Moscow Exchange FBOT Form [Supplement S-1]

APPENDIX 2

[The NCC Clearing Rules. Part I “Common Part”] 

Please find attached:

 Clearing Rules of Bank National Clearing Centre (Part I “Common Part”)
Moscow Exchange FBOT Form [Supplement S-1]

APPENDIX 2

[The NCC Clearing Rules. Part I “Common Part”] 

APPROVED

by the Supervisory Board of

the Bank National Clearing Centre (Joint-Stock Company)

July 20, 2016(Minutes No.4)

CLEARING RULES

OF THE BANK NATIONAL CLEARING CENTRE 

(JOINT-STOCK COMPANY).

PART I. COMMON PART

Moscow, 2016
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

2

CONTENTS

SECTION I. GENERAL PROVISIONS ...................................................................................................... 4

Article 1. Structure, contents and application of the Clearing Rules .......................................... 4

Article 2. Terms and definitions .................................................................................................. 5

Article 3. General Provisions .................................................................................................... 12

Article 4. Rights and duties of the Clearing Members and the Clearing Centre....................... 14

Article 5. Conducting Clearing register..................................................................................... 16

Article 6. Confidentiality ............................................................................................................ 18

Article 7. Procedure for use of the Handwritten Signature Analogue....................................... 18

Article 8. Trading and Clearing Accounts ................................................................................. 19

Article 9. Clearing Registers ..................................................................................................... 20

SECTION II. REQUIREMENTS FOR CLEARING MEMBERS ................................................................ 23

Article 10. Requirements for the Clearing Members .................................................................. 23

Article 11. Categories of the Clearing Members......................................................................... 24

Article 12. Terms and Conditions of the Clearing Services. Procedure for Admission to the 

Clearing Services ................................................................................................................................ 25

Article 13. Procedure for Suspension and Termination of Admission to Clearing Services....... 28

Article 14. Procedure for Registration of the Clearing Members, Procedure for Opening of 

Settlement Codes to the Clearing Member......................................................................................... 31

Article 15. Procedure for registration Trading and Clearing Accounts of the Clearing Members34

Article 16. Procedure for opening Settlement Codes of the 2-nd level and registration of Trading 

and Clearing Accounts of the 2-nd level ............................................................................................. 35

Article 17. Procedure for opening Settlement codes of the 3-d level and registration of the 

Trading and Clearing Accounts of the 3-d level .................................................................................. 37

Article 18. Procedure for assigning clearing identifiers to the Clearing members...................... 38

Article 19. Procedure for Registration of the clients of the Clearing Members........................... 38

SECTION III. CLEARING RISK MANAGEMENT MEASURES................................................................. 41

Article 20. List of the Clearing Risk Management Measures...................................................... 41

Article 21. Restriction of the Clearing Centre’s Liability.............................................................. 42

SECTION IV. CLEARING PROCEDURE .................................................................................................. 45

SUBSECTION IV-I. PROCEDURE FOR POSTING AND REFUNDING OF COLLATERAL FOR 

STRESS AND CONTRIBUTIONS TO THE GUARANTEE FUNDS ........................................................ 45

Article 22. Procedure for Making Contributions to the Guarantee Funds and Posting Collateral 

for Stress 45

Article 23. Procedure for Refunding Contributions to Guarantee Funds and Collateral for Stress48

Article 24. Procedure for Issuance and Fulfilment of Margin Calls for Funds / Collateral for 

Stress 49

SUBSECTION IV-II. PROCEDURE FOR INCLUDING OBLIGATIONS IN CLEARING POOL ....... 50

Article 25. General Requirements to Procedure for Including Obligations in the Clearing Pools 

and to Procedure for Performance of Obligations............................................................................... 50

SUBSECTION IV-III. DEFAULT MANAGEMENT PROCEDURES................................................... 51

Article 26. Procedure for Use and Reimbursement of Guarantee Funds and Other Resources in 

Order to Repay Clearing Members’ Debts (Cross Default Procedure)............................................... 51

SUBSECTION IV-IV. PROCEDURE FOR INTERACTION WITH SETTLEMENT ORGANIZATION 

AND SETTLEMENT DEPOSITORY ........................................................................................................ 58

Article 27. Procedure for Interaction with the Settlement Organization...................................... 58

Article 28. Procedure for Interaction with the Settlement Depository and Other Depositories... 59

SECTION V. GENERAL PROVISIONS ON SERVICE PAYMENTS........................................................ 62
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

3

Article 29. General Provisions on Payments for Services of the Clearing Centre, Exchange, and 

Technical Centre and also about fee for right of use of funds constituting individual and collective 

clearing collateral ................................................................................................................................ 62

SECTION VI. MISCELLANEOUS .............................................................................................................. 64

Article 30. Transfer of Obligations and Collateral from one Clearing Member to another Clearing 

Member 64

Article 31. Procedures in Case of the Clearing Member’s Inclusion of in the List of 

Organizations Known as Having Connections with Extremist Activities or Terrorism ........................ 67

Article 32. Procedure for Settlement of Obligations in Case of Termination of Clearing 

Member’s Admission to Clearing Services (Liquidation Netting in Respect of Clearing Member) ..... 69

Article 33. Procedure for Settlement of Obligations in Case of Clearing Member’s Bankruptcy 

(Liquidation Netting in Respect of Clearing Member) ......................................................................... 81

Article 34. Procedure for Settlement of Obligations in Case of Withdrawal (Revocation) of 

Clearing Centre’s Banking License (Liquidation Netting in Respect of Clearing Centre) ................... 89

Article 35. Interaction with Exchange in Any Circumstances that Can Affect Trading ............... 93

Article 36. Emergencies.............................................................................................................. 94

Article 37. Dispute Settlement Procedure................................................................................... 96

Appendix No 1. Clearing Agreement No.____________ .............................................................................. 97

Appendix No 2. Agreement on the conduct of clearing registers No._____ ................................................. 98

Appendix No 3. Technical Examination Procedure ..................................................................................... 100

Appendix No 4. Documents Provided by the Legal Entity to Conclude the Clearing Agreement ............... 102

Appendix No 5. Reports Submitted by Clearing Members to Clearing Centre ........................................... 109

Appendix No 6. Time Regulations ............................................................................................................... 112
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

4

SECTION I. GENERAL PROVISIONS

Article 1. Structure, contents and application of the Clearing Rules

1.1. The Clearing Rules of the Bank National Clearing Centre (Joint-Stock Company) include:

given “Clearing Rules of the Bank National Clearing Centre (Joint-Stock Company). Part I. Common Part”, 

regulating / describing:

 methods for obligations admitted for clearing fulfilment guarantee;

 rights and duties of the Clearing Members and the Clearing Centre;

 procedure for use of the Handwritten Signature Analogue;

 general requirements to the Clearing Members;

 a list of general clearing risk management measures;

 procedure for posting and returning of the Collateral for Stress and contributions to the Guarantee 

Funds;

 general requirements to the procedure of obligations` inclusion in the clearing pools and to the 

obligations` performance procedure;

 procedure for use and repayment of the Guarantee Funds and other resources for the purpose of 

repayment of the Clearing Members’ Debts (cross default procedure);

 legal basis and procedure for transfer of the obligations and Collateral from one Clearing Member to 

another Clearing Member;

 procedure for settlement of obligations in case of termination of the Clearing Member’s access to the 

clearing services (liquidation netting in respect of the Clearing Member);

 the terms of the contract between the Clearing Centre with the Trading Participant who do not coincide 

in one person with a Clearing Member, on the conduct of clearing registers;

 other general provisions,

hereinafter – “the common part of the Clearing Rules”;

The Clearing Rules of the Bank National Clearing Centre (Joint-Stock Company). Part II. Tariffs”, 

establishing the amounts of fees for the clearing services of the Bank National Clearing Centre (Joint-Stock 

Company) (hereinafter – “Tariffs of the Clearing Centre”);

The Clearing Rules of the Bank National Clearing Centre (Joint-Stock Company). Part III. Clearing Rules 

for the Securities Market”, governing the relations associated with settlement of the securities` purchase 

and sale trades, concluded in the Stock Market Section of Closed Joint Stock Company" MICEX Stock 

Exchange, and REPO trades executed in the Closed Joint-Stock Company “MICEX Stock Exchange”, as 

well as OTC securities` purchase and sale trades and REPO trades, defining the terms of the contract on 

the property pool, (hereinafter – “Clearing Rules for the Securities Market”);

The Clearing Rules of the Bank National Clearing Centre (Joint-Stock Company). Part IV. Clearing Rules 

for the FX Market and Precious Metals Market”, governing the relations associated with foreign currency 

and precious metals trades` settlement, executed during the trading organized by PJSC Moscow Exchange 

(hereinafter the “Clearing Rules for the FX Market and Precious Metals Market”);

The Clearing Rules of the Bank National Clearing Centre (Joint-Stock Company). Part V. Clearing Rules for 

the Derivatives Market”, governing the relations associated with and performance of the financial 

derivatives` contracts, concluded in the derivatives market of PJSC Moscow Exchange, OJSC Moscow 

Energy Exchange, (hereinafter the “Clearing Rules for the Derivatives Market”).

