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Securities Market


NCC performs clearing of buy-sell trades in securities, REPO trades, executed on the Securities Market section and REPO Market section of the Moscow Exchange, of deposit agreements on the Deposits Market of the Moscow Exchange, of OTC buy-sell trades in securities, swap trades in foreign currency and buy-sell trades in foreign currency.

The clearing procedure on the Securities Market and Deposits Market is defined in the Common part of the Clearing Rules (Part I), in the Clearing Rules on the Securities Market and Deposits Market (Part II) and the Tariffs.

NCC performs clearing, acting as a central counterparty, in respect to the following trades:

-       buy-sell trades with settlement codes T0 (except for placement and redemption trades), K0, Yn;

-       REPO trades with settlement codes T0/Yn, Ym/Yn;

-       deposit agreements with the settlement code Ym/Yn;

-       swap trades in foreign currency and buy-sell trades in foreign currency, executed with the central counterparty.

NCC performs clearing, acting as a clearing organization not being the central counterparty, in respect to the following trades:

-       buy-sell trades with settlement codes B0-B30, Z0;

-       REPO trades with settlement codes Rb, Sn, Z0;

-       placement and redemption trades with the settlement code T0;

-       shares placement trades with the settlement code X0.

NCC performs clearing of partially secured trades, clearing of fully secured trades and clearing of non-secured trades, in respect of trades, executed with the settlement in Russian rubles and in foreign currency.

NCC performs settlement in regular trading and after trading hours.

NCC uses the individual clearing collateral, collective clearing collateral (the Default Fund) and the other collateral (assets, posted into an asset pool) as measures of securement the fulfillment of obligations, accepted to clearing.

1. Clearing Members categories. Contributions to the Default Fund

Admission to the clearing of partially secured trades depends on the category of a Clearing Member. Clearing Members of the category “B” have an access to the clearing of partially secured trades, Clearing Members of the category “C” are not admitted to the clearing of partially secured trades.

2. Trades settlement codes

3. Trading Accounts and Clearing Registers

4. Segregated Client

5. Collateral operations. Collateral post and withdrawal

6. Asset pools. REPO in GCC

7. Single Limit and risk management system

8. Settlement procedure

9. Documents provision. Clearing reports

Formats of electronic documents and forms of paper documents are determined in the ‘Documents forms and formats, provided by Clearing Members, clients of Clearing Members and Custodians on the Securities Market’.

Reports forms and formats, provided to the Clearing Members by the NCC, are set out in the ‘Documents forms and formats, provided to Clearing Members, clients of Clearing Members and Custodians and Clearing Banks on the Securities Market’.

Electronic document interchange between a Clearing Member and the NCC is executed via the EDI sub-system of the NCC and/or via the S.W.I.F.T. system (in cases, defined in the Clearing Rules).

Documents, directed by a Clearing Member or by the NCC via the Clearing System, are the electronic messages signed by the HSA of a Clearing Member or of the NCC.

The NCC generates the following reports for Clearing Members:

EQM05

Extract from the trades settlement protocol, obligations to post compensation payment and the cancellation payment

EQM06

EQM6B

EQM6C

EQM6D

Extract from the trades list, accepted for clearing

Extract from the trades list, accepted for clearing (for Clearing Banks)

Extract from the trades list, accepted for clearing (under clients trades)

Extract from the trades list, accepted for clearing (for Custodians)

EQM08

Extract from the list of non-fulfilled trades

EQM12

Notification on the trade account replacement

EQM13

Report on Total Net Obligations / net claims

EQM14

Report on Margin Calls

EQM15

Report on obligations of a Clearing Member in respect of the fee

EQM20

Report on Trade Accounts

EQM22

Claim to pay out the Debt

EQM23

Report on obligations under Trades T+

EQM24

Extract form the protocol on posting compensation payments and fulfillment of obligations to pay the cancellation payment

EQM28

Report on additional trading sections, opened for the execution of operations by Clearing Members

EQM30

Report on Clearing Logins

EQM45

Report on assets, posted into an asset pool

EQM46

Report on standard price of general collateral certificates

EQM84

Report on Collateral value

EQM91

Report on Total Net Obligations, which will be terminated

EQM92

Report on Default Funds

EQM93

Report on Collateral for Stress

EQM97

Report on bonuses

EQM98

Report on obligations to transfer / claims to receive the Income

EQM99

Report on Collateral

CCX96

Cancellation of the notification on credit and debit upon Collateral Account

CCX97

Notification on credit and debit upon Collateral Account

CCX98

Report on Settlement Accounts and details of a Clearing Member

CCX99

Cash flow statement

Reports format specification. Reports examples

10. Clearing Logins powers. Limitation under Trade Accounts T+