National Clearing Centre
CJSC JSCB National Clearing Centre (hereinafter NCC) is a subsidiary of MICEX Group performing functions of a clearing organization and central counterparty in the financial market. Since December 2007, NCC has been rendering clearing services in the MICEX FX market, and since November 2011 – in the Group’s securities market.
As central counterparty, NCC assumes the risks under the transactions concluded by the participants during the exchange trading, acting as intermediary between the parties: i.e. as the seller for each buyer and as the buyer for each seller, which replaces their contractual relations with each other with relevant contracts with the central counterparty.
NCC’s main, and most important, function is to maintain stability in the serviced financial market segments through implementation of the state-of-the-art risk management system conforming to the international standards and provision to the participants of such clearing services which would enable efficient use of the allocated funds.
The transfer of the clearing function to the bank founded for this particular purpose became an important step in MICEX Group’s development, enabling separation of the risks of a clearing institution from the exchange risks by reassigning those to a highly capitalized clearing bank.
NCC’s banking license enables it to significantly improve reliability and efficiency of MICEX Group’s clearing and settlement system, because, as a bank, NCC, on the one hand, is subject to strict regulation and supervision from the Bank of Russia, and, on the other hand, it can access the Central Bank’s refinancing instruments and attract interbank market funds.
For more information please visit NCC website