Settlements and Clearing

Т0 Settlement Code is the code of settlements, used at conclusion of the exchange deal, meaning that the due date of its execution is the date of its conclusion. When concluding the exchange deal with Т0 settlement code, there should be the control procedure over its security, after which such deal is deemed to be secured.

Z0 Settlement Code is the code of settlements, used at conclusion of the exchange deal or the REPO exchange deal, meaning that the due date of execution of the exchange deal or the first part of the REPO exchange deal is the date of its conclusion. While making the exchange deal or the exchange REPO deal with Z0 settlement code, there should be the control procedure on its security, after which such deal (first part of the REPO deal) is deemed to be secured and thereby one sends the settlement documents in the Depositary and SH. The due date of execution of the second part of the REPO deal with Z0 settlement code is the date, specified as Т+k, where Т is the date of conclusion of the REPO deal, and k is the Tenor of the REPO deal, specified at its conclusion (k cannot be equal to 0).

Liabilities on second parts of exchange REPO deals with Z0 settlement code can be executed by both clearing Participants prematurely on any settlement day, starting from the date of due execution of first parts of such deals till the appropriate date of due execution of second parts of such deals.

Settlement codes from В0 to В30 (hereafter – В0—В30) are the settlement codes, used at conclusion of deals, meaning that the due date of their execution is the date, specified as Т+n, where Т is the date of the deal’s conclusion, and n is the number of calendar days, which value is specified by the last digit of the corresponding settlement code on the deal (may take one of integral values from 0 to 30).
Liabilities on deals with B02-B30 settlement codes may be executed simultaneously by both clearing Participants prematurely on any settlement say after the date of conclusion of such deals till the appropriate sate of their due execution.

When making the exchange deal with B0-B30 settlement codes there should be the control procedure only in part of liabilities of the clearing Participant as for payment of the commission fee.

Rb Settlement code (hereafter – Rb) are the settlement codes, which are used when making REPO deals, meaning that the due date of execution of the first part of the exchange REPO deal is the date of its conclusion, and the due date of execution of the second part of the REPO deal is the date, specified as Т+k, where Т is the date of conclusion of the REPO deal, and k is the Tenor of the REPO deal, specified at its conclusion.
Liabilities on second parts of exchange REPO deals with Rb settlement code may be executed simultaneously by both clearing Participants prematurely on any settlement day, starting from the date of due execution of first parts of such deals till the appropriate date of due execution of second parts of such deals.
When making the exchange REPO deal with Rb settlement code, there should be the control procedure on its first part, after which the first part of the exchange REPO deal is deemed to be secured.

Settlement codes from S0 to S2 (hereafter – S0–S2) are the settlement codes, which are used when making REPO deals, meaning that the due date of execution of the first part of REPO deal is the date, specified as Т+x, where Т is the date of conclusion of the REPO deal, and x is the number of settlement days, which value is specified by the first digit of the corresponding settlement code on the deal (it can take one of integral values from 0 to 2), and the due date of execution of the second part of the REPO deal is the date, specified as Т+x+k, where Т+x is the due date of execution of the first part of the REPO deal, and k is the Tenor of the REPO deal, specified at its conclusion.

If the clearing Participant fails to execute the obligations as for paying of the compensational contribution, stipulated by the terms of such REPO deal, the clearing Participants shall perform their obligations on the second part of the REPO deal on the first settlement day, coming after the due date of payment of the compensational contribution (since the due date of execution of the second part of the REPO deal is carried forward to the above-mentioned settlement day according to the Regulations on trading).

Liabilities on second parts of REPO deals with settlement codes S0–S2 may be executed simultaneously by both clearing Participants prematurely on any settlement day, starting from the date of due execution of first parts of such deals till the appropriate date of due execution of second parts of such deals.

When making exchange REPO deals with settlement codes S0–S2, there should be the control procedure over securing only in the part of liabilities of the clearing Participant as for payment of the commission fee.