There is a well-proved risk management system developed at MICEX' FX market. The system is supported by the following insurance mechanisms:

• Strict criteria and requirements to the financial standing of candidates becoming FX market Section's members;
• quarterly determination of net-operation limits for participants trading in US dollars according to the amount of their own capital;
• constant monitoring of the current financial standing of bank - Section members which enables MICEX to make decisions on their participation in trading in case of any adverse change in their circumstances;
• establishment by trading participants of a Fund in USD to cover operational risks and other losses incurred in connection with trading at MICEX;
• adherence to the "delivery versus payment" principle for all foreign currencies according to which MICEX settlements with trade participants are executed only after they have fulfilled their obligations;
• establishment by MICEX of an insurance fund in Russian roubles to cover operational risks;
• an operational decision making mechanism to suspend Section members' participation in trading in the event of any information directly or indirectly indicating any decrease of solvency and financial stability of the trading participant;
• introduction of a maximum acceptable deviation of a quote indicated by UTS participants in their orders. The deviation is determined as a percentage of the average weighted quote in UTS for the relevant instrument at the closure of the previous working day when the average weighted quote for this instrument was determined, and if there are no transactions - as a quote of the Central Bank of the Russian Federation. For USD/RUB_UTS_TOD and USD/RUB_UTS_TOM instruments a maximum deviation of a rate to be indicated by the trading participant in his order established in amount of 1,3% from the value of average weighted rate at the previous trading close. For EUR/RUB_UTS_TOD and EUR/RUB_UTS_TOM instruments √ 2%, for all other instruments √ 15%;
• trading participants on UTS without net-operation limits should partly deposit funds prior trading. For US dollar instruments 1.8% and 2.7% out of planed operation volumes for TOD and TOM correspondingly, for Euro instruments 4% and 6% out of planed operation volumes for TOD and TOM correspondingly and 100% for all other instruments.

Members of the Section with outstanding debts to MICEX for transactions made by them are not allowed to participate in trading.