Since August 9, 2021 NCC expands for non-resident clearing members opportunity for direct access to the clearing service on the Moscow Exchange.
“Such innovation means that NCC as a qualified central counterparty becomes counterparty to trades of non-residents which guarantees fulfillment of obligations under trades. We believe that such service will reduce risks of non-resident clearing members, which will increase limits for their operations on the Russian market” – said Eddi Astanin, Chairman of the NCC Management Board.
NCC also becomes tax agent for trades executed by non-resident clearing members on the Moscow Exchange. Tax agent secures calculation, withholding and transferring to the budget of the Russian Federation of taxes on income of non-resident clearing members and their clients, and provision to tax bodies of the reporting on income, paid out to foreign entities, and on sums of withheld taxes.
Notes for editors:
Central Counterparty National Clearing Center (CCP NCC), part of Moscow Exchange Group, was established in May 2006. It operates as a clearing house and central counterparty on the Russian financial market. The Bank of Russia has assigned CCP NCC the status of a qualifying central counterparty and recognized it as the systemically important central counterparty. The primary function of CCP NCC is to ensure stability of the financial market in its authority using innovative risk management which meets international standards and provide participants with effective clearing services. The company’s equity capital was RUB 73.42 billion as of 1 August 2021.