Naberezhnye Chelny stands on the Kama River 225 kilometers east of Kazan near Nizhnekamsk Reservoir and it was granted town status on August 10,1930, and was called Brezhnev from 1982 to 1988. The city of Naberezhnye Chelny was one of the centers of the Udmurt Jews. Within the framework of administrative divisions, Naberezhnye Chelny serves as the center of Tukayevsky District. As an administrative division, it is incorporated separately as the city of republic significance of Naberezhnye Chelny—an administrative unit with the equal to that of the districts. As a municipal division, the city of republic significance of Naberezhnye Chelny is incorporated as Naberezhnye Chelny Urban Okrug, Kamaz and ZMA trucks are produced there, and the city is one of the largest planned centers in the world related to vehicle production. With more than two square miles dedicated to production, the Kamaz plant is the largest vehicle factory in the world, SPRUT Technology, Ltd.
oldest Russians developers of PC-based CAx software including SprutCAM was founded at 1987 in Naberezhnye Chelny. Naberezhnye Chelny is a railway, motor transport, and aviation hub. The city has a unit of the Kuibyshev Railway JSC Russian Railways - Kama KBS railway department. Immediately Naberezhnye Chelny city is served by two railway stations, its cargo-passenger station Naberezhnye Chelny accommodates loading and unloading of wagons supplied by access roads to distribution centers and processing plants. A modern combined train and bus station was built allowing simultaneous reception of 1,500 passengers, the station Naberezhnye Chelny long-distance trains follow a direct line to Moscow, Ulyanovsk, Bugulma, and in the summer to Adler. Local train service provided flights rail buses to Mendeleyevsk and Bugulmy, in addition, the city has departmental railway sector, belonging to OJSC KAMAZ and JSC Kamgesenergostroy that can handle up to 1,200 cars per day. River port Naberezhnye Chelny allows you to receive treatment under dry cargo and it has a dock for the processing, storage of packaged cargoes and containers.
Its length is 217 linear meters, with possibilities for cargo up to 112 tons in the navigation. The port has a river and a station, which can simultaneously dock four vessels. Infrastructure station can serve up to 200,000 passengers for navigation, international Airport Begishevo serves the cities Nizhnekamsk agglomeration and Nizhnekamsk WPK. Highways City - a large knot of highways, bus station has numerous suburban, naberezhnochelninsky tram is one of the latest new tram systems in the USSR and Russia, which is close to the light rail. It was created to provide a large passenger flows between the areas of the city and a vast industrial complex KAMAZ and other large enterprises
A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both, ticker symbol refers to the symbols that were printed on the ticker tape of a ticker tape machine. Stock symbols are unique identifiers assigned to each security traded on a particular market, for example, AAPL is for Apple Inc. OODH is for Orion DHC, Inc. and HD is for Home Depot, a stock symbol can consist of letters, numbers, or a combination of both, and is a way to uniquely identify that stock. The symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, the allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are typically between 1 and 4 letters and represent the name where possible. In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA, while in Asia, numbers are often used as stock tickers to avoid issues for international investors when using non-Latin scripts.
For example, the bank HSBCs stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005, symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a spelling of the company XON as its ticker symbol. The symbol of the firm after the merger was XOM, symbols are sometimes reused, in the US the single-letter symbols are particularly sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V that had previously used by Vivendi which had delisted. To fully qualify a stock, both the ticker and the exchange or country of listing needs to be known, on many systems both must be specified to uniquely identify the security. This is often done by appending the location or exchange code to the ticker, although stock tickers identify a security, they are exchange dependent, generally limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes, the most prevalent of these is the International Securities Identifying Number.
An ISIN uniquely identifies a security and its structure is defined in ISO6166, Securities for which ISINs are issued include bonds, commercial paper and warrants. The ISIN identifies the security, not the exchange on which it trades, for instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, and is priced in five different currencies, it has the same ISIN on each, though not the same ticker symbol. ISIN cannot specify a particular trade in this case, and another identifier, following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still widely referred to as EPICs. Stocks can be identified using their SEDOL number or their ISIN, in the United States, modern letter-only ticker symbols were developed by Standard & Poors to bring a national standard to investing
2010 Dakar Rally
The 2010 Dakar Rally was the 31st running of the event. It was held in South America for the second successive time, the Amaury Sport Organisation and the governments of Argentina and Chile agreed to a return to South America for the event in February 2009. Cyril Despres, riding a KTM, won the class for the third time. Second place went to another KTM rider, as Pål Anders Ullevålseter finished on the Dakar podium for the first time in his career, aprilia rider Francisco López Contardo finished in third position, just under seven minutes behind Ullevålseter, taking three stage victories. The ATV class was held outwith the motorcycle class for the first time, and was dominated by the Yamaha-riding Patronelli brothers Marcos and Alejandro, juan Manuel González Corominas finished third on another Yamaha, over five hours behind Marcos Patronelli. Volkswagen won their second Dakar in succession in the class, with Carlos Sainz following in the footsteps of team-mate Giniel de Villiers. Sainz finished two minutes clear of another Volkswagen, piloted by Nasser Al-Attiyah, with a third Volkswagen of Mark Miller completing the podium, the race began on New Years Day in downtown Buenos Aires.
