The main aim of the risk management system in the MICEX market of standard contracts is maintaining the functioning of the market both in its normal state and in crisis situations.

The guaranteed execution of participants' obligations is secure by:

• the establishing of the price change limit and the value limit of open positions and automatic control over their observance;
• the paying in of the deposit margin before opening positions;
• the connection between deposit margin and the price change limit, which secures the coverage of maximum possible losses of participants.
• the well-regulated procedure of forced liquidation of defaulters' positions, which secures the closing of positions within one day with losses limited in advance.

• To open positions, a Clearing Member must secure the full advance payment of the deposit margin in Russian rubles. The Clearing Member provides the deposit margin in compliance with the Rules (Conditions) of conducting clearing activities in the MICEX Derivatives (Standard Contracts) Market Section.
• The Clearing organization stores the deposit margin of Clearing Members in the MICEX derivatives market account with the MICEX Settlement House.
• Requirement to the size of the deposit margin is determined after the close of trading. If this requirement exceeds the size of the deposit margin of a Clearing Member, then this Clearing Member has an obligation to add the deposit margin.
• The surplus of the deposit margin can be returned to the Clearing Member in the framework of settlements for net obligations or in the course of the trading session.
• The rate of the deposit margin for each series of a derivative instrument is set at the level of the two-day limit of the price change.

• the value limit of open positions;
• the price change limit;
• the limit on the volume of orders; and
• the market share limit.

• The value limit of open positions restricts the cost estimate of net positions - the maximum loss of a Member from his positions in case of unfavorable price change. The cost estimate of net positions is determined in the course of trading in the real-time mode.
• The value limit of open positions for a Clearing Members is set and can be changed by this Clearing Member independently.
• The value limit of open positions for a Trading Member is set and can be changed by the Clearing Member providing settlement service to this Trading Member.
• The value limit of open positions is controlled by the trading system in the course of trading in the real-time mode. This means that if a Member submits an order, the execution of which may cause the excess of the value limit of open positions, this order is rejected.

Setting the value limit of open positions:

• The price change limit sets the maximum deviation of the prices of orders and transactions from the settlement price, set as a result of preceding trading.
• A Member's order is rejected if the price, indicated in the order, exceeds the price change limit existing on the moment of submission of the order.
• The price change limit is set to cover, with 99% probability, the one-day fluctuations of prices of futures. The limit does not restrict the functional possibilities of the market.

• The limit on the volume of orders sets the maximum summary volume of active "buy"/"sell" orders for one trading account.

• The market share limit sets the maximum share of positions in one trading account in the total number of positions.
• A Member's order is rejected if after its full or partial execution at the moment of submission to the trading system, the market share limit can be exceeded.
• If the market share limit for a certain series of derivative instruments is exceeded by a Member in one of his trading accounts, then the following actions take place in the trading system automatically from the moment of the violation:
  • the admission of this Member to trading in this series of derivative instruments in this trading account is restricted until the termination of the violation;
  • this Member's active orders, leading to the excess of the market share, are withdrawn in the order opposite to the order of putting them into the queue of orders.