CJSC JSCB National Clearing Centre has successfully completed the project aimed at increasing the collective Risk Covering Fund in the MICEX-RTS exchange-based currency market from 14.1 to 17.9 mln. US dollars. This project has been implemented in order to further increase the reliability of the Bank’s risk management

      The Fund's increase was ensured by growing the size of contribution of each member meeting the new capital requirements from 60 to 80 thousand US dollars. The minimum capital requirement applicable to the credit institutions being members of the Risk Covering Fund was increased in order to secure the Fund’s reliability via providing access to its formation to the most well-capitalized market participants.

       According to Alexey Khavin, Chairman of the Board of NCC, "the increase of the size of contribution to the Fund and the larger required capital of its members constitute adequate and timely measures taken by NCC as central counterparty and risk taker at the exchange-based currency market in order to further improve the risk management system in the light of the rising requirements of the Bank of Russia as to the minimum capital of operating credit institutions.”

      The Risk Covering Fund was formed from equal contributions of its members and designed to cover market (exchange rate) risks arising in connection with possible defaults of the Fund's members on their obligations under the transactions concluded at the UTS. The establishment objectives, formation and spending procedures of the Fund are governed by the Regulation on the Procedure for Formation, Placement and Use of Resources of the Risk Covering Fund set up by the Joint-Stock Commercial Bank “National Clearing Centre” (Closed Joint-Stock Company).