The total racing distance was 9,030 kilometres for cars and trucks, of these distances,4,810 kilometres was timed special stage for cars and trucks, with 93 kilometres less for bikes and ATVs. Of the fourteen stages, seven were in Argentina, and seven in Chile, for the first two stages, there were varying distances for Bikes/Quads and Cars/Trucks. The distances of the Bikes/Quads are displayed first, ↓ Denotes competitor given post-stage penalty which was added to overall time, not stage time. Four other fans were injured, two of which were transferred to Córdoba for further treatment, a vast number of competitors did not manage to return to the Fiambala bivouac by nightfall at the end of the third stage. Having to face the passage of the Andes on the stage, the organisers decided to delay the start of the stage by 90 minutes. KTM rider Luca Manca was involved in an accident approximately 10 km into the sixth stage. This came a day after Manca had generously surrendered his rear wheel to defending champion Marc Coma when his fellow KTM riders tyre burst, stage nine was shortened by 168 km due to fog in the surrounding areas around the stage start at Copiapó.
Official website AUSmotive. com – Carlos Sainz and Volkswagen win 2010 Dakar Rally
Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country in northern Central Asia and Eastern Europe. Kazakhstan is the worlds largest landlocked country, and the ninth largest in the world, Kazakhstan is the dominant nation of Central Asia economically, generating 60% of the regions GDP, primarily through its oil/gas industry. It has vast mineral resources, Kazakhstan is officially a democratic, unitary, constitutional republic with a diverse cultural heritage. Kazakhstan shares borders with Russia, Kyrgyzstan and Turkmenistan, the terrain of Kazakhstan includes flatlands, taiga, rock canyons, deltas, snow-capped mountains, and deserts. Kazakhstan has an estimated 18 million people as of 2014, Given its large area, its population density is among the lowest. The capital is Astana, where it was moved in 1997 from Almaty, the territory of Kazakhstan has historically been inhabited by nomadic tribes. This changed in the 13th century, when Genghis Khan occupied the country as part of the Mongolian Empire, following internal struggles among the conquerors, power eventually reverted to the nomads.
By the 16th century, the Kazakh emerged as a distinct group, the Russians began advancing into the Kazakh steppe in the 18th century, and by the mid-19th century, they nominally ruled all of Kazakhstan as part of the Russian Empire. Following the 1917 Russian Revolution, and subsequent civil war, the territory of Kazakhstan was reorganised several times, in 1936, it was made the Kazakh Soviet Socialist Republic, part of the Soviet Union. Kazakhstan was the last of the Soviet republics to declare independence during the dissolution of the Soviet Union in 1991, Kazakhstan has worked to develop its economy, especially its dominant hydrocarbon industry. Kazakhstans 131 ethnicities include Kazakhs, Uzbeks, Germans, the Kazakh language is the state language, and Russian has equal official status for all levels of administrative and institutional purposes. The name Kazakh comes from the ancient Turkic word qaz, to wander, the name Cossack is of the same origin. The Persian suffix -stan means land or place of, so Kazakhstan can be translated as land of the wanderers.
