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Clearing innovations


Changes in clearing, which will be implemented by two stages, are provided within a framework of releases on markets: SM2017-2, DM2017-2, FXM2017-1.

The 1st stage consisting of release of FX Market & Precious Metals Market and Derivatives Market, was implemented on the 4th of September 2017.

The 2nd stage, consisting of release of Securities Market, was implemented on the 4th of December 2017. 

These changes will affect all Clearing Members

Table showing changes in respect of each market and time frames for stages implementation

List of changes in II stage:

1.     Implementation of TRAN transactions on Securities Market

2.     Change in the order for cash funds return

3.     Change in the order for fee charging. Blocking fee amount in the Single Limit

4.     Penalties for cut-off time breach*

5.     Increase of minimum size of Default fund contribution up to 10 million RUB on

6.     Changing the status of collateral from the Individual Clearing Collateral to the other collateral (optionally)

7.     Widening of list of assets accepted as collateral on Securities market

8.     Changes in clearing reports

Please kindly note that the NCC made the decision to implement the penalty for cut-off time breach in Russian rubles from the 15th of  January, 2018:

·         on the Derivatives Market – in a size equal to the value of the Bank of Russia base rate.

·         on the Securities Market and Deposits Market, on the FX Market and the Precious Metals Market, for Unified Pool Settlement Accounts as well, with a Derivatives Market scope inclusively – in a size equal to the double value of the Bank of Russia base rate.

Please kindly note that the recording of Total Net Obligations fulfilment time, indicated in Time Specifications, for purposes of penalty for cut-off time accruing on all markets is performed automatically and there is no opportunity of manual corrections.

Fulfilment of Total Net Obligations by Clearing Members in cash funds / precious metals on the Securities Market, FX Market and Derivatives Market:

-     in CNY, BYN, HKD, CHF under trades, executed until 11:00

until 12:00

of Settlement Date

-      in EUR, GBP under trades, executed until 15:15

until 17:00

of Settlement Date

-      in USD, RUB, precious metals

until 20:00

of Settlement Date


Materials:

Description of changes in clearing within releases on markets in 2017

Changes in clearing reports within releases on markets

Examples of reports and new XML-styles of FX Market clearing reports are placed here

Examples of reports and new XML-styles of Securities Market clearing reports will be placed here ASAP

 

On November 8, 2017 the webinar on clearing innovations within II stage of markets release was held.

The recording of webinar (in Russian)

 

On August 3, 2017, the seminar “Clearing innovations and the Unified Collateral Pool” was held.

The recording of the seminar (in Russian):

Part I. Clearing Innovations

Part II. Advantages of Unified Collateral Pool

Part III. Unified Collateral Pool Management

Part IV. Specifics of Unified Collateral Pool use

 

On July 18, 2017, the webinar “Clearing innovations within releases on markets in 2017” was held.

The recording of the webinar (in Russian)

Webinar Q&A

 

If you have any questions regarding the abovementioned changes, please direct them to the email address ps@moex.com

 

 

Contacts:         +7 (495) 363-32-32

Chaptykova Irina ext.2134