The Moscow Interbank Currency Exchange Settlement House (MICEX SH) is a credit organization which provides settlement banking services, including monetary settlements for transactions of financial market participants.

The License of the Bank of Russia entitles MICEX Settlement House to perform the following banking operations in rubles and foreign currency:

• opening and administration of bank accounts of legal entities;
• effecting settlements on behalf of legal entities, including correspondent banks, through their bank accounts;
• encashment (collection) of monetary funds, promissory notes, payment and settlement documents , as well as providing cash service for legal entities;
• non-cash purchase-sales of foreign currency; and
• effecting transfers of monetary funds on the order of individuals without opening bank accounts (except for postal money orders).

The Appendix to the License of the Bank of Russia entitles MICEX SH to effect gross settlements and settlements involving clearing.

Licenses of the Federal Commission for the Securities Market of the Russian Federation entitle MICEX SH (as a professional participant in the securities market) to carry out clearing and depositary activities.

Performing the functions of the bank of settlements, MICEX SH offers to its clients a whole range of settlement services. It serves over 600 largest banks and financial companies from different regions of Russia.

MICEX SH effects monetary settlements in the real-time mode. Clients' payment orders are handled and executed immediately after their coming to MICEX SH.

MICEX SH completes monetary settlements for transactions of participants in financial markets on the day of trading.

MICEX SH guarantees the timeliness of settlements and the safety of clients' funds.

Interaction with clients continues through the settling day from 9:00 am till 8:30 pm, Moscow time.

MICEX SH is one of the main infrastructure elements of exchange trading, providing, since January 1, 1997, reliable and prompt monetary settlements for transactions carried out in MICEX financial markets.

MICEX SH provides settlement services in all of MICEX financial markets:

• the government securities market;
• the corporate securities market;
• the currency market;
• the standard contracts market.

MICEX Settlement House guarantees the timeliness of settlements and the safety of clients' funds due to the absence of active operations with clients' funds. MICEX SH does not attract funds for placements, does not place clients' money on deposits and does not provide bank guarantees. The License and regulations of the Bank of Russia do not allow such operations.

MICEX Settlement House provides reliable settlement services with the minimal level of risks due to:

• the absence of credit risks, which are the most significant risks in the work of credit organizations;
• the use of automated systems and complexes of data processing, based on software tools and hardware facilities provided by leading manufacturers (Hewlett-Packard, IBM, Microsoft, INFORMIX and others);
• the possibility of using several alternative communication channels to transfer settlement documents and other valuable information to MICEX SH;
• the reservation of all main automated systems securing the work of MICEX SH;
• the high level of automation on all stages of settlements, which minimizes the manual handling of information;
• the use of the means of cryptographic protection of information and digital signatures, certified by the Federal Government Communication Agency of the Russian Federation;
• the policy of keeping clients' funds exclusively in MICEX SH's correspondent account with the Bank of Russia;
• the availability of highly-skilled personnel with extensive experience of work in credit organizations.

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