Clearing Member can return cash funds, recorded as collateral, to his own accounts or to accounts of his clients. In order to do this Clearing Member shall register in prior such accounts as Accounts for Collateral Return with the NCC.
Clearing Member forwards to NCC Request for Collateral Return: in Russian rubles (via EDI- RURRETURN), in foreign currency (via EDI - CURRETURN). Request for Collateral Return is processed according to the Time Specifications on the relevant market: Russian rubles and US dollars from 9:30 till 20:00, other foreign currencies - till the cut-off time for the relevant currency.
Requests for Collateral Return and are not processed if details of the account, defined in the request, have not been registered with NCC as Accounts for Collateral Return in prior.
In order to return collateral Clearing Member forwards to NCC via Clearing terminal or via EDI (via EDI - RURRETURN and CURRETURN requests. Requests formats are given in the Forms and formats of documents and reports. Part I. Common Part (available in Russian only).
Request is forwarded to NCC via:
EDI
Clearing terminal
Collateral return specifics
1. Collateral return procedure
| Sum type | Return procedure |
|---|---|
| return in the amount defined in the request | if there is sufficient amount in the account – request is executed immediately; |
| if there is no sufficient amount, more attempts are made – till the cut-off time for the relevant currency; | |
| if there is no sufficient amount immediately prior to the cut-off time – request is not executed. | |
| return of the maximum available sum (applicable only to the fx and secirities markets) | request is executed immediately after its receipt in the maximum available sum; |
| if there is no sufficient amount of funds – request is not executed, no additional attempts to return cash funds are made. |
NCC returns funds within the period not later than the following workday since the date of registration of the account for collateral return.
On the derivatives market return can be executed only in the requested amount.
2. Return in the amount of settled position
Clearing Members of the securities and fx markets are able to return cash funds, expected as the result of obligations fulfillment under trades with the arrived settlement date till the the time for the settlement arrives. On the securities market – in respect of Trades T+ till 17:00 or 19:00 ()
Settled position = Planned position + Net Obligation under Т+ trades
Planned position – amount of funds in the collateral account at this particular moment, in particular currency taking into account submitted T0 orders.
Net obligations under Т+ trades – net obligations under trades Т+ (with "minus"), which shall be secured by the Clearing Member by the moment of obligations fulfillment, or net claims (with "plus"), which will be credited to the account of the Clearing Member after fulfillment of obligations by the Clearing House in the particular currency.
3. Specifics regarding Derivatives market
KRKR debit clearing registers sections shall correspond to the Settlement Account, under which return of funds is executed – UVR_CODE; correspondence of Sub-accounts Clusters and Settlement Accounts is provided in clients reports, provided on a daily basis;
AMOUNT - total sum of cash funds to be returned shall be equal to the SUM - sum of values, debited from each registers section;
Field SEKTOR = VALRUR;
Field Request sum quality can possess the value only "in the amount defined in the request";
When forming Request for collateral in the txt format and forwarding it via EDI Identifier of the Clearing Member on the Securities Market shall be defined in the head of the message.
4. Cancellation of requests for collateral return
Request for cancellation of the request for collateral return shall be formed and forwarded to NCC via Clearing terminal or via EDI (in order to cancel via EDI - RURRETURN and CURRETURN requests. Requests formats are given in the Forms and formats of documents and reports. Part I. Common Part (available in Russian only).
Clearing Member can return on a permanent basis automatically cash funds, credited to NCC accounts as collateral and/or due to fulfillment of the net claim, to its own accounts or to accounts of its clients on the basis of standing instruction to return collateral (via EDI - RQ_SETRET)
Standing Instruction to return collateral in accordance with the Time Specifications (Supplement 6 to the Clearing Rules. Part I. Common part).
Standing Instruction to return collateral in russian rubbles and foreign currency is available on the fx and securities markets.Standing Instruction to return collateral in russian rubbles is available on the fx, securities markets and derivatives markets.
In order to return collateral on a permanent basis Clearing Member makes and forwards Standing instruction to the NCC via Clearing terminal or via EDI (RQ_SETRET request. RQ_SETRET request format is given in the Forms and formats of documents and reports. Part I. Common Part (available in Russian only).
Request is forwarded to NCC:
Request is forwarded to NCC via:
EDI
Clearing terminal
Specifics of the Standing Instruction to return collateral
1. Execution procedure for the Standing Instruction to return collateral
| Sum type | Return procedure |
|---|---|
| return of funds in the amount of the Total Net Claim without taking into account fees | if there is sufficient amount – Standing Instruction to Return Collateral is executed immediately after calculation of net obligations / net claims; |
| if there is no sufficient amount, more attempts are made – till the cut-off time for the relevant currency; | |
| if there is no sufficient amount immediately prior to the cut-off time – Standing Instruction to Return Collateral is executed partially (in the available amount); | |
| if it is impossible to execute Standing Instruction to Return Collateral – Standing Instruction to Return Collateral is not executed. | |
| return of funds in the amount of the Total Net Claim | if there is sufficient amount – Standing Instruction to Return Collateral is executed immediately after calculation of net obligations / net claims, for Russian rubles – after the fee is charged; |
| if there is no sufficient amount, more attempts are made – till the cut-off time for the relevant currency; | |
| if there is no sufficient amount immediately prior to the cut-off time – Standing Instruction to Return Collateral is not executed; | |
| if it is impossible to execute Standing Instruction to Return Collateral – Standing Instruction to Return Collateral is not executed. | |
| return of funds in the amount of whole available sum | Standing Instruction to Return Collateral is executed immediately prior to the cut-off time for the relevant currency in maximum available sum, taking into account the requirement that the Single Limit of the Settlement Account shall not become negative*; |
| if there is no sufficient amount – Standing Instruction to Return Collateral is not executed. |
For the Unified Pool Settlement Account maximum available sum is calculated taking into account the requirement that the Single Limit of the Settlement Account on the securities shall not become negative. Identifier on the Securities Market shall be chosen as the Identifier of the Clearing Member (market code MARKET=EQ).
*If there is submitted Request for depositing / Depositing Standing Instruction in respect of the Settlement Account, defined in the Standing Instruction to return funds, maximum available sum is lessened for the sum, defined in the Request for depositing / Depositing Standing Instruction.
2. Cancellation of the Standing Instruction to deposit funds
Request for cancellation of the Depositing Standing Instruction (via EDI - RQ_DELRET )is used to cancel Depositing Standing Instruction. Request can be formed and forwarded using Clearing terminal or EDI. (RQ_DELRET format is given in the Forms and formats of documents and reports. Part I. Common Part (available in Russian only).
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