The Clearing Rules of the Bank National Clearing Centre (Joint-Stock Company). Part VI. “Clearing Rules 

for the Commodities Market”, governing the relations associated with conclusion of contracts, which are 

derivative instruments whose underlying asset is a commodity to be concluded at the auction organized by 

NAMEX (hereinafter the “Clearing Rules for the Commodities Market”).

The Clearing Rules for the Securities Market, the Clearing Rules for the FX Market and Precious Metals 

Market, the Clearing Rules for the Derivatives Market and the Clearing Rules for the Commodities Market

are hereinafter jointly referred to as the “specific parts of the Clearing Rules”, and individually – the “specific 

part of the Clearing Rules”.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

5

The common part of the Clearing Rules, Tariffs of the Clearing Centre and specific parts of the Clearing 

Rules are jointly referred to as the "Clearing Rules", and individually – the “part of the Clearing Rules”.

1.2. In case of introduction of any amendments and supplements to any part of the Clearing Rules, 

including adoption of the part of the Clearing Rules in new wording, the relevant amendments and 

supplements, starting from their effective date, shall apply to the relations under the 

abovementioned trades (contracts) concluded before the enactment of the relevant amendments

and supplements (new wording), and not settled (not terminated) as of the date of enactment of 

the amendments and supplements to the part of the Clearing Rules (new wording of the part of 

the Clearing Rules).

1.3. If the common part of the Clearing Rules contains provisions different from the provisions 

contained in the corresponding specific part of the Clearing Rules, the provisions of the specific 

part of the Clearing Rules shall be applied.

Article 2. Terms and definitions

Handwritten Signature 

Analogue / HSA -

the essential element of an electronic message sent with the use of the 

Clearing System, confirming identification of the person sending the 

electronic message, integrity and inalterability of electronic messages 

through the use of special software and hardware tools and organizational 

procedures.

FATCA Form -

the form for identification of a legal entity in accordance with the norms 

and provisions of the FATCA Law.

Authentication -

a procedure used to confirm the Clearing Member’s / Clearing Centre’s / 

Trading Participant ownership of the HSA.

EurAsEC/EAEU Bank -

The non-resident bank registered in the member state of the Agreement 

on Cooperation in Organization of Integrated Foreign Exchange Market of 

Member States of Eurasian Economic Community dated January 25, 2006 

(hereinafter the Cooperation Agreement) and/or the member state of the 

Treaty on Eurasian Economic Union dated May 29, 2014 (hereinafter the 

EAEU Treaty).

Non-Resident Bank -

a legal entity which is the Non-Resident, which, by virtue of a special 

permit (license or other document) issued by the competent authority of its 

registration country is authorized to conduct banking operations stipulated 

by the domicile law of the Non-Resident Bank. 

Exchange -

the exchange which has entered into the cooperation agreement with the 

Clearing Centre.

On-Exchange Market -

one of the trading (on-exchange) sections of PJSC Moscow Exchange

where PJSC Moscow Exchange is the trading organizer; the Securities 

Market Section of CJSC SE MICEX and REPO Market Section, 

Derivatives Market Section of OJSC Moscow Energy Exchange, CJSC 

NCE, which are cleared in accordance with the Clearing Rules, including 

clearing of the corresponding OTC trades. In the Clearing Rules, the 

following markets are defined as the on-exchange markets: FX market 

and precious metals market, derivatives market, securities market and 

commodities market.

Allocated capital of a Central 

counterparty -

part of own funds of the Clearing Centre intended to cover possible losses 

of the Clearing Centre, caused by improper performance or nonperformance by Defaulting member of the obligations admitted to clearing, 

and used by the Clearing Centre to use the funds deposited in a bona fide 

clearing members to the Guarantee funds.

Guarantee Fund -

a collective clearing collateral formed by the Clearing Centre out of the 

contributions of the Clearing Members and other entities stipulated by the 

Clearing Rules, for the purpose of securing settlement of obligations under 

the trades without full prefunding in the respective on-exchange-market.

Settlement Date -

a date on which the Clearing Member and/or the Clearing Centre have to 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

6

settle their obligations pursuant to the terms of the executed trade, or 

other obligations, in accordance with the procedure set forth in the 

Clearing Rules.

In the event that the date defined in this paragraph does not fall to the 

Settlement Day, the Settlement Date is deemed to be the next Settlement 

Day.

Non-defaulting Clearing

Member

The Clearing Member having no overdue obligations to the Clearing 

Centre.

Single Limit on the 

Settlement codea value calculated by the Clearing Centre in Russian roubles under each 

Settlement Code of the Clearing member, limiting exposures to the trades 

without full prefunding (except the Derivatives Contracts), executed by the 

Clearing Centre with the Clearing Member for which the Single Limit on 

the Settlement code is calculated

Single limit on the 

Guarantee fund -

the value calculated by the Clearing Center in Russian rubles for each 

Clearing Member in order to verify the performance of the Clearing 

Member obligation to make contributions to the Guarantee fund.

Single limit on the Collateral 

for stress -

the value calculated by the Clearing Center in Russian rubles for each 

Clearing Member in order to verify the performance of the Clearing 

Member obligations to make contributions to the Collateral for stress.

Debt -

outstanding obligations of the Clearing Member, including obligations 

under trades, obligations to pay commission fees and/or other obligations 

set forth in the Clearing Rules.

The Clearing Law–

The Federal Law No. 7-FZ “On Clearing, Clearing Activities and CCP”, 

dated February 07, 2011.

Law on FATCAthe Federal Law No. 173-FZ dated June 28, 2014 “On specifics of 

conducting financial transactions with foreign nationals and legal entities, 

on making amendments to the RF Code of Administrative Offences and 

invalidation of certain provisions of legislative acts of the Russian 

Federation”.

Identifier (Identifier of the 

Clearing Member) -

a unique alphanumeric code, which is assigned by the Clearing Centre to 

the Clearing Member, unambiguously identifying the Clearing Member.

Individual Clearing Member -

the Clearing Member also acting as a Trading participant and executing 

trades solely on its own behalf or the Clearing member on whose behalf at 

the auction deals are concluded only by a Trading participant that does 

not coincide in one person with a Clearing member.

Total Net Obligation of the 

Clearing Member -

obligations of the Clearing Member to the Clearing Centre in respect of 

transfer of the Russian roubles / relevant foreign currency / relevant 

precious metal / relevant securities under the trades and other obligations 

determined by the corresponding specific part of the Clearing Rules with 

matured Settlement Date, not terminated by set-off during clearing, the 

procedure whereof is stipulated in the corresponding specific part of the 

Clearing Rules.

Total Net Claim of the 

Clearing Member -

claims of the Clearing Member to the Clearing Centre in respect of receipt

of the Russian roubles / relevant foreign currency / relevant precious 

metal / relevant securities and other obligations determined by the 

corresponding specific part of the Clearing Rules with matured Settlement 

Date, not terminated by set-off during clearing, the procedure whereof is 

stipulated in the corresponding specific part of the Clearing Rules.

Clearing without prefunding

-

clearing of the trade executed without checking whether the Clearing 

Member has the Collateral in the amount necessary for the performance 

of obligations under such trade.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

7

Clearing with full prefunding

-

clearing of the trade whose execution is conditioned upon presence of the 

Clearing Member’s Collateral and/or of the Clearing Member’s claim in 

securities / cash / precious metal with the Settlement Date no later than 

the date of performance of obligations under the executed trade, in the 

amount necessary to perform obligations under such trade in full.

Clearing without full 

prefunding -

clearing of the trade whose execution is conditioned upon adequacy of the 

Clearing Member’s Collateral, which is monitored by the Clearing Centre 

in accordance with the procedure set forth in the Clearing Rules.

Clearing System -

the totality of software and hardware, databases, telecommunication 

facilities, other equipment and software of the Clearing Centre intended 

for use in the clearing activities performed pursuant to the Clearing Rules.

Clearing Broker -

the Clearing Member performing the functions of a clearing broker 

pursuant to the Clearing Law and the Clearing Rules.

Clearing Identifier 

a unique alphanumeric code, which is assigned by the Clearing Centre to 

the Clearing Member / Trading Participant in order to execute transactions 

if provided by a specific part of the relevant Clearing Rules.

Clearing Centre -

Bank National Clearing Centre (Joint-Stock Company), operating by virtue 

of the clearing license and in compliance with the Clearing Law .

Final Counterparty -

the Clearing Member acting as a party to the matching trade with the 

central counterparty.

