CM categories:
Category "О" Clearing Member - General Clearing Member (Clearing Broker inclusively), is admitted to the clearing of partially secured trades
Category "B" Clearing Member - Individual Clearing Member, is admitted to the clearing of partially secured trades
Category "B2" Clearing Member - Individual Clearing Member, is admitted to the clearing of partially secured trades
Category "C" Clearing Member - Individual Clearing Member, is not admitted to the clearing of partially secured trades
Requirements in respect of Category "C" Clearing Members:
Clearing membership agreement in force
agreement on integrated technical service provision, concluded with the Technical Centre, in force
to be a participant of the EDI System of the Moscow Exchange
to meet NCC requirements regarding information and reporting provision, stipulated by the Clearing Rules
valid banking license issued by the Bank of Russia
valid license, issued by the Bank of Russia, on performing the particular type(s) of activity by non-credit financial institutions
valid broker license and/or dealer license and/or trust management license (for Clearing Members – Non-credit Institutions that are Professional securities market participants)
information on such entities shall be included by the Bank of Russia in the state register of microfinance market participants
valid special permission (a license or other basement), issued by a competent authority of the state of establishment of a Non-resident Bank, on the basis of which a Non-resident Bank is entitled to execute banking operations, stipulated by a personal law
valid special permission on performing operations on financial markets, issued by a competent authority of the state of establishment of a Clearing Member, or own assets (capital) not less than 500 000 000 (five hundred million) Russian rubles
Requirements in respect of Category "B" Clearing Members:
in addition to requirements, set in respect of Clearing Members of the category "C":
contribution to the Default Fund of the relevant market in the amount defined for each market
there shall be no facts showing decline in the financial statement and/or there shall be no information that gives reasons to consider decline in the financial statement of a Clearing Members possible and/or inability of a Clearing Member to fulfil its obligations under Partially Secured Trades, to pay Margin Calls and/or other obligations of a Clearing Member, arising from the Clearing Rules (this requirement does not refer to national (central) banks of EurAsEC/EAEC member states)
financial statements no less than over the last 5 (five) quarterly reporting periods shall be provided, or financial statements of a newly formed (less than 5 (five) quarterly periods) legal entity created via reorganization (except for transformation) over available reporting periods and financial statements of the predecessor over the last 5 (five) quarterly reporting periods shall be provided, or another Clearing Member that directly holds 50% or more share in a newly formed legal entity has
- international long-term credit rating in respect of obligations in Russian rubles or in foreign currency not lower than BBB- according to the rating agencies "Standard & Poor's" or "Fitch Ratings" or "Baa3" according to the rating agency "Moody's Investors Service", or
- national credit rating not lower than ААА according to the Analytical Credit Rating Agency (АCRА) or the rating agency "Expert RA"
(this requirement does not refer to national (central) banks of EurAsEC/EAEC member states)
no grounds for bankruptcy-prevention measures under the laws of the Russian Federation on insolvency (bankruptcy) or under the domicile law of the Clearing Member
Clearing Members shall comply with mandatory indicators and requirements for the minimum amount of equity (capital) set by the Bank of Russia / established by the competent authority of the state of establishment if, in accordance with the national legislation of the state of establishment of the Clearing Member, such mandatory indicators / requirements are established
no grounds for revocation by the Bank of Russia of the banking license under the banking legislation, no grounds for withdrawal in accordance with the national law of the country of registration of the Non-Resident Bank of a special permit (license or other document) issued by the competent authority of the country of registration of the Non-Resident Bank, where under the Non-Resident Bank is entitled to conduct banking operations
compliance with General requirements by systemically important financial institutions, by organizations that is more than 50% owned by government bodies / entities / corporations, by government corporations
equity exceeding capital requirements (the minimum capital in place for credit institutions providing for the type of credit institution licenses set by the Bank of Russia) by 50% at least
capital adequacy ratios including capital conservation buffer should be maintained for a twelvemonth
quick and current liquidity ratios exceeding prudential liquidity ratios set by the Bank of Russia by 15% for a twelvemonth
equity exceeding capital requirements (the minimum capital in place set by the Bank of Russia) by 50% at least
capital adequacy ratio exceeding prudential ratio by 2,5 pp for a twelvemonth
liquidity coverage ratio (of a broker) exceeding prudential liquidity ratio set by the Bank of Russia by 15% for a twelvemonth
regulatory ratio of equity capital to assumed liabilities is set equal 1,05 at least for a twelvemonth
Requirements in respect of Category "B2" Clearing Members:
