On 21 October 2020, the non-banking credit institution Central Counterparty National Clearing Centre (CCP NCC) was granted Qualified Intermediary status by the United States Internal Revenue Service (IRS).
The new status will allow CCP NCC to act as a Withholding Agent in foreign securities trades, including repos, executed by participants on MOEX.
This will streamline the business of market participants and expand opportunities to trade foreign securities on MOEX’s Equity Market.
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 76.13 billion as of 1 October 2020.