Credit Organization -

a credit organization which is a Resident.

Margin Call -

a demand of the Clearing Centre to the Clearing Member to secure the 

obligations under the trades without full prefunding executed between the 

Clearing Centre and the Clearing Member, presented in accordance with 

the procedure and in the cases specified in the Clearing Rules.

Margin Call on Collateral for 

Stress -

a demand to bring the amount of funds posted by the Clearing Member as 

the Collateral for Stress in compliance with the established amount of the 

Collateral for Stress, set for the Clearing Member by the Clearing Centre.

Margin Call on Funds -

a demand to bring the Clearing Member’s contributions to the Guarantee 

Funds in compliance with the established amounts of contributions to the 

Guarantee Funds, set by the Clearing Centre.

International Organization -

a legal entity established in accordance with the international treaty of the 

Russian Federation, entitled to conduct banking operations, including FX 

operations, in the Russian Federation in accordance with the international 

treaties of the Russian Federation and legislation of the Russian 

Federation.

Methodology for 

Determination of the Amount 

of the Collateral for Stress -

the internal document of the Clearing Centre, which establishes the 

procedure for determination of the Clearing Members’ amount of the 

Collateral for Stress in the relevant on-exchange markets. The 

methodology for calculation of Collateral for Stress is disclosed on the 

Website of the Clearing Centre.

Methodology for calculation 

of the central counterparty’s 

allocated capital -

the internal document of the Clearing Centre, which establishes the 

procedure for determination of the size of allocated capital of the Clearing 

Centre for all on-exchange markets and the size of allocated capital of the 

CCP for each on-exchange market. The Methodology for calculation of the 

central counterparty’s allocated capital is disclosed on the Website of the 

Clearing Centre.

Defaulting Clearing Member 

-

a Clearing Member that fails to perform or improperly performs its 

obligations to the Clearing Centre, including the Margin Call, and/or that 

has Debt to the Clearing Centre.

Non-Credit Institution -

a legal entity which is a Resident and is not a credit institution.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

8

Non-Resident Non-Credit 

Institution

a legal entity which is a Non-Resident and has no right to conduct banking 

operations.

Non-Resident -

a person which is a non-resident in accordance with the legislation of the 

Russian Federation on foreign exchange regulation and currency controls.

Net Obligation of the 

Clearing Member -

the amount of cash in Russian roubles / relevant foreign currency / 

quantity of relevant precious metal / relevant securities, representing the

excess of the Clearing Member’s obligations over its claims to the 

Clearing Centre in Russian roubles / such foreign currency / such precious 

metal / such securities / such commodity and other obligations determined 

by the corresponding specific part of the Clearing Rules determined for

each Settlement date in accordance with the procedure set forth in the 

corresponding specific part of the Clearing Rules.

Net Claim of the Clearing 

Member -

the amount of cash in Russian roubles / relevant foreign currency / 

quantity of relevant precious metal / relevant securities, representing the 

excess of the Clearing Member’s claims over its obligations to the 

Clearing Centre in Russian roubles / such foreign currency / such precious 

metal / such securities / such commodity and other obligations determined 

by the corresponding specific part of the Clearing Rules determined for 

each Settlement date in accordance with the procedure set forth in the 

corresponding specific part of the Clearing Rules.

Collateral -

an individual clearing collateral of the Clearing Member in securities, 

and/or commodities, and/or cash (Russian roubles and/or foreign 

currency) and/or cash of the Clearing Member in foreign currency and/or 

precious metals of the Clearing Member, which are used to secure 

performance of obligations of the Clearing Member under the trades 

without full prefunding. Collateral is used to settle obligations of the 

Clearing Member under the trades, as well as other obligations of the 

Clearing Member, specified in the Clearing Rules.

The property contributed into the property pool is not secured. The 

procedure for use of the property contributed into the property pool, to 

ensure fulfillment of the obligations under the contract on the property pool 

and Transactions T +, defined by the Clearing Rules of the stock market.

Collateral for Stress -

an individual clearing collateral of the Clearing Members determined by 

the Clearing Rules, in Russian roubles and/or in foreign currency and/or 

securities, used to secure settlement of the Clearing Member’s obligations 

under the trades without full prefunding in the respective on-exchangemarket.

Segregated Client -

the Client of the Clearing member, including the Trading Participant or the 

Client of the Trading Participant, which is registered by the Clearing 

Member as a Segregated Client by the procedure determined by the 

article 19 of the common part of the Clearing Rules, in order to get an 

opportunity to use Transfer of obligations and Collateral on terms 

determined by the article 30 of the common part of the Clearing Rules.

General Clearing Member -

the Clearing Member entitled to operate as a clearing broker.

The operator of commodity 

supply

The Bank National Clearing Centre (Joint-Stock company), the operator 

performs the function of commodity supply, performing operations related 

to the fulfillment of obligations to transfer at the end of the clearing of 

goods, carried out by the Clearing Center.

Matching Trade -

each of the two trades executed with the central counterparty on the basis 

of two acceptable counter-orders, in accordance with the procedure and 

on the terms stipulated by the trading rules in the respective on-exchangemarket.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

9

Password -

a sequence of symbols used for authentication of the Clearing Member, 

Trading Participant or the Clearing Centre.

Procedure for Provision of 

Information and Reports -

the internal document of the Clearing Centre that specifies composition, 

terms and forms of presentation of information and reports by the Clearing 

Members to the Clearing Centre. The Procedure for Provision of 

Information and Reports is disclosed on the Website of the Clearing 

Centre.

EDI Procedure -

the procedure for organization of Electronic Document Interchange of 

Bank National Clearing Centre (Joint-Stock Company).

FX Market Trading Rules -

the rules for organized trading at PJSC Moscow Exchange, regulating the 

organized trading in the FX market and precious metals market.

Derivatives Market Trading 

Rules -

the rules for organized trading in the Derivatives Market of OJSC Moscow 

Exchange, or rules for the on-exchange trading in the Derivatives Market 

Section of Open Joint-Stock Company Moscow Energy Exchange, or 

rules for the organized trading in the Section of standard contracts for 

grain, grain legumes and technical cultures of Closed Joint-Stock 

Company “National Commodity Exchange”.

Commodities Market Trading 

Rules 

Rules of organized trading of JSC "National Commodity Exchange."

Securities Market Trading 

Rules -

the rules for organized trading of CJSC SE MICEX, governing the 

organized trading in securities.

Section -

a trading section of the trading depo account opened with the Settlement 

Depository with indication of the Clearing Centre as a clearing 

organization which is entitled to issue orders for this trading account, as 

well as trading sections of the depo accounts opened with the Settlement 

Depository, specified in the Clearing Rules for the Securities Market.

Settlement Organization -

NCO CJSC NSD and/or the Bank of Russia and/or other Credit 

Organization, where the Clearing Centre has opened the clearing bank 

account to record individual and/or collective clearing collateral.

Settlement Bank -

a bank or a non-bank credit organization, including a foreign credit 

organization, where the Clearing Centre has opened its correspondent 

account to record the Collateral in foreign currency / precious metals.

Settlement Day -

a day, including a day-off or a non-working holiday under the legislation of 

the Russian Federation, when the Settlement Organization performs 

payments in Russian roubles (hereinafter – Settlement Day for Russian 

rubles).The day which is not a business day in the banking system of the 

country / group of countries-issuers of the foreign currency shall not 

constitute the Settlement Day for the respective foreign currency.

Settlement day for precious metals is the Settlement day in Russian 

rubles.

Settlement date for purposes of determining the Date of performance of 

obligations on payment of variation margin is the Settlement day in 

Russian rubles.

Settlement date for purposes of determining the Date of performance of 

obligations under transactions with foreign currency / precious metal is the 

Settlement date for such foreign currency / such precious metal, in which 

the Exchange is permitted to conclude transactions with such foreign 

currency / precious metal with the Date of execution of obligations day of 

bidding.

Settlement date for purposes of determining the Date of performance of 

obligations under transactions in securities with settlements in Russian 

rubles is the Estimated day that the Exchange is permitted to conclude 

transactions with such securities the Date of execution of obligations day 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

10

of bidding.

Settlement date for purposes of determining the Date of performance of 

obligations under transactions in securities with settlement in foreign 

currency is the Settlement day on which the Exchange is permitted to 

conclude transactions with such foreign currency and transactions with 

such securities the Date of execution of obligations day of bidding.

Settlement Depository -

a settlement depository conducting operations associated with 

performance of obligations on transfer of securities after the clearing 

performed by the Clearing Centre.

Settlement Code of the 

Clearing Member / 

Settlement Code / 

Settlement Code of the 1-st 

levelclearing register intended to account information about Providing clearing 

Member and the liabilities of a transaction party which is a clearing 

Member.

Settlement Code of the 2-nd 

level

clearing register intended to reflect information about the Collateral, 

indicating the code of the 2nd level.

