Saturday, 21.01.2017 05:04
+7 (495) 232-3363
+7 (495) 363-3232
Markets Indices Market data Listing Connectivity News and events About MOEX Investor Relations
Русский Русский
Requirements for Clearing Members
Stress collateral
Risk Management in the Securities and Money Market
Risk Management in FX and Precious Metals Market
Risk Management in the Derivatives Market
Risk Management in the Standardised OTC Derivatives Market
News
 Subscriptionprint version

Risk Management

National Clearing Center operates as a clearing organization and a CCP in all exchange markets of the MOEX group, excluding specific trading modes without centralized clearing (clearing is nor performed due to technical reasons). NCC is authorized to perform the above-mentioned functions by the Clearing License.

The list of operations performed by NCC is defined in the NCC Charter taking into account the restrictions stipulated in the Federal Law dated 7 February 2011 № 7-ФЗ 'On Clearing and Clearing Activity', as well as the Bank of Russia requirements to CCPs listed in the Statement dated 3 December 2012 №2919-У 'On the Management Quality at a Credit Organization Operating as a CCP' and other regulations of the Russian Federation.

Systemic risks reduction is the main target of the CCP, this function entails strict requirements to the Risk Management system.

NCC operates as a CCP in the MOEX markets listed below:

To support the required confidence level CCP risk management system is comprised of the safeguard structure and default-management procedure that allows the CCP to fulfill its obligations in case of one or several CMs' defaults.

CCP Safeguard Structure

The components of the safeguard structure are the following:

  1. Initial margin requirements
  2. Defauleter's Guarantee Fund contribution;
  3. Dedicated CCP capital
  4. Guarantee Fund
  5. Remaining CCP capital (conditions may apply)

Copyright © Moscow Exchange, 2011 - 2017. All the rights for the information and analytical materials published on this website are protected in compliance with the Russian legislation. Before you start using the website, please read User Agreement carefully. Display, distribution or any other use of the information published on the Exchange’s website or any of its parts is allowed only upon receiving prior written authorization from the Exchange.