Kazakhstan has been inhabited since the Neolithic Age, the regions climate, archaeologists believe that humans first domesticated the horse in the regions vast steppes. Central Asia was originally inhabited by the Scythians, the Cuman entered the steppes of modern-day Kazakhstan around the early 11th century, where they joined with the Kipchak and established the vast Cuman-Kipchak confederation. Under the Mongol Empire, the largest in history, administrative districts were established. These eventually came under the rule of the emergent Kazakh Khanate, throughout this period, traditional nomadic life and a livestock-based economy continued to dominate the steppe. Nevertheless, the region was the focus of ever-increasing disputes between the native Kazakh emirs and the neighbouring Persian-speaking peoples to the south, at its height the Khanate would rule parts of Central Asia and control Cumania
Daimler AG is a German multinational automotive corporation. Daimler AG is headquartered in Stuttgart, Baden-Württemberg, the Maybach brand was closed at the end of 2012, but was revived in April 2015 as Mercedes-Maybach, an ultra luxury edition of the Mercedes-Benz S-Class and the Mercedes-Benz G-Class. In 2016 Daimler sold 3.0 million vehicles, by unit sales, Daimler is the thirteenth-largest car manufacturer and is the largest truck manufacturer in the world. In addition to automobiles, Daimler manufactures buses and provides services through its Daimler Financial Services arm. The company is a component of the Euro Stoxx 50 stock market index, Daimler AG is a German manufacturer of automobiles, motor vehicles, and engines, which dates back more than a century. An Agreement of Mutual Interest was signed on 1 May 1924 between Benz & Cie and Daimler Motoren Gesellschaft, in 1998, Daimler-Benz and Chrysler Corporation announced the worlds largest cross-border deal ever, valued at US$38billion, and the resulting change in company name to DaimlerChrysler AG.
In 2007, when the Chrysler group was sold off to Cerberus Capital Management, in November 2014, Daimler announced it would acquire 25 percent of Italian motorcycle producer MV Agusta for an undisclosed fee. The terms of the merger allowed Daimler-Benzs non-automotive businesses such as Daimler-Benz InterServices AG, debis AG for short, debis AG reported revenues of $8.6 bn in 1997. A class action lawsuit was settled in August 2003 for US$300 million while a suit by billionaire investor activist Kirk Kerkorian was dismissed on 7 April 2005. The transaction claimed the job of its architect, Chairman Jürgen E. Schrempp, the merger was the subject of a book Taken for a Ride, How Daimler-Benz Drove Off With Chrysler, by Bill Vlasic and Bradley A. Stertz. Another issue of contention is whether the merger delivered promised synergies, martin H. Wiggers concept of a platform strategy like the VW Group, was implemented only for a few models, so the synergy effects in development and production were too low.
As late as 2002, DaimlerChrysler appeared to run two independent product lines. 2L V6, and the Dodge Sprinter/Freightliner Sprinter, a re-badged Mercedes-Benz Sprinter van, Daimler agreed to sell the Chrysler unit to Cerberus Capital Management in May 2007 for US$6 billion. Chrysler reported losses of US$1.5 billion in 2006 and it announced plans to lay off 13,000 employees in mid-February 2007, close a major assembly plant and reduce production at other plants in order to restore profitability by 2008. DaimlerChrysler had reportedly approached other carmakers and investment groups to sell Chrysler in early 2007, general Motors was reported to be a suitor, but on 3 August 2007, DaimlerChrysler completed the sale of Chrysler Group to Cerberus Capital Management. The original agreement stated that Cerberus would take an 80.1 percent stake in the new company, DaimlerChrysler changed its name to Daimler AG and retained the remaining 19. 9% stake in the separated Chrysler. The terms saw Daimler pay Cerberus US$650 million to take Chrysler, of the US$7.4 billion purchase price, Cerberus Capital Management was to invest US$5 billion in Chrysler Holdings and US$1.05 billion in Chryslers financial unit.
The de-merged Daimler AG received US$1.35 billion directly from Cerberus, despite the fact it had been nearly a decade since the Daimler/Chrysler split, the fourth-generation Jeep Grand Cherokee shares a platform with the Mercedes-Benz M-Class. This includes the Chrysler LX platform vehicles which initially used Mercedes-Benz components since its 2005 introduction
A bus is a road vehicle designed to carry many passengers. Buses can have a capacity as high as 300 passengers, many types of buses, such as city transit buses and inter-city coaches, charge a fare. Other types, such as elementary or secondary school buses or shuttle buses within a post-secondary education campus do not charge a fare, in many jurisdictions, bus drivers require a special licence above and beyond a regular drivers licence. Horse-drawn buses were used from the 1820s, followed by steam buses in the 1830s, the first internal combustion engine buses, or motor buses, were used in 1895. Recently, interest has been growing in hybrid electric buses, fuel cell buses, as of the 2010s, bus manufacturing is increasingly globalised, with the same designs appearing around the world. Bus is a form of the Latin word omnibus. The first horse-drawn omnibus service was started by a businessman named Stanislas Baudry in the French city of Nantes in 1823, Nantes citizens soon gave the nickname omnibus to the vehicle.
