From the 21st of September NCC granted direct admission to the clearing services on the securities, derivatives, deposit and credit markets of the Moscow Exchange to the Clearing members from foreign jurisdictions.

Major advantages for Non-resident Clearing Members:

the ability to hold collateral in NCC for executing trades within the Moscow Exchange and not take credit risk on a Russian broker or credit institution;

extensive opportunities for customer service and development of risk management strategies;

clients of Non-resident Clearing Members will be able to increase the limits on Russian market ;

SMA access to trades (direct technical connection to the Moscow Exchange's trading and clearing systems).

Direct access of Non-residents to clearing services leads to necessity for the NCC to perform function of tax agent for certain types of income.

Basic NCC’s function as tax agent:

1. Calculation, withholding and transfer to the budget of the Russian Federation of income tax levied at the source of payment of these incomes:

- tax will be calculated and withheld in respect of the beneficial owner of income;

- tax rate is defined with respect to Double Tax Treaty (DTT) between the Russian Federation and the country-jurisdiction of the beneficial owner of income (subject to the provision of relevant documents).

2. Submission of tax reports to the tax authorities on the amounts of income paid by NCC to non-resident individuals or entities (whether income from the source of payment in the Russian Federation is subject to tax or not).

Presentation: NCC as the tax agent for certain types of income of Non-resident Clearing members

The calculation procedure of income taxation at source in the Russian Federation on trades of the Non-resident Clearing members with the NCC within NCC’s function as a tax agent