Settlement Code of the 3-d 

level

clearing register intended to reflect information about the Collateral, 

indicating the code of the 3rd level.

Settlement Code for 

recording contributions to 

the Guarantee Fund

clearing register intended to account information on the contributions of 

the clearing Member to the Guarantee funds.

Settlement Code for 

recording contributions to 

the Collateral for stress

clearing register intended to account information on the Collateral for 

stress of the clearing Member.

Resident -

the entity which is a resident in accordance with the legislation of the 

Russian Federation on foreign exchange regulation and currency controls.

Clearing Centre’s Website -

the website located at www.nkcbank.ru, where the Clearing Centre 

discloses information on behalf of both Clearing organization and CCP.

Trade -

trade of purchase and sale of securities / REPO trade / trade in foreign 

currency / precious metal / commodity or a Derivatives Contract, cleared 

by the Clearing Centre.

Trade without full 

prefundinga trade cleared by the Clearing Centre without full prefunding, including 

the Derivatives Trade.

Refund Account -

the account registered with the Clearing Centre, designed for receipt of 

cash / securities / precious metals for the purpose of settlement of the 

Clearing Centre’s obligations to refund cash / securities / precious metals 

recorded as the Collateral / Collateral for Stress / contributions to the 

Guarantee Funds.

The function of the Cash Refund Account can be performed by the 

account of the Clearing Member / client of the Clearing Member, opened 

with the bank in the Russian Federation or in the bank outside the 

Russian Federation or Account of the Clearing Centre designed for 

posting cash as Collateral.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

11

The function of the Precious Metals Refund Account can be performed by 

the numbered metal account opened with the Clearing Centre by the 

Clearing Member which is a bank with a license to attract and invest 

deposits in precious metals, or the numbered metal account of the 

Clearing Member with the bank which has opened with the Clearing 

Centre the numbered metal account and has a license to attract and 

invest deposits in precious metals.

EDI PJSC Moscow Exchange

EDI system of PJSC Moscow Exchange.

Technical Centre -

organization, which provide the Clearing Members with technical access 

to the Clearing System on the corresponding on-exchange market under 

the relevant agreement.

Trading and clearing 

account of the Clearing 

Member / Trading and 

clearing account / Trading 

and Clearing Account of the 

1-st level -

the identifier that identifies the set of accounts which must be fulfilled its 

obligations under the transaction, if it is stipulated in the relevant specific 

part of the Rules of clearing. In the Trading and clearing account of the 

Clearing Member enter the Settlement code of the Clearing Member, may 

enter Section, trading section of the trading commodity account.

Trading and Clearing 

Account of the 2-nd level -

the identifier registered on demand of the Clearing Member associated 

with the Trading and clearing account of the clearing Member. The 

Settlement Code of the 2-nd level is a part of the Trading and Clearing 

Account of the 2-nd level.

Trading and Clearing 

Account of the 3-d level -

the identifier registered at the request of the Trading Participant do not 

coincide in one person with a Clearing Member associated with the 

Trading and clearing account of the 2nd level. In the Trading and clearing 

of the 3-d level includes the Settlement Code of the 3-d level.

Trading and clearing 

account of the Guarantee 

funds

identifier that defines the set of accounts that are considered cash / 

securities deposited by the Clearing member as contributions to the 

Guarantee funds.

Trading and clearing 

account of the Collateral for 

stress

identifier that defines the set of accounts that are considered cash / 

securities deposited by the clearing Member as Collateral for stress.

Clearing Member -

a legal entity to whom the Clearing Centre provides clearing services 

under the Clearing Agreement concluded with the former.

A Trading Participant who 

coincides in one person with 

a Clearing Member -

a Trading Participant, a party to a Transaction concluded them at auction

A Trading Participant who 

does not coincide in one 

person with a Clearing 

Member -

a Trading Participant, not a party to a Transaction concluded them at 

auction

Securities -

shares / bonds / investment shares / depositary raspiskitsennye paper / 

clearing certificates of participation are defined by the legislation of the 

Russian Federation.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

12

EDI 

electronic document management, organized by the OJSC Moscow 

Exchange and/or Clearing centre, is used by the Clearing centre to 

interact with the participants of SED PJSC Moscow Exchange and the 

organizer of the SED.

Any terms not expressly defined in the common part of the Clearing Rules shall have the meaning 

determined by the specific parts of the Clearing Rules, other internal documents of the Clearing Centre,

disclosed on the website of the Clearing Centre, organized trading rules, access rules and other internal 

documents of the Exchanges, laws, regulations of the Bank of Russia, and other regulations of the Russian 

Federation.

Article 3. General Provisions

3.1. The Clearing Centre performs clearing with or without central counterparty functions.

3.2. The Clearing Centre performs clearing without full prefunding, clearing with full prefunding, and 

clearing without prefunding.

3.3. The Clearing Centre performs clearing settlements in Russian roubles and clearing settlements in 

foreign currency.

3.4. The specifics of the clearing procedure for each of the on-exchange markets are determined in 

the relevant specific part of the Clearing Rules.

3.5. As a method of securing performance of obligations admitted to clearing, the Clearing Centre 

uses the Collateral of the Clearing Members, the Collateral for Stress of the Clearing Members, 

and the Guarantee Funds.

3.5.1. The specifics of the Collateral of the Clearing Members, as well as the procedure for its posting 

and refund are determined in the relevant specific part of the Clearing Rules.

3.5.2. The Clearing Center shall be entitled to take reasonable and practicable steps to determine the 

origin of the sources of funds and (or) other property contributed by a Clearing member as 

Collateral, Collateral for stress, contributions to the Guarantee funds, property pools.

3.6. The list of types of used trading and clearing accounts is provided in Article 7 of the common part 

of the Clearing Rules.

3.7. Information on the details of the Clearing Centre’s clearing accounts designed for receipt of 

individual and/or collective clearing collateral, and/or assets to the property pool and/or details of 

the correspondent accounts of the Clearing Centre opened with the Settlement Banks and 

designed for recording the Collateral in foreign currency is disclosed by the Clearing Centre in 

form of its placement on the Clearing Centre’s Website.

The Clearing Centre notifies the Clearing Members about any changes in the details of the 

mentioned accounts by providing them new details in form of an electronic document and by 

placing the relevant information on the Clearing Centre’s Website at least three (3) business days 

prior to enactment of such changes, unless the Clearing Centre by its resolution sets other 

timeframe for changing the details of the said accounts.

3.8. The recording by the Clearing Centre of an individual clearing collateral or other collateral posted

by the Clearing Members is a service rendered by the Clearing Centre to the Clearing Members

as part of the clearing activities carried out by the Clearing Centre. 

3.9. The Clearing Centre is entitled to use for its own benefit any cash funds constituting individual 

and collective clearing collateral, credited to the clearing bank accounts of the Clearing Centre, as 

well as the Collateral of the Clearing Members in foreign currency / precious metals, credited to 

the correspondent accounts of the Clearing Centre with the Settlement Banks, subject to the 

limitations stipulated in the internal document of the Clearing Centre, which determines the 

criteria for allocation of temporarily free cash of the Clearing Centre.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

13

3.9.1. Any revenue from such use of the said cash shall not be included in the individual and collective 

clearing collateral.

3.10. If it is stipulated by decision of the Clearing centre, opened on the Website of the Clearing centre, 

the clearing centre shall pay the clearing Members a fee for the right use of funds constituting 

individual and collective clearing collateral, in respect of all or certain types of individual and/or 

collective clearing collateral (Collateral, Collateral for stress and the Guarantee Fund) and 

currencies provided for in the decision of the Clearing centre.

The decision of the Clearing centre on payment to clearing Members the fees for the use of funds 

constituting Collateral, may be made in respect of individual stock markets.

Fee for right of use of funds constituting individual and collective clearing collateral shall be 

included to the appropriate individual or collective clearing collateral of the clearing Member.

3.11. With the exception of cases provided by paragraph 3.10 of the common part of the Clearing 

Rules, clearing Members have no right to receive from the Clearing center of interest for the use 

of funds constituting individual and collective clearing collateral or other security provided for in 

the clearing Rules, is transferred by clearing Members to the Clearing center and the Clearing 

center taken into account.

3.12. Electronic documents are interchanged between the Clearing Member and the Clearing Centre 

via the NCC EDI Subsystem and/or the S.W.I.F.T System (in the cases stipulated in the Clearing 

Rules).

3.12.1. The procedure for formation and transmission of electronic documents via the EDI is stipulated in 

the Rules of electronic document intercharge of the Moscow Exchange and the EDI Procedure.

3.12.2. The electronic documents sent via the NCC EDI Subsystem shall be generated in the formats 

stipulated in the internal documents of the Clearing Centre. The said documents are disclosed by 

the Clearing Centre by placing them in the Clearing Centre’s Website.