The omnibus in Nantes was a success and Baudry moved to Paris, a similar service was introduced in London in 1829. The first mechanically propelled omnibus appeared on the streets of London on 22 April 1833, in parallel to the development of the bus was the invention of the electric trolleybus, typically fed through trolley poles by overhead wires. The Siemens brothers, William in England and Ernst Werner in Germany, sir William first proposed the idea in an article to the Journal of the Society of Arts in 1881 as an. arrangement by which an ordinary omnibus. The first such vehicle, the Electromote, was made by his brother Dr. Ernst Werner von Siemens and presented to the public in 1882 in Halensee, Germany. Although this experimental vehicle fulfilled all the criteria of a typical trolleybus. Max Schiemann opened a trolleybus in 1901 near Dresden, in Germany. Although this system operated only until 1904, Schiemann had developed what is now the standard trolleybus current collection system, in the early days, a few other methods of current collection were used.
Leeds and Bradford became the first cities to put trolleybuses into service in Great Britain on 20 June 1911, in Siegerland, two passenger bus lines ran briefly, but unprofitably, in 1895 using a six-passenger motor carriage developed from the 1893 Benz Viktoria. Another commercial bus line using the same model Benz omnibuses ran for a time in 1898 in the rural area around Llandudno. Daimler produced one of the earliest motor-bus models in 1898, the vehicle had a maximum speed of 18 kph and accommodated up to 20 passengers, in an enclosed area below and on an open-air platform above. With the success and popularity of bus, Daimler expanded production, selling more buses to companies in London and, in 1899, to Stockholm
The arms industry, known as the defense industry or the arms trade, is a global industry responsible for the manufacturing and sales of weapons and military technology. It consists of a commercial industry involved in the research and development, engineering and servicing of military material and facilities. Arms-producing companies, referred to as arms dealers, defense contractors, or as the industry, produce arms for the armed forces of states. Departments of government operate in the industry and selling weapons, munitions. An arsenal is a place where arms and ammunition are made and repaired, stored, or issued, in any combination, the arms industry provides other logistical and operational support. Stockholm International Peace Research Institute estimated in 2012 that 2012 military expenditures were roughly 1.8 trillion United States dollars and this represents a relative decline from 1990 when military expenditures made up 4% of world GDP. Part of the money goes to the procurement of military hardware, the combined arms sales of the top 100 largest arms-producing companies amounted to an estimated $395 billion in 2012 according to SIPRI.
In 2004 over $30 billion were spent in the arms trade. According to SIPRI, the volume of transfers of major weapons in 2010–14 was 16 per cent higher than in 2005–2009. The ﬁve biggest exporters in 2010–2014 were the United States, China and France, and the ﬁve biggest importers were India, Saudi Arabia, many industrialized countries have a domestic arms-industry to supply their own military forces. Some countries have a legal or illegal domestic trade in weapons for use by its citizens, primarily for self-defense. Illegal trade in small arms occurs in countries and regions affected by political instability. The Small Arms Survey estimates that 875 million small arms circulate worldwide, contracts to supply a given countrys military are awarded by governments, making arms contracts of substantial political importance. Various corporations, some publicly held, others private, bid for these contracts, other times, no bidding or competition takes place. The modern arms industry emerged in the half of the nineteenth century as a product of the creation and expansion of the first large military-industrial companies.
In 1854, the British government awarded a contract to the Elswick Ordnance Company of industrialist William Armstrong for the supply of his latest breech loading rifled artillery pieces and this galvanised the private sector into weapons production, with the surplus being increasingly exported to foreign countries. Armstrong became one of the first international arms dealers, selling his weapon systems to governments across the world from Brazil to Japan. In 1884, he opened a shipyard at Elswick to specialise in warship production—at the time, it was the factory in the world that could build a battleship
This contrasts with a conventional truck where the engine is mounted in front of the driver. It is, still popular in the light-. In Australia both American and European/Japanese/Chinese types, as well as the type are common. Cab over engine types dominate urban and light duty use, with conventional trucks predominating in remote, both types are common for highway use. The first truck in the United States was built by Autocar in 1899 using a called engine-under-the-seat and was available with optional 5 or 8 horsepower motors. Although early Autocar trucks were not exactly cab-over, since the truck did not have a cab, per se, the Sternberg company of Wisconsin produced cab-over trucks as early as 1907, though by 1914 only their seven-ton model was a cab-over. They reintroduced the cab-over layout in 1933 with their Camel Back model, schreckengost was joined by other designers such as Raymond Loewy who designed the Metro series of vans and trucks for International Harvester. The bodies for these vehicles were produced by the Metropolitan Body Company. MBC was instrumental in the development of COE route delivery bodies in the 1930s, the laws of the time limited overall truck length to 42 feet on highways.
