Moscow Exchange (Russian: ПАО Моско́вская би́ржа, tr. PAO Moskovskaya Birzha, IPA: [mɐˈskofskəjə ˈbʲirʐə]; literally: Moscow Bourse), the largest exchange group in Russia, operates 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).[3] The exchange is a result of December 2011 merger of the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System.