NCC performs clearing of buy-sell trades in securities, REPO trades, executed on the Securities Market section and REPO Market section of the Moscow Exchange, of deposit agreements on the Deposits Market of the Moscow Exchange, of OTC buy-sell trades in securities, swap trades in foreign currency and buy-sell trades in foreign currency.
The clearing procedure on the Securities Market and Deposits Market is defined in theCommon part of the Clearing Rules (Part I), in the Clearing Rules on the Securities Market and Deposits Market (Part II) and the Tariffs.
NCC performs clearing, acting as a central counterparty, in respect to the following trades:
- buy-sell trades with settlement codes T0 (except for placement and redemption trades), K0, Yn;
- REPO trades with settlement codes T0/Yn, Ym/Yn;
- deposit agreements with the settlement code Ym/Yn;
- swap trades in foreign currency and buy-sell trades in foreign currency, executed with the central counterparty.
NCC performs clearing, acting as a clearing organization not being the central counterparty, in respect to the following trades:
- buy-sell trades with settlement codes B0-B30, Z0;
- REPO trades with settlement codes Rb, Sn, Z0;
- placement and redemption trades with the settlement code T0;
- shares placement trades with the settlement code X0.
NCC performs clearing of partially secured trades, clearing of fully secured trades and clearing of non-secured trades, in respect of trades, executed with the settlement in Russian rubles and in foreign currency.
NCC performs settlement in regular trading and after trading hours.
NCC uses the individual clearing collateral, collective clearing collateral (the Default Fund) and the other collateral (assets, posted into an asset pool) as measures of securement the fulfillment of obligations, accepted to clearing.
Admission to the clearing of partially secured trades depends on the category of a Clearing Member. Clearing Members of the category “B” have an access to the clearing of partially secured trades, Clearing Members of the category “C” are not admitted to the clearing of partially secured trades.
Formats of electronic documents and forms of paper documents are determined in the ‘Documents forms and formats, provided by Clearing Members, clients of Clearing Members and Custodians on the Securities Market’.
Reports forms and formats, provided to the Clearing Members by the NCC, are set out in the ‘Documents forms and formats, provided to Clearing Members, clients of Clearing Members and Custodians and Clearing Banks on the Securities Market’.
Electronic document interchange between a Clearing Member and the NCC is executed via the EDI sub-system of the NCC and/or via the S.W.I.F.T. system (in cases, defined in the Clearing Rules).
Documents, directed by a Clearing Member or by the NCC via the Clearing System, are the electronic messages signed by the HSA of a Clearing Member or of the NCC.
The NCC generates the following reports for Clearing Members:
||Extract from the trades settlement protocol, obligations to post compensation payment and the cancellation payment
|Extract from the trades list, accepted for clearing
Extract from the trades list, accepted for clearing (for Clearing Banks)
Extract from the trades list, accepted for clearing (under clients trades)
Extract from the trades list, accepted for clearing (for Custodians)
||Extract from the list of non-fulfilled trades
||Notification on the trade account replacement
||Report on Total Net Obligations / net claims
||Report on Margin Calls
||Report on obligations of a Clearing Member in respect of the fee
||Report on Trade Accounts
||Claim to pay out the Debt
||Report on obligations under Trades T+
||Extract form the protocol on posting compensation payments and fulfillment of obligations to pay the cancellation payment
||Report on additional trading sections, opened for the execution of operations by Clearing Members
||Report on Clearing Logins
||Report on assets, posted into an asset pool
||Report on standard price of general collateral certificates
||Report on Collateral value
||Report on Total Net Obligations, which will be terminated
||Report on Default Funds
||Report on Collateral for Stress
||Report on bonuses
||Report on obligations to transfer / claims to receive the Income
||Report on Collateral
||Cancellation of the notification on credit and debit upon Collateral Account
||Notification on credit and debit upon Collateral Account
||Report on Settlement Accounts and details of a Clearing Member Cash flow statement
||Cash flow statement
Reports format specification. Reports examples