Moscow Exchange is the only exchange focused on Russian financial assets, and is a completely vertically integrated platform comprising a trading venue with a clearing house (central counterparty) and a central securities depository. MOEX brings together all tiers of the Russian banking system by managing around three-quarters of its total liquidity flow. In February 2013, it completed an IPO with a valuation of approximately $500M (MOEX:MOEX). As of 2020, the company's capitalization has grown 10 times since the IPO and reached $5B.