Maintenance of participants' cash positions enables to register information on funds, which can be used to control coverage of transactions in securities. The initial values of a participant's cash positions are set equal to the amount of funds, reserved in appropriate trading accounts (in the MICEX Stock Market Sector) with "the MICEX Settlement House" -- main cash positions -- and/or the amount determined by a Clearing bank (credit institution, providing settlement services for the clients of participants in clearing) -- additional cash positions.

Maintenance of participants' depo positions enables to register information on securities, which can be used to control the coverage of transactions in securities. The initial values of participants' depo positions are set equal to the number of securities, reserved in the appropriate trading parts of depo accounts with the National Depository Center (NDC) and/or reserved in additional trading parts of inter-depository depo accounts of Holders (custodial organizations providing depository services for participants in clearing and/or their clients) with the NDC.

Participants' cash positions and depo positions are registered for each of his trading-and-clearing accounts (the MICEX Clearing System register establishes direct correspondence between a participant's cash positions and depo positions).

Participants in clearing, who provide broking for clients, (Brokers) can use funds, reserved in trading accounts with Clearing Banks, to execute their obligations for transactions in securities. For this, a Clearing Bank must open an additional client's cash position for the Broker in the MICEX Clearing System.

Opening an additional client's cash position enables the Bank to set its initial value daily (based on the amount of funds, reserved by a Broker's clients in their accounts with the Bank or by a Broker in a special broker's account, or crediting a Broker) and, if necessary, increase or decrease it in the course of trading in the MICEX Stock Market Section.

Additional clients' cash positions are maintained in the MICEX Clearing System in Russian rubles. A Broker's obligations and claims for funds and his obligations to pay the MICEX Commission are calculated separately for each of his additional cash position. Transfers of funds, in correspondence with his obligations or claims, are made in the Bank's appropriate trading account with specifying the purpose of the payment and the code of the additional cash position of the Broker.

Types of cash positions, opened in the MICEX Clearing System

When executing obligations for funds, arising as a result of concluding transactions in the MICEX Stock Market Section, a clearing participant, which is a credit institution, can use the following cash positions, opened in the MICEX Clearing System:

Cash positions are opened when an appropriate account is opened for a clearing participant (or a client's account of a clearing participant) with the SH. Only one cash position of a clearing participant may correspond to one account of a clearing participant (or a client's account of a clearing participant). If accounts of the same type are opened for a clearing participant with the SH, the same number of cash positions of the same type is opened in the MICEX Clearing System.

A special "A" cash position and a special "O" cash position are opened for clearing participants — credit institutions only if these clearing participants are not authorized banks in compliance with the RF law.

When executing obligations for funds, arising as a result of concluding transactions in the MICEX Stock Market Section, a clearing participant, which is not a credit institution, can use the following cash positions, opened in the MICEX Clearing System:

Special cash positions "A" and "O" are opened for those clearing participants, which are not credit institutions, without limitations.

Correspondence between the SH trading accounts and cash positions in the MICEX Clearing System

Types of depo positions, opened in the MICEX Clearing System

When executing obligations for securities, arising as a result of concluding transactions in the MICEX Stock Market Section, a clearing participant can use the following securities position, opened in the MICEX Clearing System:

Correspondence between trading parts of the NDC and securities positions in the MICEX Clearing System

• 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