Membership Requirements

Financial Status Parameter Requirements

			Membership requirements
			Compliance with mandatory standards of the Bank of Russia	Having no losses¹	Minimum amount of funds (euro)²
Markets	Member category	Member type
Currency Market (NCC Clearing Participants)³	-	Cred. org.	+	+	5 million
Stock Market (MICEX SE)	-	Cred. org.	Not established
Stock Market (MICEX SE)	-	Non-cred. org.	Not established
FX and STIR Derivatives Market	GCM	Cred. org.	+	+	10 million
	ICM\ACM	Cred. org.	+	+	3 million
	ICM\ACM	Non-cred. org.		+	1 million
	GTM	Cred. org.	+	+	1 million
	GTM	Non-cred. org.		+	0,5 million
	ITM	Cred. org.	Not established
	ITM	Non-cred. org.	Not established
Securities and Indexes Derivatives Market	GCP	Cred. org.	+	+	10 million
	ICP	Cred. org.	+	+	3 million
	ICP	Non-cred. org.		+	1 million
	TP	Cred. org.	+	+	1 million
	TP	Non-cred. org.		+	0,5 million
Commodity Derivatives Market	GCM	Cred. org.	+	+	1 million
	GCM	Non-cred. org.		+	1 million
	ICM	Cred. org.	+	+	0,1 million
	ICM	Non-cred. org.		+	0,1 million

¹ In MICEX‘s derivatives markets, noncompliance with the breakeven requirement more than once a year is prohibited.

² According to the Rules of Membership in the NAMEX Standard Contracts for Grain, Legumes, and Industrial Crops Section, the requirements for the minimum amount of funds are expressed in rubles.

³ The requirements for the NCC’s clearing participants regarding compliance with mandatory standards of the Bank of Russia as well as breaking even are established by the National Clearing Center’s Rules of Clearing. The requirements regarding the minimum amount of funds are established by the Regulation on the Procedure for Forming, Placing, and Using Funds from the National Clearing Center’s Risk Coverage Fund (only for Clearing Participants who have joined the NCC’s Risk Covering Fund.)