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Clearing innovations within market releases 2018


Please kindly note that the main changes, to be implemented on the 21st of May, 2018, are connected with the 2-nd stage of ‘Unified Collateral Pool’ project and with the Risk Management System on Derivatives Market with regard to the implementation of the following:

·         covered sales (through transferring profiles of securities and foreign currency between Trading Clearing Systems of the Securities and Derivatives Markets within ‘Unified Collateral Pool’);

·         calendar spreads;

·         margining on the Settlement Account using netting instead of the existing rule of the “long leg” margining;

·         other changes.

 

Changes in the clearing reports within the release 2018

New XSLT reports styles:

·         on the FX Market and Precious Metals Market

·         on the Securities Market and Deposits Market

 

Description of amendments to the Common Part of Clearing Rules:

1.     The new name of NCC’s web-site is www.nationalclearingcentre.com (term of ‘Clearing House’s website’ in the Article 2)

2.     The procedure for choosing Settlement Account for deduction the fee for recording collateral in FX is changed (subparagraph 49.15.3)

·         in case of closing Settlement Account under which the collateral in FX was recorded the fee for recording collateral will be deducted from the main Settlement Account for fee deduction

3.     The period of time for acceptance by the Clearing House of Requests for Collateral Return from Collateral / Default Funds / Collateral for Stress is prolonged (paragraph 2.5 of Supplement 6)

Currency

before

after

- CNY;

till 11:00

till 11:15

- EUR, GBP from the clearing accounts with NSD;

-

till 16:25

- EUR, GBP from the clearing / correspondent accounts with other Settlement organizations / Settlement banks;

till 17:00

till 17:00

4.     The amendments on prolongation of cut-off time for CNY, CHF and GBP, specified previously in the separate Order, are transferred to the Clearing Rules as follows (paragraph 5.4 of Supplement 6):

Operation name

Before

 

after

Fulfilment of Total Net Obligations by Clearing Members in cash funds:

- CNY and CHF under trades, executed until 11:00;

till 12:00

till 13:00

- EUR under trades, executed until 15:15;

till 17:00

till 17:00*

till 18:00**

* During summer time period on the territory of the European Union
** During winter time period on the territory of the European Union

5.     The time period is amended by the time frame of return by the Clearing House to Clearing Members of cash funds recorded as Collateral – Default Funds contributions – Collateral for Stress basing on the Request for Collateral Return (paragraph 5.14 of Supplement 6)

·         on the Settlement Day when the Request for Collateral Return was received

 

Description of amendments to Tariffs:

1.     Tariffs for REPO trades within ‘Unified Collateral Pool’ project are changed (subparagraphs 4.4, 4.5 of paragraph 4, Section III):

·         increase of aggregate fee by 3% for REPO with CCP trades executed with Unified Pool Settlement Accounts only – from 01.08.2018;

·         increase of aggregate fee by 6% for REPO with CCP trades executed with any Settlement Account – from 01.11.2018;

Fixed parts of tariff plans remain the same.

2.     Tariffs for SWAP trades on FX Market are changed (subparagraphs 2.2, 2.3 of paragraph 2, Section IV):

·         increase of aggregate fee by 10% for SWAP trades executed with Unified Pool Settlement Accounts only – from 01.08.2018 to 31.10.2018;

·         increase of aggregate fee by 10% for SWAP trades executed with any Settlement Account – from 01.11.2018 to 02.12.2018;

·         increase of aggregate fee by 20% for SWAP trades executed with any Settlement Account with long-dated instruments (more 6 or 7 days) – from 03.12.2018

Fixed parts of tariff plans for all instruments of FX Market and Precious Metals Market, the procedure for minimum fee calculation (25 RUB),the procedure for Additional Fee calculation and tariffs for SPOT trades (fixed trades inclusively) remain the same. Also the variable parts of tariff plans for Precious Metals Market instruments remain unchanged.

3.     The tariff structure on Derivatives Market is changed and clearing fee is increased (paragraphs 7-11, Section V)

·         charge rate is divided into 2 parts: clearing fee and trading fee – from 02.07.2018;

·         increase of aggregate fee by 10% for all contracts  

For Clearing Members, payed clearing fee in an amount more than 50 000 (fifty thousands) RUB during calendar month, the 50% rebate is provided (from 01.11.2018 to 31.10.2018).

4.     Tariffs on Deposits Market are changed (subparagraph 7.2, Section III):

·         From 01.06.2018 the tariff plans for deposits are introduced (DEPO_0 / DEPO_50 / DEPO_150 / DEPO_400).

 

If you have any questions regarding the abovementioned changes, please direct them to the e-mail address ps@moex.com

 

Contacts:         +7 (495) 363-32-32

Chaptykova Irina ext.2134