3.12.3. The electronic documents sent via the S.W.I.F.T System are generated in the formats determined 

by the S.W.I.F.T standards, subject to any specifics set forth in the internal document of the 

Clearing Centre. The said document is disclosed by the Clearing Centre by placing it in the 

Clearing Centre’s Website.

3.12.4. In case of any discrepancies between the information contained in the electronic document sent 

via the NCC EDI, and the electronic document sent via the S.W.I.F.T system, the Clearing 

Members and the Clearing Centre shall be firstly guided by the information contained in the 

electronic document sent via the NCC EDI, and secondly - via the S.W.I.F.T system.

3.13. The documents sent by the Clearing Member to the Clearing Centre via the Clearing System 

constitute electronic messages signed with the HSA of the Clearing Member.

The documents and the information received by the Clearing Member from the Clearing System 

constitute electronic messages signed with the HSA of the Clearing Centre.

The procedure for use of the HSA is determined in Article 6 of the common part of the Clearing 

Rules.

3.14. The forms and formats of the documents submitted to the Clearing Centre in accordance with the 

Clearing Rules by the Clearing Members, their clients and other entities specified in the Clearing 

Rules, and the method of their submission, are stipulated in the internal documents of the 

Clearing Centre. The said documents are disclosed by the Clearing Centre by placing them in the 

Clearing Centre’s Website.

The Clearing Rules may contemplate the cases where documents are submitted to the Clearing 

Centre using the Clearing System or the S.W.I.F.T system.

3.15. The timelines for performance of obligations contemplated by the common part of the Clearing 

Rules, as well as the timelines for submission of documents to/by the Clearing Centre in course 

of its interaction with the Clearing Members, as defined in the common part of the Clearing Rules, 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

14

are stipulated in the Time Regulations constituting Appendix No. 5 to the common part of the 

Clearing Rules (hereinafter the Time Regulations).

The timelines for performance of obligations contemplated by the specific parts of the Clearing 

Rules, the time for holding the clearing sessions, as well as the timelines for conducting clearing 

operations and the timelines for submission of documents to/by the Clearing Centre in course of 

its interaction with the Clearing Members during clearing and settlements of the trades, as 

defined in the specific parts of the Clearing Rules, are stipulated in the Time Regulations 

constituting appendices to the relevant specific parts of the Clearing Rules.

The time (timelines) for certain operations set in the time regulations may be modified upon 

resolution of the Clearing Centre. The Clearing Centre notifies the Clearing Members about any 

changes in time (timelines) for certain operations by placing the corresponding information in the 

Clearing Centre’s Website, and/or by using the EDI and/or by using the Clearing System, at least 

2 (two) Settlement Days prior to the date of enactment of such changes, unless other notice 

period for the Clearing Members is set forth by resolution of the Clearing Centre.

3.16. The clearing center is entitled to make the decision about restriction of carrying out of separate 

operations in a specific Settlement day. On the adoption of the mentioned decision of the clearing 

centre notifies the clearing Members by posting relevant information on the Website of the 

Clearing centre, and/or by the EDO, and/or using the Clearing system not less than 2 (two) 

Settlement days before the Settlement day for which these restrictions will apply.

3.17. The Clearing Centre interacts with the Exchange in accordance with the concluded agreement 

determining the procedure and terms of cooperation in organization of the Trading by the 

Exchange, and also in case of performance by the Clearing Centre of the clearing and other 

functions associated with performance of clearing under the trades executed during the Trading 

at the Exchange.

3.18. For the purpose of performance of trade obligations, the Clearing Centre is entitled to execute 

trades on the basis of the orders submitted to the Trading System of the Exchange by the 

Clearing Centre.

Article 4. Rights and duties of the Clearing Members and the Clearing Centre

4.1. The rights and duties of the Clearing Members and the Clearing Centre are stipulated in the 

Clearing Agreement and the Clearing Rules.

4.2. The form of the Clearing Agreement is set forth in Appendix No. 1 to the common part of the 

Clearing Rules.

4.3. The Clearing Agreement is concluded by accession to the agreement, the terms and conditions 

whereof are determined by the Clearing Rules.

4.4. Concluding the Clearing Agreement, the Clearing Member agrees with EDI Procedure.

4.5. The amounts of fees for the clearing services rendered by the Clearing Centre to the Clearing 

Members in accordance with the Clearing Rules are set in the Tariffs of the Clearing Centre.

4.6. The procedure of payment for the clearing services of the Clearing Centre is stipulated in

SUBSECTION IV-I.Article 24 of the common part of the Clearing Rules.

The specifics of payment for the clearing services of the Clearing Centre can be stipulated in the 

respective specific parts of the Clearing Rules.

4.7. The Clearing Centre’s clearing services shall be deemed to be duly rendered if, within five (5) 

business days after the end of the month when such services were rendered, the Clearing 

Member does not state to the contrary in writing.

4.8. The Clearing Member is entitled to withdraw from the Clearing Agreement solely in the case 

when it does not have property liabilities under the said Agreement, and does not have non-
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

15

settled obligations admitted for clearing, by written notice to the Clearing Centre, sent at least 5 

(five) days before the date of termination of the Clearing Agreement.

4.9. The Clearing Centre is entitled to withdraw from the Clearing Agreement concluded with the 

Clearing Member, in case of the Clearing Member’s violation of the requirements imposed on the 

Clearing Member by the Clearing Rules.

4.10. The Clearing Centre is entitled to withdraw from the Clearing Agreement concluded with the 

Clearing Member if, within six (6) months from the date of conclusion of the said Agreement, the 

Clearing Member does not obtain access to clearing services in any of the on-exchange markets 

and on the basis of none of the clearing rules, or if, within six (6) consecutive months, the 

Clearing Member has not had access to clearing services on any of the on-exchange markets 

due to suspension / termination of access to clearing services.

4.11. The Clearing Agreement will be terminated in the following cases:

1. termination of the Clearing Member’s admission to clearing services in all on-exchange 

markets where the Clearing Member was admitted to the clearing services, and in 

accordance with all clearing rules on the basis whereof the Clearing Member was admitted to 

the clearing services;

2. liquidation of the Clearing Member, as well as in case of reorganization of the Clearing 

Member, provided that the Clearing Member’s activity is terminated as a result of such 

reorganization;

3. withdrawal (revocation) of the Clearing Member’s banking license (for Credit Organizations);

4. revocation (cancellation) of a special permit (license or other document) issued by the central 

(national) bank or other competent authority of the Non-Resident Bank’s country, which, in 

accordance with the legislation of the Non-Resident Bank’s country, conducts foreign 

exchange regulation and banking supervision (hereinafter the Competent Authority), 

whereunder the Non-Resident Bank is entitled to carry out banking operations contemplated 

by the domicile law of the Non-Resident Bank (for Non-Resident Banks, including 

EurAsEC/EAEU Banks).

4.12. In the event of termination of the Clearing Agreement with the Clearing member, the Clearing 

Center refunds monies, precious metals and securities accounted for as a secured Clearing 

Member / Clearing Member contributions to the Guarantee Fund / Collateral for stress of the 

Clearing Member on the date of termination of the Clearing Agreement not later than three (3) 

business days from the date of termination of the Agreement for the provision of clearing 

services, Russian rubles - to the correspondent account of the clearing Member - Credit 

institution, opened in the Bank of Russia, the Russian ruble Clearing Members, other than credit 

institutions and foreign currency, precious metals - for the details of the account to return in the 

relevant currency / precious metals the registered Clearing Members in accordance with 

subparagraph SECTION II.14.8.3 / subparagraph SUBSECTION IV-I.23.4.1 of the common part 

of the Clearing Rules, and in case of absence of the registered accounts, details of any accounts 

for a refund, which is owned by the Clearing Member registered by the Clearing member in 

accordance with the Clearing Rules, or details of the corresponding merchant bank account of the 

Clearing Member, opened in NSD with an indication of the Clearing Center in as a clearing 

organization, which has the right to give orders to these accounts, securities - the trading 

securities account of the Clearing member of the owner.

4.12.1. Reimbursement of the monies to the Clearing member held as collateral for by providing a 

corresponding Collateral codes, open to isolate the client registered with an indication of the need 

to protect the funds apart customer, is carried out on account details for the refund for the 

Settlement of code open for this apart customer ( in the case of the presence of such registered 

details).

4.12.2. Reimbursement to the Clearing member of cash and / or securities in accordance with this 

paragraph, the total of the Clearing Rules shall be based on the provisions of SUBSECTION IVIV.Article 27 of the general part of the Clearing Rules
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

16

4.13. Clearing Member is obliged to reimburse to the Clearing center the amount of assets in Russian 

rubles from the Guarantee Funds of Non-defaulting members used to terminate obligations of 

such Clearing Member in accordance with SECTION VI.Article 32of the general part of the 

Clearing Rules.

