Oleg Vyugin, longtime chairman of the board of directors at the National Association of Exchange Participants, NAUFOR, has announced he will step down ahead of the end of his current term. The decision was conveyed by Alexey Timofeev, who chairs NAUFOR, through the association’s official Telegram channel. Vyugin has led the organization for more than a decade, guiding its work as a representative body for market participants and its efforts to strengthen dialogue with regulators, exchanges, and participants across Russia. His departure signals a pivotal moment for the stakeholder community, as NAUFOR continues to advocate for clear rules, investor education, and responsible market participation in a rapidly evolving financial landscape.
At the board meeting held today, Vyugin indicated that he would leave his post. Vyugin’s tenure as chair began in 2010, a period marked by substantial development for NAUFOR and a broad expansion of its responsibilities. In August of last year he was re-elected to head the board through 2025, with the understanding that board directors are chosen every two years to ensure continuity while inviting fresh perspectives. Under Vyugin’s leadership, the association intensified its efforts to facilitate more active participation by brokers and individual investors, expanded educational programs, and strengthened its role as a constructive interlocutor in regulatory discussions. The leadership transition, while notable, is intended to maintain momentum and preserve the organization’s mission to enhance market transparency and integrity for participants nationwide.
Vyugin has held a string of senior roles in the financial sector well before NAUFOR’s current shape took form. From 1996 to 1999 he served as Deputy Minister of Finance, a period that saw important budgetary and policy discussions at the national level. Later, from 2002 to 2004, he was First Deputy Governor of the Bank of Russia, contributing to the supervision of monetary policy and financial stability during a time of substantial reform. Between 2004 and 2007 Vyugin headed the Federal Service for Financial Markets, guiding oversight and market infrastructure during a critical phase of modernization. In addition, he chaired the supervisory board of the Moscow Stock Exchange from 2018 to 2022, a tenure that coincided with efforts to upgrade trading platforms, improve efficiency, and integrate with broader market ecosystems. These experiences underscore his broad understanding of the financial system and his capacity to build bridges between policy, market participants, and operators.
Observers note that the transition at NAUFOR will require careful succession planning to sustain the association’s strategic agenda. The outgoing chairman helped push initiatives that boosted investor education, improved compliance among participants, and expanded access to market information. Any successor will need to balance advocacy with clarity on regulatory expectations, maintain the trust of brokers and investors, and keep NAUFOR’s role as a credible, independent voice in a market undergoing ongoing reform. The broader context of leadership changes in the sector includes reports that Irina Viner recently stepped down from the chair role at WFHG, while Fesco Transport Group announced the appointment of a new president, highlighting a period of leadership turnover across closely linked industries. Such moves underscore the importance of strong governance and a clear vision for market participants in the years ahead.
NAUFOR remains committed to representing the interests of exchange participants and to promoting transparent, fair markets. Vyugin’s contributions are likely to be remembered for expanding the association’s influence, strengthening its dialogue with regulators, and guiding practical initiatives that benefit traders and investors alike. As the organization enters a transitional phase, it will begin the process of identifying a successor and outlining the steps needed to sustain momentum in investor education, market transparency, and professional standards. The community can expect NAUFOR to continue its work with regulators, exchanges, and market participants to foster an orderly, resilient capital market that can adapt to evolving regulatory and technological realities.