Settlements and Clearing
To record data on funds that may be used in implementing the coverage control procedure on securities trades in the MICEX Clearing System, Clearing Participants can maintain cash positions. The initial values of the Clearing Participant’s cash positions are equal to the amount of cash reserved by the Clearing Participant in the respective trading accounts (in the MICEX Stock Market sector) with the MICEX Settlement House (main cash positions) and/or are determined by the “Clearing Bank” (credit organizations providing settlement services to Clearing Participants’ clients) (additional cash positions).
To record data on securities that may be used in implementing the coverage control procedure on securities trades in the MICEX Clearing System, Clearing Participants can maintain depo positions. The initial values of the Clearing Participant’s depo positions are equal to the number of securities reserved in the respective trading sections of depo accounts with the National Depository Center (NDC) and/or reserved in additional trading sections of Holders’ (custodial organizations providing depository services to Clearing Participants and/or their clients) inter-depository depo accounts with the NDC.
The Clearing Participant’s cash positions and depo positions are recorded for each of his trading-and-clearing accounts (the MICEX Clearing System register establishes unambiguous correspondence between the Clearing Participant’s cash and depo positions.)
Types of Cash Positions Opened in the MICEX Clearing System
When fulfilling his cash obligations resulting from making trades, a Clearing Participant may use the following cash positions opened in the MICEX Clearing System:
| Type of cash position | Corresponding trading account with the MICEX Settlement House |
|---|---|
| Clearing Participant’s cash position | Clearing Participant’s trading account |
| Clearing Participant’s client cash position1 | Clearing Participant’s client trading account1 and/or Clearing Participant’s client’s account |
| Trust management cash position | Clearing Participant’s trust management trading account |
| Clearing Participant’s additional cash position | Clearing Bank trading account opened for the Clearing Participant |
| Clearing Participant’s additional client cash position | Clearing Bank trading account opened for the Clearing Participant |
| Clearing Participant’s additional trust management cash position | Clearing Bank trading account opened for the Clearing Participant |
| Clearing Participant’s additional currency cash position | Clearing Bank currency trading account opened for the Clearing Participant |
| Clearing Participant’s additional client currency cash position | Clearing Bank currency trading account opened for the Clearing Participant |
| Clearing Participant’s additional currency cash position2 | Clearing Bank currency trading account opened for the Clearing Participant |
| Clearing Participant’s additional client currency cash position2 | Clearing Bank currency trading account opened for the Clearing Participant |
| Clearing Participant’s currency cash position3 | Clearing Participant’s currency trading account3 |
| Clearing Participant’s trust management currency cash position3 | Clearing Participant’s trust management currency trading account3 |
Cash positions are opened when a Clearing Participant opens the respective account with the MICEX SH. Only one cash position may correspond to one account. If several accounts of the same type are opened for a Clearing Participant with the SH, the same number of cash positions of the same type are opened in the MICEX Clearing System.
1 Opened for a Clearing Participant that is not a credit organization.
2 Opened for a Clearing Participant that is not an Authorized Bank.
3 Opened for a Clearing Participant that is not an Authorized Bank.
Types of Depo Positions Opened in the MICEX Clearing System
When fulfilling his securities obligations resulting from trading, a Clearing Participant may use the following depo positions opened in the MICEX Clearing System:
| Type of securities position | Type of corresponding section of the Clearing Participant’s depo account with the NDC |
|---|---|
| DEPO 1 | - trading sections in the Clearing Participant’s owner’s depo account; - additional trading sections, type – А |
| DEPO 2 | - trading sections in the Clearing Participant’s corresponding depo account; - trading sections in the Clearing Participant’s clients’ owner’s depo accounts; - additional trading sections, type – В |
| DEPO 3 | - trading sections in the issuers’ depo accounts |
| DEPO 4 | - trading sections in the Clearing Participant’s trust manager’s depo account; - additional trading sections, type – С |
| DEPO 5 | - currency trading sections in the Clearing Participant’s owner’s depo account; - additional trading sections, type – D |
| DEPO 6 | - currency trading sections in the Clearing Participant’s corresponding depo account; - currency trading sections in the Clearing Participant’s clients’ owner’s depo accounts; - additional trading sections, type – E |
| DEPO 7 | - currency trading sections in the Clearing Participant’s trust manager’s depo account; - additional trading sections, type – F |