CM categories

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 «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 member 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

information on such entities shall be put by the Bank of Russia on the register of microfinance organizations

valid 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, (to have the right to place deposits on the territory of the Russian Federation in accordance with the legislation of the Russian Federation and/or in accordance with the relevant international treaties of the Russian Federation), or own assets (capital) not less than 1 000 000 000 (one billion) 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)

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 billions) Russian rubles, or

- not less than 20 000 000 000 (twenty billions) 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

- not less than 20 000 000 000 (twenty billions) 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).