The NCC Clearing Bank performs clearing, acting as a central counterparty under all trades, party to which is a Clearing Member, on the FX Market and Precious Metals Market of the PJSC Moscow Exchange in accordance with the Clearing Rules on the FX market and Precious Metals Market
The NCC performs clearing of partially secured trades under Trades, concluded by Clearing Members of the category "O" or "B", and clearing of secured trades under Trades, concluded by Clearing Member of the category "C". The NCC is entitled to set the feature "short-sales prohibition" under a foreign currency / precious metal and perform clearing of secured trades in such foreign currency / precious metal.
As the way to secure the fulfillment of obligations, accepted for clearing, the NCC uses Collateral of Clearing Members, Collateral for Stress of Clearing Members, the Default Fund. The Default Fund (collective clearing collateral) is formed by the Default Fund contributions of all Clearing Members of the categories "O" and "B".
The procedure for the registration of a Clearing Member stipulates the assignment of the Identifier of a Clearing Member. If a Clearing member is a Market Participant, the Identifier of a Clearing Member coincides with the Registration Code of a Market Participant.
Clearing Member registers a Trade Account in the NCC using the Application for the Trade Account Registration, where he indicates the Settlement Account type (proprietary, client, trust management) which forms a part of the Trade Account.
Clearing Member in the Application for the Trade Account Registration also indicates the list of foreign currencies to record which the NCC registers Collateral Accounts.
Clearing Member may register Trade Account of the 2nd level for its client, working on the basis of the agency contract, Market Participant inclusively.
Clearing Member of the category "O" may act as a Clearing Broker for one or several Market Participants, which are not Clearing Members.
Market Participant, which concluded with the Clearing House the agreement on keeping clearing registers, stipulated by the Common part of the Clearing Rules, is entitled to register in the NCC a Trade Account of the 3rd level for its proprietary operations or for the operations of its clients.
Separating statuses of Clearing member and Market Participant.
The NCC executes internal recording on clearing registers in the Clearing System, stipulated by the Law on Clearing. The NCC records on clearing registers per Settlement Account:
The NCC records on clearing registers per Settlement Account of the 2nd level / Settlement Account of the 3rd level (in case if Market Participant provides the NCC with the Application on Trade Account of the 3rd level registration, per):
Every day till 10:00 the NCC during the clearing session:
Terms of termination of counter obligations arising from futures contracts and swap contracts
Firstly, obligations under futures contracts and swap contracts with earlier date and time of conclusion (FIFO method) are terminated.
Information on termination of obligations recorded under Settlement Accounts of the 1st and of the 2nd level is provided to Clearing Member as a part of the Report on Derivatives obligations (CCX17). Market Participant also receives information on termination of obligations recorded under Settlement Accounts of the 2nd or of the 3rd level as the part of the Report on Derivatives obligations (CCX17).
If the Single Limit for the Settlement Account of a Clearing Member (SA of the 1st level) on the basis of the clearing session results becomes negative then emerges Margin Call, which member shall pay out on the day of emergence till 17:30.
In case of non-fulfillment of Margin Call under the Settlement Account, the NCC:
Electronic documents interchange between Clearing Members and the NCC is executed via the EDI Sub-system of the NCC and/or via S.W.I.F.T. Information is published on the NCC’s website on the section "IT-services".
Forms and formats of documents provided by Clearing Members and/or by its clients are set out in the document "Forms and formats of documents provided by Clearing Members in accordance with the Clearing Rules on the FX market and precious metals market".