in addition to requirements, set in respect of Clearing Members of the category "C":
contribution to the Default Fund of the relevant market in the amount defined for each market
financial statements no less than over the last 5 (five) quarterly reporting periods shall be provided, or
if a newly formed legal entity has no financial statements a letter of guarantee issued by the organization that directly or indirectly holds 50% or more share in a newly formed legal entity shall be provided (in the form approved by the Clearing Centre)
equity exceeding capital requirements (the minimum capital in place for credit institutions providing for the type of credit institution licenses set by the Bank of Russia)
regulatory ratios should be maintained on a permanent basis for a twelvemonth
equity exceeding capital requirements (the minimum capital in place set by the Bank of Russia)
regulatory ratios should be maintained on a permanent basis for a twelvemonth
regulatory ratio of equity capital to assumed liabilities should be maintained on a permanent basis for a twelvemonth
Requirements in respect of Category "O" Clearing Members
in addition to requirements, set in respect of Clearing Members of the categories "B" and "C":
proprietary funds not less than 50 000 000 000 (fifty billion) Russian rubles,
or
proprietary funds not less than 20 000 000 000 (twenty billion) Russian rubles and
- international long-term credit rating in respect of obligations in Russian rubles or in foreign currency not lower than BB+ according to the rating agencies "Standard & Poor's" or "Fitch Ratings" or "Ba1" according to the rating agency "Moody's Investors Service", or
- national credit rating not lower than А- according to the Analytical Credit Rating Agency (АCRА) or the rating agency "Expert RA",
or
proprietary funds (equity) not less than 20 000 000 000 (twenty billion) Russian rubles under condition that an organization that is entitled
directly or indirectly supervise the activity of a Clearing Member, has:
- international long-term credit rating in respect of obligations in Russian rubles or in foreign currency not lower than BB+ according to the rating agencies "Standard & Poor's" or "Fitch Ratings" or "Ba1" according to the rating agency "Moody's Investors Service", or
- national credit rating not lower than А- according to the Analytical Credit Rating Agency (АCRА) or the rating agency "Expert RA".
valid license issued by the Bank of Russia on executing banking operations with funds in Russian rubles and foreign currencies and/or a license
on performing clearing activity (for Clearing Members - Residents).
valid special permission (license or other basement), issued by a competent authority of the state of establishment of a Clearing Member
Special requirement in respect of Clearing Members
| Residence | Organization type |
Organization category |
Category "C" | Categories "B" and "B2" | Category "O" | |||||||
| Securities, Deposit and Credit Market |
FX and Precious Metals Market |
Securities, Deposit and Credit Market |
FX and Precious Metals Market |
Derivatives Market |
Standardized OTC Derivatives markets |
Commodities Market |
Securities, Deposit and Credit Market |
FX and Precious Metals Market |
Derivatives Market |
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| Residents | Credit Institutions | Banks and non-bank financial institutions | In the absence of financial market trading license Equity ≥ 1 bn RUB | Equity ≥ 50 bn RUB or - Equity ≥ 20 bn RUB and - External rating: S&P / Fitch ≥ BB+ or Moody's ≥ Ba1 or АCRА/ Expert RA ≥ A-* |
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| Non-credit Institutions | Professional securities market participants | Equity ≥ 0,3 bn RUB | ||||||||||
| Non-credit Institutions | Investment fund managers | Not admitted | ||||||||||
| Non-credit Institutions | Insurance companies | Equity ≥ 10 bn RUB and External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A- |
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| Non-credit Institutions | NPF | Not admitted | ||||||||||
| Regional authorities | External rating: S&P / Fitch ≥ BB+ or Moody's ≥ Ba1 or АCRА/ Expert RA ≥ A- |
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| Corporations | Equity ≥ 500 mln RUB or Clearing Member shall provide an irrevocable and unconditional guarantee issued by an entity that has External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A- |
Equity ≥ 500 mln RUB | Equity ≥ 10 bn RUB | Equity ≥ 50 bn RUB or - Equity ≥ 20 bn RUB and - External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A-* |
Equity ≥ 10 bn RUB or - Equity ≥ 20 bn RUB and - External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A-* Clearing member has at least 2 (two) employees, all of which correspond to the requirements, stipulated in paragraph 4.6.3 of the Clearing Rules |
Equity ≥ 0,1 bn RUB and Clearing Member shall provide a letter from an organization that is entitled directly or indirectly supervise the activity of a Clearing Member has Equity ≥ 1 bn RUB |
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| Non-residents | Banks | Equity ≥ 10 bn RUB or - Equity ≥ 5 bn RUB and - External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 |
Equity ≥ 0,3 bn RUB and External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A-* |
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| Financial companies | Equity ≥ RUB 0.3 bn and External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A-* |
