The international financial community is attaching great importance to the risk management issues, and, in this regard, it is interested in enhancing the institution of a central counterparty and extending its scope of operation in the financial market. To this end, the Committee on Payment and Settlement Systems of the Bank for International Settlements (CPSS) and the International Organization of Security Commissions (IOSCO) have worked out the Recommendations for Central Counterparties. This document contains recommendations on 15 key issues of the CCP operation. Along with the foregoing, the Recommendations include a checklist enabling a central counterparty to perform self-assessment of its compliance with the international standards.
In 2009, NCC Clearing Centre conducted self-assessment of its operations for compliance with the Recommendations. As a result, we arrived to a reasonable conclusion that the operation of NCC as a clearing CCP meets international standards and requirements in the absolute majority of key items.