Moscow Exchange is the largest stocks exchange in Russia with a market capitalization of $447 billion. The exchange operates trading in bonds, equities, derivatives, money markets, foreign exchange and precious metals. The mother company of Moscow Exchange that is the Moscow Exchange Group also operates the National Settlement Depository as well as the National Clearing Centre in Russia. The exchange came into being after a merger between the Russia Trading System and the Moscow Interbank Currency Exchange. The two organizations had been formed in the late 90s and were the main stocks exchanges in Russia for two decades prior to the merger. The two were operating their MICEX Index and the RTS Index respectively. The merger was seen as an attempt by Russia to make Moscow a leading financial hub in the region. In 2013, Moscow Exchange declared its Initial Public Offering (IPO) in which $500 million was raised. The IPO was the largest ever in Russia and was oversubscribed more than twice. The Central Bank of Russia is the main shareholder of Moscow Exchange while the listed companies at the exchange are mainly oil & gas companies as well as financial institutions from the region. At the Moscow Exchange, stocks loans and securities lending occur at the Equity Capital Market also known as the T+ market.