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| Corporations | Equity ≥ RUB 500 mln or Clearing Member shall provide an irrevocable and unconditional guarantee issued by an entity that has External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A- |
Equity ≥ RUB 500 mln | Non EurAsEC/EAEC Clearing Member: Equity ≥ RUB 10 bn EurAsEC/EAEC Clearing Member: Equity ≥ 50 bn RUB or - Equity ≥ 10 bn RUB and - External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or - Equity ≥ 20 bn RUB and - direct state ownership - more than 50% |
Equity ≥ RUB 50 bn or - Equity ≥ RUB 20 bn and - External rating: S&P / Fitch ≥ BB- or Moody's ≥ Ba3 or АCRА/ Expert RA ≥ A-* |
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| Liquidity Providers | No admission | The Clearing Member shall send to the Clearing Centre the assurance that the purpose of admission to Clearing Service / execution of the Trades on the Exchange / OTC Markets is to maintain and increase liquidity in the instruments in one or more currencies - the Clearing Member shall have a valid special permit for operations in the financial markets issued by the competent authority of the state of registration of the Clearing Member, or have its own funds (capital) in the amount of not less than 250,000,000 (two hundred fifty million) Russian roubles. |
- the Clearing Member shall be a resident of the country listed among countries approved by the Clearing Centre and disclosed on the Website of the Clearing Centre - the Clearing Member shall send to the Clearing Centre the assurance that the purpose of admission to Clearing Service / execution of the Trades on the Exchange / OTC Markets is to maintain and increase liquidity in the instruments in one or more currencies, as well as Category "B" - equity of >= RUB 50 bln - shareholders of the Clearing Member include state bodies of the country of incorporation of the Clearing Member directly controlling more than 50% (plus one share) of the Clearing Member's shares or the Clearing Member shall have the following external credit ratings: international long-term credit rating on foreign currency liabilities not lower than the sovereign rating minus one notch according to Standard & Poor's or Fitch Ratings or Moody's Investors Service, not lower than "BB-" according to Standard & Poor's or Fitch Ratings or "Ba3" according to Moody's Investors Service or a local rating agency accredited by the national regulator, or national scale rating of long-term creditworthiness for liabilities in national currency not less than minus 3 (three) notches from the highest national scale credit rating according to the classification of a local rating agency accredited by the national regulator. Category "B2": - shareholders of the Clearing Member include state bodies of the country of incorporation of the Clearing Member directly controlling more than 50% (plus one share) of the Clearing Member's shares or the Clearing Member shall have the following external credit ratings: International long-term credit rating on foreign currency liabilities not lower than the sovereign rating minus two notches according to Standard & Poor's or Fitch Ratings or Moody's Investors Service, but not lower than "B-" according to Standard & Poor's or Fitch Ratings or "B3" according to Moody's Investors Service or a local rating agency accredited by the national regulator, or national scale rating of long-term creditworthiness for liabilities in national currency not less than minus five notches from the highest national scale credit rating according to the classification of a local rating agency accredited by the national regulator. |
No admission | No admission | |||||||
Category assignment and change
Clearing Member, which is not admitted to the clearing service on the relevant market, shall submit the Application for the clearing service provision in order to receive admission.
Clearing Member, which is admitted to the clearing service on the relevant market, shall submit the Application to change category. The NCC processed such Application if the following requirements are met:
there is no Margin Calls through all Settlement Accounts;
there is no unpaid Debts through all Settlement Accounts.
The NCC changes category if the abovementioned requirements are met and also if there are no non-fulfilled obligations under Trades, executed by the Market Participant with the indication of the relevant Clearing Member of the category "O" as the clearing broker.
The NCC is entitled to change category of the Clearing Member from "C" to "B" or "B2" without application if the Clearing Member meets the above-mentioned requirements, set for the Clearing Member of the category "B" or "B2".
The NCC is entitled not to admit the Clearing Member to the clearing service on the relevant market(s):
-in the absence of positive financial result or positive retained earnings as of the last reporting date;
-provided the Clearing Members does not comply with the financial stability requirements;
-in the case of reputation risk that can arise from clearing service provision to the Clearing Member.
Contacts
With any questions regarding operations at the NCC, please contact your personal manager in MOEX at tel. +7 495 363 32 32
To find out your personal manager’s name and contact information please follow the link to the Member’s personal account
Procedure of gaining access to the account is defined in Appendix №1 to the Member's Personal Account User guide
With operational and testing questions contact the support service via the tel. +7 495 363 32 32, ext. 2345 or via e-mail: help@moex.com
With questions regarding Clearing innovation contact the Clearing Services Promotion Department via e-mail: ps@moex.com