Moscow Exchange is negotiating with many possible takeover targets, said Managing Director for Strategy and International Presence Artem Zheleznov. In general, the approach to M&A deals remained unchanged: if a new service or business, which is complementary to the strategy, is faster and cheaper to buy than to build itself, then company enters negotiations, said the top manager. According to him, in the current environment, "market has become cheaper": level of multiples has decreased.