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.
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: