• Positions are accounted on trading accounts of Members of the Section. A main trading account is set up for each Member, in which his positions, opened at his own expense, are accounted. When a Client is registered, a separate trading account is set up for each Member for the bookkeeping of positions opened on the instructions of the given Client. Besides, a Member of the Section can set up additional trading accounts for the isolated targeted bookkeeping of positions, including bookkeeping for the purposes of hedging.
• After the closing of trading, the opposite positions in each trading account are mutually offset. Thus, after the mutual offset of positions, only long or short positions remain in the trading account.
• Mutual offset of positions is not performed between trading accounts.

• Following the results of trading, the Clearing organization determines the following obligations the for each Clearing Member of the Section:
  • Obligations regarding the variational margin;
  • Obligations regarding exchange fees;
  • Obligations regarding the additional paying in/recovering of the deposit margin in Russian rubles.
• Obligations are determined for each Clearing Member of the Section regarding his own transactions and position and regarding the transactions and positions of Trading Members, for whom he provides settlement services.
• The net balance of obligations of a Clearing Member forms the net obligation of this Clearing Member of the Section.
• The obligation regarding the variational margin is defined as the change of the value of positions, opened at the beginning of the clearing session, as a result of their mark-to-market correction - the procedure of setting a unified (settlement) price for each series of derivative instruments. The settlement price is determined by a formalized algorythm as the most representative price of the given series of derivative instruments at the closure of trading.
• The exchange fee is charged for each transaction, depending on its volume - the number of positions opened for this transaction. The rate of the exchange fee is set in absolute value and does not depend on the price of the transaction.
• The size of the deposit margin of Clearing Members is calculated in the course of the clearing session after the mutual offset of positions. Requirements to the deposit margin depend on the rate of the deposit margin and the number of open position in each trading account. The rate of the deposit margin, in its turn, depends on the price change limit.
• The Clearing organization informs Members of the Section about their obligation after 20:00, Moscow time, of the current trading day. At present, Members of the Section, participating in the MICEX System of electronic document turnover, can receive reports in the form of electronic documents. The list and the format of electronic documents, sent to Members of the Section, are regulated by the Rules of the Section.

The dynamic management of funds, used in the MICEX derivatives market, enables participants to re-distribute their funds in the real-time mode between different markets within the MICEX Settlement House and transfer funds to (withdraw funds from) the MICEX Settlement House.