Clearing Membership Structure

Rights and Obligations of Clearing Participants

The clearing system’s organization and clearing maintenance principles specify the following categories of Clearing Participants in the MICEX futures market:

Common Clearing Participant (CCP);
Individual Clearing Participant (ICP);
Trading Participant (TP).

Rights of Clearing Participants	CCP	ICP	TP
Right to settle a transaction on own behalf and at own expense	+	+	+
Right to provide trading (brokerage) services to clients	+	+	+
Right to perform settlements with Clearing Organizations	+	+	-
Right to provide settlement services to Traders	+	-	-

Common Clearing Participants:

make deposits (deposit margin, delivery margin) that guarantee the implementation of transactions closed by the Clearing Participant on his own behalf and on behalf of his clients, as well as by the Traders for whom he provides settlement services;
pay obligations on the variance margin and commission fees based on the results of clearing;
observe the limits established by the Clearing Organization;
fulfill obligations to Traders and clients associated with trading and/or settlement services.

Individual Clearing Participants:

make deposits (deposit margin, delivery margin) that guarantee the implementation of transactions closed by the Clearing Participant on his own behalf and at his own expense, as well as on behalf of his clients, for whom he provides settlement services;
pay obligations to the variance margin and commission fees based on the results of clearing;
observe the limits established by the Clearing Organization;
fulfill obligations to clients associated with trading services.

Traders:

make settlements based on the results of his transactions performed by the Common Clearing Participant;
observe the limits established by the Clearing Organization and Common Clearing Participants;
fulfill obligations to clients associated with trading services.