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Cash Funds Return


Clearing Member can withdraw cash funds, posted to the NCC accounts as collateral and/or due to the fulfillment of the net claim, to his own accounts or to the accounts of its clients.

For this purpose the Clearing Member is required to register details of this account in the NCC as the details of the Account for Collateral Return in advance, according to the Clearing Rules requirements.

Electronic documents, formed by the Clearing Member on his own or using Web-clearing, are forwarded via EDI.

Documents in hard copies are send to: 125009, Moscow, Bolshoy Kislovskiy pereulok, 13, main entrance.

1.   Account for Collateral Return registration

Opportunity to register the Account for Collateral Return in foreign currency:

 

to the Clearing Member account

to the account of the Clearing Member’s client

Clearing Member – resident

Clearing Member – Non-resident

Client – resident

Client – non-resident

Credit institution

Non-credit institution

Withdrawal to the bank on the RF territory

Yes

Yes

Yes

Yes

Yes

Withdrawal to the bank outside the RF territory

Yes

No

Yes

No

Yes

In order to register the Account for Collateral Return, the Clearing Member forwards to the NCC the following:

·           PAYPROPRQ in soft copy

·           or the Application for the Account for Collateral Return registration in hard form (applicable to the FX Market)

Term for the new Account for Collateral Return registration:

·           Account for Collateral Return in Russian rubles, which belongs to the Clearing Member – not later than the following day after the relevant application is received;

·           Registration of the Account for Collateral Return, which belongs to the Clearing Member’s client, or of the Account for Collateral Return in foreign currency demands additional control and may take more than one day.

NCC is planning to implement the forwarding of notification to the Clearing Member on registration (or impossibility to register) of the Account for Collateral Return. New details of the Account for Collateral Return shall be in effect since of the moment when this notification is sent to the Clearing Member (under the condition that the NCC registers the Account for Collateral Return).

In order to receive the list of registered Accounts for Collateral Return for the time being, the Clearing Member shall forward to the NCC via the EDI Settlement Accounts Request (CODEINFORQ). In return the NCC forwards to the Clearing Member the Report on Settlement Accounts and on details of the Accounts for Collateral Return (CCX98).

In case if separate details of the Account for Collateral Return, registered earlier in the NCC, are changed (for example, the name of the Clearing Member or its TIN, Russian BIC, correspondent account number), the Clearing Member via the EDI shall provide the NCC with the request PAYPROPRQ, which contains the information on new account details.

In case if there is a large number of Accounts for Collateral Return, registered with the NCC on the Securities Market, details of which shall be changed, the Clearing Member may provide the NCC with the Application for changing details of the Account for Collateral Return.

 

2.   Return of cash funds

Cash funds are returned on the basis of the following:

·         Request for the Return of Collateral

·         Standing Instruction to Return Collateral

Clearing Member forwards to the NCC the Request for the Return of Collateral: in Russian rubles – RURRETURN, in foreign currency – CURRETURN. Request is processed in accordance with the Time Specifications on the relevant market: Russian rubles and US dollars from 09:30 till 20:00, other foreign currencies – till the cut-off time for the relevant currency.

Requests for the Return of Collateral RURRETURN and CURRETURN are not processed if the account details, determined in the request, have not been registered by the NCC as the Account for Collateral Return in advance.

Amount type

Return procedure

Return in the amount, defined in the request

·         if funds are sufficient – the request is executed immediately;

·         if funds are not sufficient, attempts to return cash funds will be made till the cut-off time for the relevant currency;

·         if funds are not sufficient for the return just before the cut-off time – the request is not executed

Return in the maximum available amount

·         request is executed immediately after its receipt in the maximum available amount;

·         if funds are not sufficient – the request is not executed, without retry

For automatic return of cash funds after settlement the Clearing Member forwards to the NCC the Standing Instruction to Return Collateral (hereinafter referred to as the Standing Instruction):

·           RQ_SETRET in soft copy

·           or in hard copy (applicable to the FX Market)

Amount type

Return procedure

Return in the amount of the Net Claim

 

·         if funds are sufficient – the Standing Instruction is executed immediately after calculation of net obligations / net claims;

·         if funds are not sufficient, attempts to return cash funds will be made till the cut-off time for the relevant currency;

·         if funds are not sufficient for the return just before the cut-off time – the Standing Instruction is executed partially (in the maximum available amount);  

·         if there is no opportunity to execute the Standing Instruction partially – the Standing Instruction is not executed

Return in the maximum available amount

·         if funds are sufficient – the Standing Instruction is executed just before the cut-off time for the relevant currency;

·         if funds are not sufficient – the Standing Instruction is not executed

In order to cancel the Standing Instruction the Clearing Member shall forward to the NCC the document on the cancellation of the Standing Instruction (in soft copy) – RQ_DELRET.