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The Market Section Council

The MICEX Foreign Exchange Market Section (“the Section”) is an association of foreign exchange market participants that is not vested with the rights of a legal entity. The main task of the Section is to create conditions that foster trading in foreign currency for all participants in the FX market.

The Section is regulated by the Bylaws on the FX Market Section at the Moscow Interbank Currency Exchange, the Rules of Membership in the FX Market Section at the ZAO Moscow Interbank Currency Exchange, the Rules for Conducting Foreign Currency Purchase and Sale Transactions during a unified trading session as approved by the Board of Directors, and other MICEX internal documents.

The Section is managed by the Section Council (which consists of Chairman of the Section Council appointed by the Board of Directors), his Deputy (or Deputies,) and members of the Section Council. Members of the Section Council are approved by the Board of Directors on recommendation of the Chairman of the Section Council.

The Chairman of the Section Council appoints one or more Deputies from among the members of the Section Council.

Documentary and technical support for the activities of the Section Council during and between meetings shall be provided by the Executive Secretary of the Section Council. The Executive Secretary cannot be a member of the Section Council and must be a MICEX employee appointed by order of the President.

The duties of the Section Council shall include the following:

  • to review and accept candidates into the Section’s membership;
  • to create and draft MICEX documents setting forth the rules regulating the Section’s work; these documents must be submitted to the Board of Directors for approval;
  • to prepare recommendations aimed at improving the Section’s work;
  • to develop and consider draft rules designed to regulate the functioning of the risk management system of the MICEX FX market;
  • to make recommendations to assist MICEX in drafting an opinion on the viability of a credit institution’s becoming a member of the Section in the Risk Mitigation Fund of the National Clearing Center Bank (a Closed Joint-Stock Company) in accordance with the National Clearing Center’s Clearing Rules for a Unified Trading Session of the Interbank Currency Exchanges and the National Clearing Center’s Regulations on the Creation, Placement, and Use of Risk Covering Funds.