Transfer of clearing to the NCC

Starting from November 1, 2011, Bank “National Clearing Centre” (the NCC) will act as the clearing organization and central counterparty in the MICEX stock market. Starting from this date, the MICEX will cease to provide clearing of trades in the MICEX stock market.

The NCC will act as a central counterparty in purchases and sales of securities on the terms of full advance coverage of the trade with settlement on the date of execution of the trade.

The implementation of this project will create preconditions for the unification of clearing in the MICEX foreign exchange, stock and derivatives markets within one organization of the MICEX Group, as well as the necessary conditions for the launch of trading on the terms of partial coverage.

To continue, from 1 November 2011, clearing of trades in the MICEX stock market, acting participants in the MICEX clearing will have to sign an agreement on the provision of clearing services with the NCC and a supplementary agreement to the agreement on the provision of the Integrated Technological Service and submit the required set of documents.