Moscow Exchange

FEATURES:

Key segment of the Money Market
The CCP (National Clearing Centre) acts as the trading participant's counterparty
The CCP guarantees settlement of obligation to all non-defaulting parties regardless of whether obligations to the CCP have been met or not

Interdealer repo

Repo with the CCP

1-day repo wih the ccp – top-10 order book orders

BENEFITS

Trading outside limits imposed on the market participants

Minimization of required cash and securities for settlement

Both cash and securities are accepted as collateral

Boosting market liquidity

Standard discounts applied

Netting

Reduced load on the market participant's capital

Safe and reliable risk management

Market repo rates for cash and securities

Single counterparty

Quick and convenient execution of trades

Anonymous trading

MAIN PARAMETERS

The Central Counterparty (the National Clearing Center) is the counterparty to all trades
OFF-ORDER BOOK (DIRECT) TRADES	ORDER BOOK TRADES
Settlement currency:
Р, $, €
Eligible securities:
Stocks, ETF, DRs Bonds: OFZ, Eurobonds, corporate and other bonds
Settlement codes:
Y0 (T0; Y1)/Yi, where i is an amount of settlement days related to repo term from 1 day till 3 calendar months	Y0/Y1 Y0/Y1W - 7 calendar days
Max order volume limit:
For trades settled in RUB – RUB 5 bln For trades settled in USD: USD 100 mln For trades settled in EUR: EUR 100 mln
Min order volume limit:
-	Settlements in RUB: for stocks - 1 million RUB (exception: 27 stocks – 100,000 RUB); for OFZ – 1 million RUB or 1,000 security papers (exception: SU46014RMFS5 – 2,000). Settlements in USD/EUR: for OFZ and Eurobonds – 50,000 USD/EUR or 1,000 for OFZ (exception: SU46014RMFS5 – 2,000); for stocks and bonds – 10,000 USD/EUR
Trading:
9:30 – 19:00	10:00 – 19:00
Clearing and settlement:
17:00 – 18:00 for the first clearing pool 19:00 – 20:00 for the second clearing pool
Securities available from:
after 17:00 for the first clearing pool 20:00 – 20:30 for the second clearing pool

All times are Moscow time

Settlement instructions are not obligatory for repo with the CCP off-order book orders to be settled. If the settlement instruction has not been submitted by the start of the intra-day clearing session, the transaction status is automatically changed to Settled with the transaction included in the first clearing pool. This is optional facility as existing positions are changed after regular and special settlement instructions submitted by participants, are exercised (transactions are settled online in case of the urgent settlement instruction).

ADMISSION TO REPO WITH THE CPP

To execute REPO with the CCP:

1. Contribute RUB 10 mln to the Guarantee Fund?
  Assets eligible for the Guarantee Fund
  - Cash (RUB, USD and EUR)
  - Securities (OFZs and Russian Sovereign Eurobonds)
  The current list of securities eligible for the Guarantee Fund is disclosed at the website of NCC. The size of contribution to the Guarantee Fund equals the required amount of contribution in RUB equivalent
  
  To accept contributions, NCC uses:
  Bank details for making contributions to the Guarantee Fund/p>
  
  Guarantee Fund contribution procedures
Open subaccount "Blocked for clearing with NCC. Collateral for trades" (subaccount code: 36) with NSD
Post collateral for trades (in RUB and/or USD and/or securities admitted to trading without full collateral required).

ADDITIONAL MATERIALS:

REPO with the CCP. Presentation

CONTACT DETAILS:

Money Market Department team

Telephone: +7 (495) 363-3232, ext. 5424, 5398, 5396, 5455

e-mail: repo@moex.com

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Repo with Central Counterparty (CCP)