Schreckengost patented the design in 1934, Autocar reintroduced the engine-under-the-seat format with their Model U in 1933, which became a staple of U. S. roads and the U. S. military through World War II and well into the 1950s. White-Freightliner introduced its first tilting cab-over design in 1958, which allowed the cab to tilt forward for access to the engine. Its shorter wheelbase allows cab-over semi trucks to have an overall length. In both class 8 tractors and light- and medium-duty vocational trucks, the design gives the COE model an advantage in maneuverability over a conventional model. And since COEs are generally lighter than conventionals, they can often haul heavier loads, given equal gross vehicle weight rating, despite the COE designs being smaller in general, over-the-road tractors can still be fully equipped with single or bunk beds. Also, lack of a hood gives better visibility to the driver and a turning radius. Because of their flat front design, early COE semi-trucks had significantly worse aerodynamics than conventional tractors and this works against fuel economy, and offsets some of the improvement in fuel consumption garnered from the lighter weight of the cab-over truck when running less than fully loaded.
Although the tilting cab gives comparatively unobstructed access to the engine, its deployment causes unsecured items in the cab, vehicles without a tilting cab will usually be equipped with removable floor panels through which mechanics can access and service the engine. Unfortunately, some components might require servicing or replacement that either will not fit through the hatch or remain inaccessible and this necessitates removal of the engine by lowering it out from under the vehicle, a time-consuming and expensive procedure
Moscow Exchange, the largest exchange group in Russia, operates trading markets in equities, derivatives, the foreign exchange market, money markets and precious metals. The Moscow Exchange Group operates Russias central securities depository and the countrys largest clearing service provider, the exchange is a result of December 2011 merger of the Moscow Interbank Currency Exchange and the Russian Trading System. Both organisations had been formed in the 1990s and were the leading Russian exchanges for two decades with their MICEX Index and the RTS Index, the merger created a single entity and advanced Russias plans to turn Moscow into an international financial centre. The exchange rebranded in July 2012, the exchange completed its Initial Public Offering on 15 February 2013, raising 15 billion rubles. The IPO, at the time the largest ever held exclusively in Moscow, was more than twice oversubscribed, the Exchange’s shares were included in the MSCI Russia Index as of 26 November 2013. In July 2014 the Central Bank of Russia, the largest shareholder of the exchange, a Russian federal law requires the Central Bank to fully sell its stake in the exchange by 1 January 2016.
and Da Vinci Capital Partners. Dmitry Shcheglov, COO, a veteran of Moscow Exchange and its predecessor MICEX, luis Vicente, Head of Risk & Clearing as of September 2013, former risk manager at Brazil’s BM&F Bovespa. Since 2016, the Supervisory Board consists of 12 instead of 15 members previously, alexei Kudrin, a former Russian Deputy Prime Minister and Finance Minister was elected Chairman of the Moscow Exchange Supervisory Board in June 2014. The Equity & Bond Market is a key platform for Russian businesses to raise capital and for domestic and international investors to access equity, the marketplace is the main trading venue for Russian stocks as well as government and corporate bonds. In 2013-2014,16 companies placed stock via Moscow Exchange, raising a total of approximately RUB200 bln, on the fixed income side, more than 400 bond issues were placed, raising more than RUB3.4 trln for issuers. Moscow Exchange includes shares of many of Russia’s largest companies including Gazprom, Rosneft, most global investment banks began to provide their clients with DMA to the Russian market in 2013.
As a result of changes, the international central securities depositories Euroclear and Clearstream now offer settlement services for Russian stocks. In addition to attracting international investors to trade on its platform, recent changes to the regulation of pension funds, together with changes to the listing rules, allow more assets of non-state pension funds to be invested into the market. Other legislative changes incentivise retail investors through reduced taxation to invest into stocks, Moscow Exchanges FX and Money Market is a key element of the Russian financial system. The Bank of Russia uses the Exchanges infrastructure to implement monetary policy and provide liquidity to the market through repo transactions, for its domestic and international clients, including banks and corporates, Moscow Exchange offers a range of products to manage liquidity and FX exposure. It is the centre of pricing for RUB and offers many RUB currency pairs, FX Market All transactions on the FX market are centrally cleared by National Clearing Centre.
In September 2014, average daily trading volume across all currency pairs was USD22.4 bln, while RUB/USD and RUB/EUR remain the most traded currency pairs, Moscow Exchange actively promotes trading in other currencies. In particular the RUB/CNY pair has been received by the market and trading in the GBP