The MICEX conducts clearing activity on the basis of License of Professional Participant in the Securities Market # 077-05869-000010 of 26.02.2002, issued by the RF Securities Commission (unlimited).

As a clearing organization, the MICEX conducts clearing activity in the securities market in compliance with the RF laws on securities, the normative acts of the Federal Securities Commission (Statute of Clearing Activity in the Securities Market of the Russian Federation, adopted by the Decree of the Federal Securities Commission #32/ps of 14.08.2002), the Terms of Clearing Activity (the MICEX Stock Market Section) (hereinafter, Terms of Clearing) and Agreements of clearing service for transactions in securities, concluded with Participants in clearing.

Main principles of settlements and clearing in the MICEX Stock Market Section:

1. The MICEX provides settlements for Participants' net obligations and net claims on the «delivery vs. payment» principle.
   
   
2. The MICEX effects clearing for spot transactions (transactions with settlement codes Т0 and В0-В05), REPO transactions (transactions with settlement codes R01-R90) and other transactions in securities (transactions with settlement codes В06-В30).
   
   Settlement Code Т0- settlement code used in concluding spot transactions in securities. It means that a transaction is executed on the day of its conclusion. When a spot transaction with settlement code Т0 is concluded, its coverage is checked, after which the transaction is regarded as covered. The parties' obligations and claims in such transactions are determined and settlements are effected by means of multilateral clearing;
   
   Settlement Codes from В0 to В05 (В0-В05) — settlement codes used in concluding spot transactions in securities. It means that the day of execution of a transaction is day Т+n, where Т is the day of concluding a transaction and n is the number of calendar days, the value of which is the last figure of the appropriate settlement code (can vary from 0 to 5). When spot transactions with settlement codes B0-B05 are concluded, their coverage is not checked. The parties' obligations and claims in such transactions are determined and settlements are effected by means of multilateral clearing;
   
   Settlement Codes from В06 to В30 (В06-В30) — settlement codes used in concluding other (not spot transactions) transactions in securities. It means that the day of execution of a transaction is day Т+n, where Т Т is the day of concluding a transaction and n is the number of calendar days, the value of which is the last two figures of the appropriate settlement code (can vary from 6 from 30). When transactions with settlement codes B06-B30 are concluded, their coverage is not checked. The parties' obligations and claims in such transactions are determined and settlements are effected by means of multilateral clearing;
   
   Settlement Codes from R01 to R90 (R01-R90) — settlement codes used in concluding REPO transactions. It means that the day of execution of the first part of a REPO transaction is the day of its conclusion, and the appropriate day of execution of the second part of a REPO transaction is day Т+n, where Т Т is the day of concluding a transaction and n is the number of calendar days, the value of which is the last two figures of the appropriate settlement code (can vary from 1 to 90). When a REPO transaction is concluded, the coverage of its first part is checked. The parties' obligations and claims in REPO transactions (their first and second parts) and settlements are effected by means of multilateral clearing.
   
   
3. Participants' obligations are determined by means of multilateral clearing. The MICEX registers changes in Participants' cash positions and depo positions, conducts the coverage control procedure and applies the mechanism of multilateral netting.
   
   The MICEX controls the sufficiency of a Participant's coverage in funds and securities and does not allow the values of a Participant's positions to be negative. If a participant concludes a transaction with settlement code Т0 or a REPO transaction, the Participant can use assets, received as a result of this transaction, to conclude other transactions in the course of the given trading session or to fulfill his obligations for earlier transactions with the current date of execution. This mechanism is also applied in the case of the second parts of REPO transactions and transactions with settlement codes В0-В05 and В06-В30.
   
   Multilateral netting is used to provide mutual offset of Participants' similar obligations and claims for funds and securities. Participants' net obligations or net claims for funds and securities are calculated following the results of mutual offset. This enables to reduce Participants' costs connected with the execution of each of concluded transactions.
   
   The MICEX does not provide centralized clearing).
   
   
4. The MICEX enables Participants in clearing to conclude transactions with full coverage (transactions with settlement codes Т0 and R1-R90 — for the first parts of REPO transactions) or without preliminary coverage (transactions with settlement codes В0-В05 and В06-В30). Correspondingly, the MICEX effects clearing with full coverage and clearing without preliminary coverage. The MICEX does not effect clearing with partial coverage.
   
   
5. The MICEX effects clearing for transactions, settlements for which are effected at the expense of Participants in clearing, at the expense of Participants' clients and at the expense of funds, which a Participant in clearing has under his trust management.
   
   
6. The MICEX effects clearing for transactions in securities, concluded for Russian rubles and foreign currency (only for the RF Federal eurobonds). Participants' obligations and claims for funds and securities are registered separately for transactions, concluded for foreign currency and transactions, concluded for Russian rubles.
   
   
7. The MICEX Settlement House (the Settlement House) effects settlements for Participants' net obligations and net claims for funds in Russian rubles and foreign currency.
   
   The National Depository Center (NDC) effects settlements for Participants' net obligations and net claims for securities.
   
   In the course of trading in the MICEX Stock Market Section, Participants in clearing can change, in the real-time mode, the initial values of their depo positions and cash positions, depending on the increase/decrease of assets, reserved for trading in the trading parts of depo accounts with the NDC and, correspondingly, in trading accounts with the Settlement House.
   
   Settlements for the results of trading in the MICEX Stock Market Section are effected in compliance with the Rules of clearing and settlements in the MICEX Section Stock Market.

For transactions in securities, included into multilateral clearing, the commission for clearing services, charged from Participants in clearing, is 0,0005 (five ten thousandths) of one per cent, including VAT, of the volume of the transaction (from each party).