Procedure for Clearing Participants Working in the Stock Market

1. To be admitted to Clearing Participant status, an organization must execute the Contract for Clearing Services on Securities Trades (hereinafter referred to as “the Clearing Contract”) with the Moscow Interbank Currency Exchange (hereinafter referred to as “MICEX”).

2. Execute the Clearing Contract and the set of documents specified in Clause 4.1.1 of the MICEX Rules of Clearing in the Stock Market (hereinafter referred to as “the Clearing Rules”), including the Questionnaire, in the form presented in Clause 1.1 of Supplement 6 to the Clearing Rules.

3. Upon signing the Clearing Contract and the Contract on Providing Integrated Technological Services, an Identifier is assigned to the Clearing Participant and their data is submitted by MICEX to the MICEX Settlement House Non-Bank Credit Organization (hereinafter referred to as “MICEX SH”) and the National Depository Center Non-Profit Partnership (hereinafter referred to as “NDC”).

4. A Clearing Participant may fulfill his obligations under securities trades using the following trading sections:

trading (currency trading) sections opened in the owner’s depo account, inter-depository depo account, and the Clearing Participant’s trustee’s depo account with the NDC. To fulfill obligations under these sections, the Clearing Participant must submit a power of attorney to MICEX in the form presented in Clause 1.2 of Supplement 6 to the Clearing Rules;
additional trading sections opened in the Holder’s inter-depository depo accounts with the NDC. To fulfill obligations under these sections, the Holder must submit a power of attorney to MICEX in the form presented in Clause 3.2 of Supplement 6 to the Clearing Rules;
trading sections opened in the Issuer’s depo account with the NDC. To fulfill obligations under these sections, the Issuer must submit a power of attorney to the NDC in the form presented in Clause 2.1 of Supplement 6 to the Clearing Rules;
trading sections opened in the Clearing Participant’s client’s depo account with the NDC. To fulfill obligations under these sections, the Clearing Participant’s client must submit a power of attorney to the NDC in the form presented in Clause 2.2 of Supplement 6 to the Clearing Rules.

All powers of attorney must be submitted in two original copies!

5. Obligations with respect to the Clearing Participant’s cash funds may be fulfilled using the following trading accounts:

For a credit organization:

trading (currency trading) accounts and trust management trading accounts.

For a credit organization that is an Authorized Bank:

trading (currency trading) accounts and trading (currency trading) trust management accounts.

For a non-credit organization:

trading (currency trading) accounts, client trading accounts, trust management trading accounts.

To fulfill a Clearing Participant’s cash obligations through the Clearing Participant’s client’s trading account, the Clearing Participant’s client must submit a Notice to MICEX in the form presented in Clause 2.3 Supplement 6 to the Clearing Rules. To fulfill a Clearing Participant’s cash obligations through a Clearing Bank’s account, the Clearing Bank must submit an Order to MICEX in the form presented in Clause 1.4 and a Notice in the form presented in Clause 1.6 of Supplement 6 to the Clearing Rules.

6. Upon opening a trading section with the NDC, the trading-and-clearing account (hereinafter referred to as “TCA”) is established with MICEX. The types of TCA and the procedure for performing operations therewith are determined in the Rules of Clearing and Settlement in the MICEX Stock Market.

If the Clearing Participant has opened more than one trading account of the same type, to determine their interconnection with trading sections, the Clearing Participant must submit the Application for TCA Registration to MICEX, expressly determining their interconnection (in the form presented in Clause 1.5 of Supplement 6 to the Clearing Rules).

When performing operations with TCA, please note that one trading section may be only linked with one trading account, whereas one trading account may be linked with more than one trading section.

7. To fulfill obligations under trades with settlement codes B0-B30 (negotiated deals mode) and trades with settlement codes R00-R90, Rb, S0-S2, and Z0 (REPO trades), the Clearing Participant must entrust his employees with Operator powers. To do so, the Clearing Participant must submit a power of attorney to MICEX in the form presented in Clause 1.3A or an Application in the form presented in Clause 1.3B of Supplement 6 to the Clearing Rules.

8. To receive reports in hard copy, the Clearing Participant must submit the List of Authorized Persons to MICEX in the form presented in Clause 1.7 of Supplement 6 to the Clearing Rules.

To receive reports electronically using the MICEX EDCS, the Clearing Participant must submit the Application for the Provision of Documents in Electronic Form to MICEX in the form presented in Clause 1.8 of Supplement 6 to the Clearing Rules.

Please send your documents to: 13 Bolshoy Kislovsky per., 125009 Moscow (Correspondence Office) to the attention of the Stock Market Department Clearing Office.

Telephone numbers for the SMD Clearing Office: +7 495 705–96–13, +7 495 234–48–08