4.14. Termination of the Clearing Agreement shall not exempt the Clearing Member and the Clearing 

Centre from performance of the obligations occurring prior to termination of the Clearing 

Agreement.

4.15. The Clearing Centre is entitled to disclose on its Website the information about the Clearing 

Member’s violations of the requirements of the Clearing Rules, particularly, about the facts of their 

non-performance of obligations, pursuant to the procedure prescribed by the Clearing Rules.

4.16. For the Clearing Member, including the Clearing Member - Non-Resident Bank, International 

Organization, as well as for certain category of legal entities, the applicable law regulating the 

Clearing Agreement and all relations of the Clearing Member and the Clearing Centre associated 

therewith shall be the legislation of the Russian Federation.

4.17. In accordance with article SECTION VI.31.2 of the Civil code, an applicant for admission to 

clearing service the Clearing Member the clearing center assures that for getting admission to 

clearing service and the implementation of actions as the clearing Member has received all the 

necessary decisions of bodies of management / third party approval and consent, which is 

regulated by law, the Charter and other documents regulating the activities of such legal entity / 

clearing Member.

If these assurances have been violated or at the time of admission and during the provision of the 

tolerance / action as the clearing Member was invalid and/or unreliable, the clearing center shall 

be entitled to terminate admission and/or to recover their losses arising from such violation or 

invalidity and/or inaccuracy of the specified representations.

If these assurances have been violated or at the time of admission and during the provision of the 

tolerance / action as the clearing Member was invalid and/or inaccurate and resulted in claims of 

third parties and/or governmental authorities, including, but not limited to, regulations of the Bank 

of Russia, the applicant for admission to clearing service the Clearing Member who has violated 

or who has given such assurances shall reimburse all losses and expenses of the Clearing 

centre, including associated with the refund by the Clearing centre of damages to third parties 

and/or payment of penalties in connection with the settlement of these claims.

Article 5. Agreement on Conducting Clearing register

5.1. The Trading participant that do not coincide in one person with a clearing Member, entitled to 

conclude with the Clearing Centre an agreement on keeping the clearing registers in accordance 

with which the clearing center:

 opens the Participant account code of the 3rd level and records the Trading and clearing 

account 3-level procedure is established by SECTION II.Article 17of the General part of the 

Rules of the clearing);

 records in the Clearing system and gives the Trading Participant information about the 

Provision made under accounting code of the 3rd level, and about the origin and termination of 

obligations under transactions concluded by a trading Participant for the account of the client of 

the trading Participant with indication of the Trading and clearing account of the 3rd level (the 

order defined in the specific parts of the clearing Rules);

 provides to the Trading Participant services limitation in the Clearing system of transactions 

conducted by the Trading Participant at the expense of clients of the Trading Participant (the 

order defined in the specific parts of the clearing Rules;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

17

 provides to the Trading Participant reports in accordance with the clearing Rules (the order is 

defined in the specific parts of the Rules of clearing);

 provides to the Trading Participant other services contemplated by the Clearing Rules.

5.2. Rights and obligations of the Trading Participant and the Clearing center determined by the 

agreement on keeping the clearing registers and clearing Rules.

5.3. Form of the contract on keeping the clearing registers is established by the application No 2 to the 

common part of the Rules.

5.3.1. For the conclusion of the contract on keeping the clearing registers Trading Participant provides 

to the Clearing Center a set of documents in accordance with the list given in Appendix No. 4 to 

the common part of the Clearing Rules, with the exception of FATCA form.

5.3.2. The provision of services under the agreement on keeping the clearing registers is carried out in 

the presence of the technical access to the Clearing system to the Trading participant.

5.4. The conclusion of the contract on keeping the clearing registers is carried out by adhering to the 

agreement, the terms of which are defined by the Clearing Rules.

5.5. By signing the contract on keeping the clearing registers, the Trading Participant agrees with the 

Order of EDI.

5.6. The amount of payment under the contract on conduct of the clearing registers the Clearing 

Centre provided by the Trading Participants in accordance with the clearing Rules determined by 

the Tariffs of the Clearing centre.

5.7. The General order of payment Clearing center according to the contract on keeping the clearing 

registers is defined in SECTION V.Article 29 of the common part of the Clearing Rules. Features 

of an order of payment Clearing center according to the agreement on the conduct of clearing the 

registers can be specified in the respective specific parts of the Clearing Rules.

5.8. Services of the Clearing centre according to the agreement on the conduct of clearing registers 

are rendered properly if within 5 (five) working days after the end of the month during which the 

services were rendered, a Trading Participant shall declare otherwise.

5.9. The Trading Participant is entitled to withdraw from the contract on keeping the clearing registers 

written notice to the clearing center not later than 5 (five) days prior to the date of termination of 

the agreement.

5.10. The provision of services under the agreement on the conduct of the clearing registers shall be 

suspended in case of cancellation of all Trading and clearing accounts of the 3rd level, registered 

by the Clearing Centre upon application of the Trading Participant to be a party to such a Treaty 

on the conduct of clearing registers.

5.11. The effect of the contract on keeping the clearing registers is suspended under paragraph 5.10 of 

the General part of the Rules of the clearing resumed from the date of registration by the Clearing 

center on the basis of an Application for registration of the Trading and clearing account 3-level 

provided by the Trading Participant which is party to such a Treaty on the conduct of the clearing 

registers for at least one Trading and clearing account of the 3rd level.

5.12. Fee for the provision of services under the agreement on the conduct of clearing registers during 

the suspension of the Treaty will not be charged.

5.13. The effect of the contract on keeping the clearing registers is terminated in the following cases:

 in the event of termination of admission of the trading Participant to trading on all the stock 

markets in which the trading Participant was admitted to trading;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

18

 in the case that the agreement on keeping the clearing registers is suspended under paragraph 

5.10 of the General part of the Rules of the clearing was not completed within 6 (six) months 

from the date of suspension.

5.14. Termination of the Agreement on conduct of the clearing registers does not absolve the trading 

Participant and the clearing center from the obligations arising before the termination of said 

contract.

5.15. For Trading Participants, the applicable law governing the administration agreement clearing the 

registers and the relationship of the trade Participant and Clearing center, is the law of the 

Russian Federation.

Article 6. Confidentiality

6.1. The Clearing Member and the Clearing Centre undertake to treat the contents of the Clearing 

Agreement and the terms of the executed trades in securities, REPO trades, trades in foreign 

currency / precious metal, the Derivatives Contracts, Agreements, the underlying asset which is a 

commodity, as confidential information, and will not disclose it to any third parties (except for the 

auditors of the Clearing Member or the Clearing Centre, authorized public bodies, the Trading 

Participants executing the above trades, and their clients for whose benefit such trades are 

executed, and except where such information is disclosed pursuant to the effective legislation of 

the Russian Federation), unless otherwise specifically agreed between the Clearing Member and 

the Clearing Centre.

6.2. Any documents submitted and prepared by the Clearing Member and/or Clearing Centre for the 

purpose of performance of the Clearing Agreement and settlement of securities trades, REPO 

trades, trades in foreign currency / precious metal and the Derivatives Contracts executed under 

the Clearing Agreement will be treated as confidential.

6.3. The Clearing Members agree that the Clearing Centre, pursuant to the agreement concluded with 

the Bank of Russia, submits to the Bank of Russia, upon the latter’s request, the information on 

the course and results of clearing.

6.4. The Clearing Member agrees that the Participant with whom the clearing center has concluded 

an agreement on keeping the clearing registers is available, including through the transfer by the 

Clearing centre, obligations and ensuring clearing Member that is a party to the transactions 

entered into by the Trading Participant, as well as other information with respect to such clearing 

Member in the amount stipulated by the clearing Rules and necessary for the provision by the 

Clearing Centre to the Trading Participant for services under the agreement on keeping the 

clearing registers.

The Clearing Member agrees that the above information is also available through the Exchange 

and may be provided by the Trading Participant entering into a party to the transactions for which 

the clearing Member.

Article 7. Procedure for use of the Handwritten Signature Analogue

7.1. The Handwritten Signature Analogue (HSA) is used to send (submit) electronic messages 

contemplated in the Clearing Rules, using the Clearing System. The electronic message signed 

with HSA is regarded as an electronic document equal to its hard copy bearing the signature of 

the Clearing Member / Trading Participant / Clearing Centre.

7.2. The Clearing Centre ensures protection and integrity of electronic messages of the Clearing 

Member, Trading Participant and the Clearing Centre using a comprehensive range of 

organizational and technical measures.

7.3. An electronic message is deemed to be signed with HSA from the moment of its submission by 

the Clearing Member / Trading Participant / Clearing Centre to the Clearing System, provided 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

19

that the Clearing Member / Trading Participant / Clearing Centre successfully passes the 

authentication procedure set forth in this Article.

