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National Settlement Depository
National Settlement Depository (NSD) is the central securities depository of the Russian Federation
National Clearing Centre
Central Counterparty National Clearing Centre acts as a Clearing House and CCP in the Russian financial market
National Mercantile Exchange
Regulated commodity markets

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    Loss Sharing Mechanism

    In the case of a clearing member default the components of the safeguard structure will be used in the following order:

    * NCC can initiate recovery mechanism after the use of the Default Fund assets.

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