The Directorate of the Russian Federal Tax Service for Moscow registered amendments to the Articles of Association of National Clearing Centre (NCC). Approved by the Bank of Russia, the amendments relate to the NCC authorized capital, which is increased from 235 million rubles to 700 million rubles.
According to NCC's Chairman of the Board of Directors Viktor Utkin, the NCC authorized capital and the liability assumed earlier by MICEX to Unified Trading Session participants for default by NCC on its obligations in the amount of 2.6 billion rubles are completely adequate to NCC's objective consisting in reliable and efficient centralized clearing in MICEX exchange-based financial markets.
As a result of the additional issue, the NCC shareholders — Moscow Interbank Currency Exchange and National Depository Center — hold 99.329 and 0.671 percent of NCC shares respectively.
The registered amendments to the Articles of Association specify that NCC may, in addition to 700,000 outstanding registered ordinary shares, each with a par value of 1,000 rubles, place 1,035,000 registered ordinary shares having the same par value.
NCC is nearing the completion of organizational and technical preparations for centralized clearing in the MICEX currency market, scheduled to be launched in the fourth quarter of 2007.
For reference:
National Clearing Centre (NCC) was established on October 24, 2005, with the authorized capital of 235 million rubles and the stated capital of 1.5 billion rubles. NCC’s founders are Moscow Interbank Currency Exchange and The National Depository Center (Not-for-Profit Partnership). NCC holds the Bank of Russia’s license to conduct banking operations in Russian rubles and foreign currency (without the right to take retail deposits). NCC will specialize in clearing in exchange-based and OTC markets, which includes determining and calculating the obligations of participants of clearing, offsetting these obligations and organizing the performance of obligations under transactions in accordance with the Russian laws.