7.4. The authentication procedure is performed by the Technical Centre with the use of the Clearing 

System when the Clearing Member, Trading Participant or the Clearing Centre request technical 

access to the Clearing System by matching the entered HSA, password and IP address of the 

remote workstation of the Clearing Member or the Clearing Centre from which the electronic 

message is received, to the HSA, password and IP address of the remote workstation of the 

Clearing Member / Trading Participant / Clearing Centre, the information on which is contained in 

the Clearing System’s database.

In case of successful completion of the authentication procedure, the Clearing Member / Trading 

Participant / Clearing Centre will be enabled to perform operations in the Clearing System.

7.5. In case of submission (delivery) of electronic messages signed with the HSA, the Technical 

Centre uses the Clearing System to identify the person having signed the electronic message, by 

matching the HSA contained in the electronic message, to the HSA assigned to the Clearing 

Member / Trading Participant / Clearing Centre, the information on which is contained in the 

Clearing System’s database.

The Clearing Member / Trading Participant agrees that the Clearing Centre may make (print out) 

paper copies of electronic messages (signed with HSA), authenticated with signature of the 

Clearing Centre’s authorized person and serving as an evidence of submission of the electronic 

message using the Clearing System, as well as confirming that such electronic message matches 

the contents of its copy made (printed out) on paper medium.

7.6. If requested by the Clearing Member in writing, the Clearing Centre / Trading Participant provides 

the Clearing Member / Trading Participant with the copy of the electronic message submitted 

by/to the Clearing Member / Trading Participant, made (printed out) on paper medium.

The Clearing Member’s / Trading Participant’s request shall contain the date as of which, or the 

time period over which, the electronic messages must be provided.

7.7. The Clearing Member / Trading Participant and the Clearing Centre undertake to seek prejudicial 

settlement of any conflicts associated with the use of the HSA.

7.8. If any conflicts arise in connection with the use of HSA, a technical examination is conducted in 

accordance with Appendix No. 2 to the common part of the Clearing Rules.

7.9. If the technical examination conducted in accordance with Appendix No. 3 to the common part of 

the Clearing Rules fails to solve the dispute, such situation shall be reviewed in accordance with 

the procedure stipulated in SECTION VI.Article 37 to the common part of the Clearing Rules.

Article 8. Trading and Clearing Accounts

8.1. The Clearing Centre conducts clearing in accordance with the Clearing Rules using the following 

types of clearing bank accounts in Russian roubles / foreign currencies, opened with the 

Settlement Organization:

 clearing bank account designed for posting of individual clearing collateral;

 clearing bank account designed for posting of collective clearing collateral (Guarantee 

Funds).

8.2. The Clearing Centre conducts clearing in accordance with the Clearing Rules using the following 

types of clearing depo accounts, opened with the Settlement Depository:

 clearing the depo account used in the execution of transactions in securities for the Sections / 

depo sub-accounts according to the results of clearing;

 clearing depo account designed for posting collective clearing collateral (Guarantee Funds)

 clearing depo account designed for posting of the Collateral for Stress;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

20

 clearing depo accounts designed for posting assets into the property pool.

On the clearing depo accounts, designed for posting collective clearing collateral (Guarantee 

Funds) / Collateral for stress and specified in this paragraph of the common part of the Clearing 

Rules, for each Clearing Member obliged to post resources to the Guarantee Funds / Collateral 

for Stress and willing to post securities as contributions to the Guarantee Funds / Collateral for 

Stress, depo sub-accounts of the Guarantee Funds / depo sub-accounts of the Collateral for 

stress are opened.

On the clearing depo-accounts, specified in this paragraph of the common part of the Clearing 

Rules and designed for posting assets into the property pool for each Clearing Member, for each 

Clearing member depo sub-accounts of the property pool are opened.

Depo sub-accounts of the Guarantee Funds, depo sub-accounts of the Collateral for stress, depo 

sub-accounts of the property pool pursuant to the Clearing Rules together are called depo subaccounts.

8.3. When conducting clearing in accordance with the Clearing Rules, the Clearing Centre may use 

trading bank accounts in Russian roubles / foreign currencies opened with the Settlement 

Organization, indicating the Clearing Centre as the clearing organization entitled to issue 

instructions for these accounts.

The trading bank account may be opened to the Clearing Member, client of the Clearing Member, 

and the Clearing Centre.

8.4. When conducting clearing in accordance with the Clearing Rules, the Clearing Centre may use 

the following types of trading depo accounts opened with the Settlement Depository, indicating 

the Clearing Centre as the clearing organization entitled to issue instructions for these accounts, 

and also the following types of depo accounts opened with the Settlement Depository:

 trading depo account of a holder;

 trading depo account of a nominal holder;

 trading depo account of a foreign nominal holder;

 trading depo account of a trustee;

 trading depo account of a broker;

 issuer account;

 treasury trading depo account.

The Clearing Centre conducts clearing in accordance with the Clearing Rules using the trading 

sections blocked for NCC’s clearing and trading depo accounts.

8.5. When exercising clearing in accordance with clearing Rules the clearing center may use the 

following types of commodity trading accounts opened by the Operator of commodity deliveries 

with indication of the Clearing centre as a clearing organization which shall be entitled to give 

instructions for these accounts:

 commodities trading account commodities clearing Member;

 a commodities trading account of the client's goods clearing Member

8.6. Trading bank accounts, trading depo accounts, commodities trading accounts, used in clearing 

are designed for posting of individual clearing collateral.

The types of trading bank accounts, trading depo accounts, commodities trading accounts used 

for clearing in the relevant on-exchange markets are specified in the corresponding specific parts 

of the Clearing Rules.

8.7. The procedure for performance of operations on clearing accounts in connection with return of 

contributions to the Guarantee Funds and the Collateral for Stress is set forth in SECTION 

II.Article 17 and SECTION II.Article 18 of the common part of the Clearing Rules.

The procedure for performance of operations on clearing and/or trading accounts in connection 

with posting and refund of the Collateral and/or performance of obligations under the trades is 

stipulated in the corresponding specific parts of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

21

Article 9. Clearing Registers

9.1. The Clearing Centre keeps internal accounting, contemplated by the Clearing Law , in the 

clearing registers. The clearing registers are kept by the Clearing Centre in the Clearing System.

9.2. The Clearing Centre records the following items in the clearing registers:

 cash positions on the Settlement Codes of the Clearing Member, Clearing Member for 

recording contributions to the Guarantee Funds / Settlement Codes for recording Collateral 

for Stress;

 securities positions divided by the Sections / depo sub-accounts, securities codes, 

designed for recording of data on the quantity of securities posted by the Clearing Member 

or its client as the Collateral / contributions to the Guarantee Funds / Collateral for Stress;

 Margin Call (if any);

 the Clearing Member’s obligations on posting of contributions to the Guarantee Funds;

 the Clearing Member’s obligations on posting of the Collateral for Stress;

 Margin Call on funds (if any);

 Margin Call on the Collateral for Stress (if any).

9.3. Collateral Account is a clearing register corresponding to the individual account opened to the 

Clearing Member with the Clearing Centre on the balance sheet account No. 30420 (30421) 

“Resources for Performance of Obligations Admitted to Clearing, and Individual Clearing and 

other Collateral” (“Funds of non-residents for execution of the obligations admitted to clearing, 

individual clearing and other collateral”) and designed for recording of the Collateral in cash which 

is individual clearing collateral or cash in the property pool or a clearing register corresponding to 

the personal account opened to the clearing Member in the Clearing centre on balance account 

No. 47405 "accounts receivable for the purchase and sale of foreign currency, and intended for 

the registration of a Security in a foreign currency not being an individual clearing collateral.

9.3.1. The Collateral Accounts, designed for recording Collateral, are opened concurrently with 

assignment of the Settlement Code to the Clearing Member pursuant to SECTION II.Article 12 of 

the common part of the Clearing Rules.

9.3.2. The procedure for opening Collateral accounts designed to account for funds in the property pool 

is defined in the Clearing Rules for the Securities market.

9.4. Guarantee Fund Account is a clearing register corresponding to the individual account opened 

to the Clearing Member with the Clearing Centre on the balance sheet account No. 30422 

(30423) “Resources for Collective Clearing Collateral (Guarantee Fund)”(Resources of NonResidents for Collective Clearing Collateral (Guarantee Fund)” designed for recording of cash 

contributions of the Clearing Member to the Guarantee Funds.

9.4.1. The Guarantee Fund Accounts are opened by the Clearing Centre to the Category “B” or “O” 

Clearing Member concurrently with assignment of the Settlement Code for recording of 

contributions to the Guarantee Funds pursuant to paragraph SECTION II.14.4of the common part 

of the Clearing Rules.

9.4.2. For the purpose of recording of contributions to the Guarantee Funds, for each one Settlement 

Code is opened one Guarantee Fund Account in Russian roubles and one Guarantee Fund 

Account in each foreign currency in which cash is accepted by the Clearing Centre as the 

contributions to the Guarantee Funds.

