MOEX introduces new safety layer to central counterparty

AO UniCredit Bank
Thu, 05/11/2015

A number of initiatives accepted at the latest MOEX Council meeting are aimed at improving stability and reliability of MOEX Group.
                                                                              
On 12 October the MOEX Council discussed improvements to the central counterparty’s financial stability and losses distribution mechanism in accordance with the Central Bank requirements and international standards approach to clearing service standardisation on MOEX group markets, as well as the enhancement of IT reliability and principles of MOEX Council creation.

The following initiatives were accepted:

  • Starting from 1 November 2015, MOEX will implement a new structure of the central counterparty‘s (CCP) protection level, applicable to all markets of the stock exchange. The limit of liability of the CCP on the stock-exchange and the currency market will be the same as on the derivatives market;
  • MOEX will start contributing to the Guarantee fund equal to the other market participants;
  • New ways of clearing services unification on all markets, including cross-margining, standardisation of requirements for coverage, full netting.
  • These issues allow participants to decrease their expenses by improving coverage management, taking into account the unified net-position on all markets;
  • New approaches to MOEX Council creation.

Contact:
Ksenia Liskina
Relationship Manager
Global Securities Services Russia
Ksenia.Liskina@unicredit.ru