Transcript Перевод клиринга по фондовому рынку в НК

Transferring Stock Market Clearing
Functions to NCC
with introduction of Central Counterparty at T+0
CJSC JSCB National Clearing Centre

CJSC JSCB National Clearing Centre was established in October 2005, and since December
2007 it has been performing CCP functions in the MICEX currency exchange market

It specializes in rendering clearing services to financial market participants

Shareholders‘ equity structure: CJSC Moscow Interbank Currency Exchange – 100%
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Authorized capital:
 Authorized capital
 Equity
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- 4,435 mln. roubles (as of June 01, 2011 ~ 109 mln. euro)
- 8,727 mln. roubles (as of June 01, 2011 ~ 215 mln. euro)
Average daily trading volume in the foreign exchange market in 2010 ~ 10 bn. US dollars
Licenses :
 for banking operations;
 professional securities market participant’s license for clearing activities
www.nkcbank.ru
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The stock market clearing functions will be transferred from CJSC
MICEX to CJSC JSCB NCC on November 01, 2011
Transactions
registration
Clearing
Current scheme
Target scheme
MICEX stock market
MICEX stock market
MICEX (without central
counterparty)
NCC (central
counterparty)
01.11.2011
Settlements
in roubles
in securities
NSD
NSD

From November 2011, NCC will become a clearing organization and central counterparty
in the MICEX stock market

At the first stage, centralized clearing is introduced at the T+0 and 100% margin deposit
terms

The change of the clearing organization will not fundamentally alter the nature of the
participant’s risks due to preservation of the NSD settlement system on the DVP terms
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Transactions with NCC are concluded on the following terms:

Market participants – all trading participants

Listed securities – all securities permitted for circulation in the Principal Trading Mode
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Settlement terms - T+0 with 100% margin deposit

The terms of order acceptance for execution and trade execution will not change

Fees will not change as compared to the T+0 market without CCP

Commission will be charged on the trade execution date

Methods of calculation of VWAP and current prices, and the trading suspension
procedure will not change

The transactions of the clearing participants who did not conclude contracts for
clearing services with NCC, entered into prior to the transfer of clearing functions and
scheduled for execution after the transfer of clearing functions will mature from T-1
after the clearing transfer date
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NCC transaction settlements
Transactions without Central Counterparty
 Allocations – P0
Standard clearing
 Repurchase – T0
Transactions with Central Counterparty
 Upon conclusion
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
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Principal mode and RPS (ex-Т0) – F0
RPS (ex-Z0) – A0
Only upon execution
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RPS – B0…B30
REPO – S0…S2 (1st and 2nd sections)
REPO – Z0, Rb (2nd section)
Codes have not
changed
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The transfer of the stock exchange clearing functions to NCC has
significant advantages
NCC
MICEX
Compliance with international business organization
practice
Control by the Bank of Russia
Control by Federal Financial Market Service (FSFR)
Access to the Bank of Russia’s refinancing system
Access to interbank market

…
Efficient internal audit*
The preconditions for implementation of new products and services are created:
REPO with CCP
Partially secured trading
Diversification of assets included in collateral
Combination of clearing functions in the
stock exchange, currency exchange and
forward markets within a single organization
Reduction of clearing participants’ costs and
increasing efficiency of exchange operations
* - NCC Supervisory Board has been significantly expanded (to 15 people),
comprising treasury representatives and risk management divisions of the
leading Russian banks
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The project for transfer of stock market clearing functions to NCC
is implemented in the following sequence:
Stage
Timeframe
NCC clearing rules
Effective from June 20
Participant consulting and support
From June 15 to project launch
Provision by the participants of the set of necessary
documents and conclusion of contracts for clearing services
From June 15 to September 01
Preparation of information materials and holding training
seminars for participants
September - October
Discussion of project implementation progress at CJSC MICEX
user committees
September - October
Readiness of exchange’s hardware and software for testing
with trading participants
October
Project launch
November 01, 2011
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In order to continue using clearing services in the MICEX stock
market on and after November 01, 2011, an organization has to
do the following:
- to become the participant of the NCC EDT Subsystem
- to become the NCC clearing participant
- to conclude an addendum to the Integrated Technological Service Agreement
www.nkcbank.ru
MICEX’s single Call Center: +7 (495) 363-32-32
www.nkcbank.ru
 Starting November 01, 2011, CJSC MICEX will cease clearing of MICEX stock market transactions.
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