For the obligations and claims of participants in clearing, which arise as a result of concluding transactions in securities, to be included into the settlement of net obligations and net claims (multilateral netting), a transaction must undergo the procedure of coverage control. Uncovered transactions are not included into the settlement of net obligations and net claims (multilateral netting).

The coverage control procedure takes into account changes in cash positions and securities positions and checks the sufficiency of participants' coverage of obligations for concluded and/or planned transactions.

The control of coverage of a transaction in securities with settlement code Т0 consists in checking current cash positions and securities positions at the moment of entering an order.

A transaction in securities, concluded in the negotiated deals mode, with settlement code В0-В30 does not undergo the coverage control procedure at the moment of concluding the transaction.

The application of the coverage control procedure in the course of conclusion of transactions

For a transaction in securities with settlement code В0-В30 to undergo the coverage control procedure, participants in clearing, who are parties to the given transaction, must register reports on the transaction on the date of execution of obligations for the transaction.

A transaction in securities with settlement code В0-В30 is regarded as covered if both participants in clearing (parties to the transaction) have registered reports on the transaction.

The procedure of control of coverage of the first part of a REPO transaction with settlement code R01- R90 consists in checking current cash positions and securities positions at the moment of entering an order.

For a REPO transaction with settlement code R01- R90 to undergo the procedure of control of coverage of the second part of the transaction, participants in clearing (parties to the transaction) must register reports on the second part of the REPO transaction on the date of execution of the REPO transaction. Participants in clearing can execute a REPO transaction ahead of time, beginning from the day following the day of concluding the REPO transaction.

The second part of a REPO transaction is regarded as covered if both participants in clearing (parties to the transaction) register reports on the second part of the REPO transaction.

The application of the coverage control procedure in the course of execution of transactions

• Principles of settlements and clearing in the MICEX Section Stock Market
• Structure of trading and clearing accounts and positions (for funds and securities) of participants in clearing
• Control of coverage