The NCC produces the following clearing reports to Clearing members and Market Participants, which signed the Agreement on keeping clearing registers:
|Report code||Report Title||Description of the Report||For Clearing Member||For Market Participant|
|contains information on trades with arrived settlement date, are provided in jointly with the Preliminary Net Execution Report and Net Execution Report in accordance with the Time Schedule (Supplement 1 to the Clearing Rules on the FX market and precious metals market)
CCX3A is provided till 20:45 if there is a Debt and/or obligations, not secured with funds for the fulfillment (in case of conclusion by the NCC of rollover trades)
|Preliminary Net Execution Report
Net Execution Report
Net Execution Report
|CXX4P is provided under currencies, trading in which is terminated earlier than trading in USD;
CCX04 is submitted under all currencies including USD;
contains information of net obligations / net claims with arrived settlement date, are submitted jointly with the Clearing Report on groups of currencies in accordance with the Time Schedule:
from 11:00 till 11:15 – in yuan, Belorussian rubles, tenge, Hong Kong dollars, somonis, Swiss francs;
from 15;15 till 15:30 – in euro, pounds sterling, hryvnias;
from 17:30 till 17:45 – in USD.
CCX4A is provided till 20:45 if there is a Debt and/or obligations not secured with funds for the fulfillment (in case of conclusion of rollover trades)
|ССХ10||Report on fees||contains information on variable and fixed parts of the fee in favor of the NCC and of the Exchange under trades concluded on the FX market and Precious metals market and also on service fees stipulated by the Tariffs of the NCC. This Report is provided on the following settlement day till 9:30|
|ССХ11||Margin Call Report||ontains information on the Margin call amount under each Settlement Account, is provided in case if Margin Call emerges on the day of Margin Call emergence till 10:00|
|ССХ14||Report on trades, Settlement Date for which was extended||is provided rarely, in case of extension of trades because of holidays according to the Russian Federation Government decree|
|ССХ15||Report on Risk Management Instructions||contains information on obligations / claims under Risk Management Instructions under each Settlement Account|
|ССХ17||Report on obligations arising from Derivatives||contains information on derivatives trades per Settlement Account and underlying asset under all settlement dates, on variation margin relating to each trade, and also on termination of trades. This report is provided till 9:30, daily|
|ССХ18||Report on Settlement Prices||contains information on previous and current Settlement price of each currency and precious metal|
|ССХ19||Report on Clearing Logins||contains information on clearing logins powers (Clearing manager, Operator, Transfers)|
|ССХ20||Report on Trade Accounts||contains information on Settlement Accounts, Trade Accounts and identification data of clients in case of its indication when registering Trade Accounts|
|ССХ37||Report on obligations / claims||contains information on positions in instruments under Derivatives trades at the beginning of settlement day and at the end of settlement day, and also on variation margin relating to each position|
|ССХ43||Statement from the list of trades, accepted for clearing||contains information on all trades, concluded on the FX market and Precious metals market under all settlement dates including rollover trades and closing trades of the NCC|
|ССХ69||Claim on paying the Debt||contains information on the size of a Debt under each Settlement Account, is provided when Debt is available till 09:30|
|ССХ84||Collateral Assessment Report||contains information on assessment of collateral of a clearing member in order to calculate liquidity norms H2, H3|
|ССХ89||Collateral Report||contains information on collateral, recorded by the NCC under Settlement Accounts of the 2nd and of the 3rd level|
|ССХ91||Report on Total Net Obligations which will be terminated||is provided to a Defaulting Clearing Member in case of extension by the NCC of his obligations for more than 2 settlement days in a row|
|ССХ96||Cancellation of Notification on crediting and debiting Collateral Account||is provided in case if the NCC cancels Collateral Accounts debiting|
|ССХ97||Notification on crediting and debiting Collateral Account||is provided after each Collateral Account debit or credit during the day|
|ССХ98||Report on Settlement Accounts and details of a Clearing Member||contains information on all Settlement Accounts registered on the FX market and also on details of the Account for Collateral Return, fixed to Settlement Accounts. This Report is provided upon request CODEINFORQ|
|ССХ99||Cash Flow Statement||extract under accounts of the NCC for the previous Settlement Day is provided on the current Settlement Day till 11:00 or upon request PQACCSTMNT|