CJSC JSCB National Clearing Centre (hereinafter the Bank) has obtained a license of the Bank of Russia authorizing transactions with precious metals, including attraction of deposits in precious metals and allocation thereof in accordance with the legislation of the Russian Federation.
The fact that the Bank has been licensed to conduct transactions with precious metals is the first and very important step enabling arrangement in Russia of the exchange-based, centrally cleared trading in precious metals and their derivatives.
Pursuant to the implementation of the project of exchange-based trading in precious metals by the Moscow Exchange Group, the Bank plans to provide full-fledged clearing services for all types of instruments permitted for trading, as well as to perform the function of central counterparty.
“The precious metals market is a significant segment of the global financial market where the Russian companies and banks are already playing a notable part. The arrangement of the exchange-based trading in precious metals in Moscow will enable the participants not only to purchase or sell such metals against the rouble and hedge the risks associated with its price fluctuations, but also, extremely importantly, to obtain rouble funding against the metals they hold. And given that all of the abovementioned transactions will be performed via the central counterparty whose functions are assumed by our Bank, the market participants will no more have to ponder over the creditworthiness of their partners and clients under the precious metals transactions”, comments on the license issuance Mr. Alexey Khavin, the Bank’s Chairman of the Board.
Information for editors:
CJSC JSCB National Clearing Centre, member of Moscow Exchange Group, was established in October 2005. NCC renders clearing services and performs central counterparty functions in the Group’s exchange-based FX, securities and derivatives markets. The bank’s shareholder is the Open Joint-Stock Company Moscow Exchange MICEX-RTS (100%).
NCC holds an international rating “BBB-“ with a stable outlook from Fitch.
Since November 2009, NCC has been the member of the European Association of Clearing Houses – Central Counterparties (EACH), and since September 2011 – member of the Global Association of Central Counterparties – CCP12.
NCC holds a license of the Bank of Russia for banking operations with rouble and foreign currency funds and precious metals, and a license of professional securities market participant, issued by the Federal Service for Financial Markets (FSFR). As of 01 January 2013, the bank’s equity exceeded 13 bn roubles, including the authorized capital of 6 bn 170 mln roubles.