Guarantee Contributions

The following are the types of contributions to guarantee coverage in the MICEX derivatives market:

• Deposit margin is a special repayable contribution made by each Clearing Participant to provide for the execution of his liabilities on derivatives instrument positions opened on his own and client positional accounts and also (in the case of a General Clearing Participant) on positional accounts which are part of his settlement service to Traders;
• Variation margin is the sum of monetary assets paid / received by the Trader in view of a change in money liability on a derivative instrument position as the result of its correction on the market in accordance with a change in settlement (quote) price;
• Forwarding margin is a special repayable contribution made by a Clearing Participant which covers the execution of his liabilities on positions in the next series of forwarding derivative instruments opened on his own and client positional accounts and also (in the case of a General Clearing Participant) on positional accounts which are part of his settlement service to Traders.