Shock-protected

Thu, 05/11/2015

Investors in Russia will attain additional protection through a financially stable CCP. By Ksenia Liskina, Relationship Manager, GSS Russia
                                                    
Amendments to the Law on Clearing and Clearing Activity shall align the various clearing houses acting as CCPs in Russia. At present there are three of them: The National Clearing Centre (NCC) which services MOEX trades, the Clearing Centre MFB for the Saint-Petersburg Stock Exchange and RDC for Saint-Petersburg International Mercantile Exchange. Currently only NCC has a banking license and is subject to banking regulations. The two other clearing houses are subject to stock exchange regulations.

Following international standards and for consistency purposes, all clearing centres will receive two licenses: one for clearing activities and another one for non-banking credit origination.

The main aim of the Central Bank representatives elaborating amendments to the law is the assurance of business continuity of central counterparties. Amendments to the law determine tough requirements for IT platforms of a clearing house. The most important of them is the establishment of back-up site for emergency cases.