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Settlements and Clearing

Settlements and Clearing on the MICEX Stock Market   Clearing Participant’s cash and depo positions structure   Coverage Control Procedure   MICEX Fees for Clearing Services   Settlement codes   Clearing Participant’s instructions

Unsettled trade – the Clearing Participant’s instruction is registered in the MICEX Clearing System and the coverage control procedure is initiated for a securities trade (the first or second part of a REPO trade), including it in multilateral clearing.

Special unsettled trade – the Clearing Participant’s instruction is registered in the MICEX Clearing System and the coverage control procedure is initiated for several securities trades (the first or second part of REPO trades) and/or margin calls, including them in multilateral clearing.

Urgent unsettled trade – the Clearing Participant’s instruction is registered in the MICEX Clearing System and the coverage control procedure is initiated for a securities trade (the first or second part of a REPO trade), including it in simple clearing.

Urgent unsettled trades may not be entered in the Clearing System for spot trades with settlement codes T0 and Z0, intra-day REPO trades, the first parts of REPO trades with settlement codes Z0, R00-R90, Rb, and margin calls.

Instruction for issuing a margin call – the Clearing Participant’s instruction is registered in the MICEX Clearing System and the coverage control procedure is initiated, including the margin call in multilateral clearing.

Instruction for refusing a margin call – the Clearing Participant’s instruction is registered in the MICEX Clearing System to refuse inclusion of the margin call in multilateral clearing.