These clearing rules (the "Rules") have been designed and adopted by Central Counterparty National Clearing Centre (the "NCC").

The Rules have been endorsed by the Bank of Russia to ensure their compliance with the Russian legislation including Federal Law No. 7-FZ on clearing, clearing activity and central counterparty dated 7 February 2011 (the "Law").

The Rules constitute an integral part of the clearing service agreement. Such agreement is signed between NCC and authorised clearing members and governs the content and terms of clearing services and procedure for its provision on relevant exchange or OTC markets.

The Rules do not establish and therefore do not govern the relationship between NCC and clearing members’ clients and second level clients (the "clearing members’ clients"), except for cases directly set out in the Rules.

The relationship between a clearing member and its client(-s) which also arises in respect to transactions made on behalf of the client(-s), fulfillment or termination of obligations arising from such transactions are regulated primarily by Russian laws and agreements between the clearing member and its client(-s).

Notwithstanding references to the Rules in the agreement between the clearing member and its clients(-s), the Rules cannot in any circumstance serve to substitute for such agreement.

Nothing in the Rules shall be construed as to constitute a contractual relationship between the NCC and the clearing member’s client(-s). Nothing in the Rules shall serve to eliminate any term or condition of the agreement between the clearing member and its client(-s).

Should any question arise regarding transactions executed on your behalf by the clearing member or any other stockbroker, including matters related to fulfillment or termination of obligations arising from such transactions, and using the Rules by the clearing member, please contact such clearing member or stockbroker or clearing broker.

1. Clearing Rules

• Part I. Common part
• Part II. Clearing Rules on the Securities Market, Deposit Market and Credit Market
• Remained in effect earlier: Part II. Clearing Rules on the Securities Market and Deposits Market
• Part III. Clearing Rules on the FX Market and Precious Metals Market
• Part IV. Clearing Rules on the Derivatives Market
• Part V. Clearing Rules on the Commodities Market
• Part VI. Clearing Rules on the Standardised Derivatives Market
• Part VII. Clearing Rules for limiting liability of the Clearing House

2. Tariffs

• NCC Tariffs

3. Forms of documents

• Forms of documents

4. Single Limit Calculation Methodology

• Single Limit Calculation Methodology