9.5. Collateral-for-Stress Account is a clearing register corresponding to the individual account 

opened to the Clearing Member with the Clearing Centre on the balance sheet account No. 

30420 (30421) “Resources for Performance of Obligations Admitted to Clearing, for Individual 

Clearing Collateral” (“Resources of Non-Residents for Performance of Obligations Admitted to 

Clearing, and Individual Clearing and other Collateral”) designed for recording of the Clearing 

Member’s cash Collateral for Stress.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

22

9.5.1. The Collateral-for-Stress Accounts are opened by the Clearing Centre to the Category “B” or “O” 

Clearing Member concurrently with assignment of the Settlement Code for recording of the 

Collateral for Stress pursuant to paragraph 32 of the common part of the Clearing Rules.

9.5.2. For the purpose of recording of the Collateral for Stress, for each one Settlement Code is opened 

one Collateral-for-Stress Account in Russian roubles and one Collateral-for-Stress Account in 

each foreign currency in which cash is accepted by the Clearing Centre as the Collateral for 

Stress.

9.6. In the Clearing System, starting values and planned values of cash positions on Settlement 

Codes for recording contributions to the Guarantee Fund Accounts / Collateral-for-Stress 

Accounts in corresponding currency and of the securities positions on the depo sub-accounts of 

the Clearing Members are set.

9.6.1. When the Guarantee Fund Account / Collateral-for-Stress Account is opened, the starting value 

and planned value of the cash position on Settlement Codes for recording contributions to the 

Guarantee Funds / Collateral for Stress are set to equal zero.

9.6.2. The procedure and cases of changing the values of cash positions and depo positions in 

connection with posting and refund of contributions to the Guarantee Funds and the Collateral for 

Stress are set forth in SUBSECTION IV-I.Article 22 and SUBSECTION IV-I.Article 23 of the 

common part of the Clearing Rules.

9.7. The list of other clearing registers used for clearing in the relevant on-exchange markets is

specified in the corresponding specific parts of the Clearing Rules.

9.8. The procedure for keeping of the clearing registers contemplated by the Clearing Rules and used 

for clearing in the relevant on-exchange markets may be specified in the corresponding specific 

parts of the Clearing Rules.

9.9. The Clearing Centre conducts annual collation of balances on the Collateral Accounts, Guarantee 

Fund Accounts and Collateral-for-Stress Accounts of the Clearing Member in Russian roubles 

and foreign currency by sending the relevant notice to the Clearing Member not later than on the 

tenth business day of the year following the reporting year.

If, within ten business days after submission of the said notice to the Clearing Member, the 

Clearing Member does not notify the Clearing Centre on any discrepancies, the balances on the 

Collateral Accounts, Guarantee Fund Accounts and Collateral-for-Stress Accounts of the Clearing 

Member in Russian roubles and/or foreign currency are deemed to be confirmed.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

23

SECTION II. REQUIREMENTS FOR CLEARING MEMBERS

Article 10. Requirements for the Clearing Members

10.1. In order to conclude the Clearing Agreement, a legal entity submits to the Clearing Centre:

 the Clearing Agreement according to the form stipulated in 0 to the common part of the 

Clearing Rules, in two (2) copies, signed by the legal entity’s authorized representative and 

bearing the legal entity’s seal (if any);

 a set of documents in accordance with the list contained in 0 to the common part of the 

Clearing Rules.

If any of the documents indicated in 0 to the common part of the Clearing Rules was previously 

submitted to the Clearing Centre and is presently in possession of the Clearing Centre, the legal 

entity, upon prior consent of the Clearing Centre, may be released from the duty of the second 

submission of such document.

10.2. A legal entity shall be obliged to ensure the relevance, accuracy and completeness of the set of 

documents provided by the Clearing center according to 0 to the common part of the Clearing 

Rules, as well as timely submission of amendments and additions to these documents.

10.3. The Clearing Centre is entitled to require the legal entity to submit any additional documents. In 

such case, the legal entity is obliged to provide the said documents within the time period 

indicated in the request, and in the absence of such time period - within five (5) business days 

after receiving the request from the Clearing Centre.

10.4. In order to obtain information on the legal entity, the Clearing Centre is entitled to use the data 

(information) on the legal entity from any official sources, including the electronic service of the 

Federal Tax Department.

10.5. The Clearing Member is obliged to submit, on an annual basis, to the Clearing Centre the 

Clearing Member’s (client’s) Questionnaire (Registration Card) in form of an electronic document. 

The formats for submission by the Clearing Member of the Clearing Member’s (client’s) 

Questionnaire (Registration Card) are stipulated in the Procedure for Provision of Information and 

Reports.

10.6. In case of change of information contained in the questionnaire of the clearing Member (client) 

(Registration card) or otherwise provided to the Clearing center the documents, the Clearing 

Member shall be obliged within 5 (five) working days from the date of entry into force of these 

changes provide the Clearing centre the questionnaire of the clearing Member (client) 

(Registration card) with updated information and relevant documents containing /supporting such 

changes and additions in the form of electronic document.

10.7. Concurrently with the annual submission to the Clearing Centre of the Clearing Member’s

(client’s) Questionnaire (Registration Card), the Clearing Member, except for the Category A 

Clearing Member, is obliged to submit to the Clearing Centre the Comments on Business 

Reputation.

The Clearing Member provides the Comments on Business Reputation from other Clearing 

Members, which have had business relations with the former, and/or the Comments on Business 

Reputation from the credit organizations providing or having previously provided services to the 

Clearing Member. 

The lists of the Clearing Members are disclosed on the Clearing Centre’s Website. 

Should it be impossible to obtain the said Comments on Business Reputation, the clearing center 

accepts Comments on business reputation from counterparties that are not clearing Members.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

24

10.8. In order to confirm their financial condition, the Clearing Members, except for the Category “A” 

Clearing Members, are obliged, for the entire duration of the Clearing Agreement, to furnish the 

Clearing Centre with reports in accordance with Appendix No. 4 to the common part of the 

Clearing Rules. 

For the purposes of evaluation of the Clearing Member’s financial condition, the Clearing Centre 

is entitled to require the Clearing Member to provide additional information and reporting not 

indicated in 0to the common part of the Clearing Rules.

10.9. The Clearing Member, except for the Category “A” Clearing Member, must furnish the Clearing 

Centre with the FATCA Form in form of an electronic document, as well as other documents and 

data which must be supplemented to the FATCA Form, provided for the purposes of the FATCA 

Law, and whose provision is mandatory as stipulated in the FATCA form and/or in the effective

legislation, including the consent for transfer of information to a foreign tax authority.

10.9.1. In case of changes in any information contained in the FATCA Form, the Clearing Member shall, 

within 30 (thirty) days after such changes, furnish the Clearing Centre with the FATCA Form with 

the updated information, together with the relevant documents and data confirming such 

changes, which must be supplemented to the FATCA Form, in form of an electronic document.

10.9.2. The blank FATCA Form to be filled out by the Clearing Members is placed on the Clearing 

Centre’s Website. At that, the documents and data supplemented to the FATCA Form are filled 

out by the Clearing Member and provided to the Clearing Centre in form of the PDF files 

containing scanned copies of such documents.

10.10. The Clearing Member’s obligation to submit the reports specified in Appendix No. 5 to the 

common part of the Clearing Rules, the Clearing Member’s (client’s) Questionnaire (Registration 

Card) and the FATCA Form is deemed to be fulfilled, provided that the documents submitted by 

the Clearing Member comply with the requirements for their contents, form and formats, 

stipulated in the Clearing Rules and/or the Procedure for Provision of Information and Reports.

10.11. The Clearing member shall bear the risk of negative consequences caused by failure to provide 

or untimely provision to the Clearing center information (documents) in accordance with the 

requirements of the Rules of clearing.

10.12. The clearing center shall not be responsible for losses in case if:

 the presence of incomplete or unauthentic information in the documents provided in 

accordance with the requirements of this article of the common part of the Clearing 

Rules;

 the documents are not submitted in accordance with the requirements of this article of the 

common part of the Clearing Rules.

Article 11. Categories of the Clearing Members

11.1. There are the following categories of Clearing Members:

 Category “A” Clearing Members;

 Category “O” Clearing Members;

 Category “B” Clearing Members; and

 Category “C” Clearing Members.

11.2. The Category “A” Clearing Members are the Bank of Russia and other entities, which, in 

accordance with the Clearing Law are not required to post individual and collective clearing 

collateral.

The provisions of the Clearing Law apply to the Category “A” Clearing Members, unless 

otherwise stipulated by the agreement concluded between the relevant Category “A” Clearing 

Member and the Clearing Centre.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

25

The Category “A” Clearing Member may undertake to post individual clearing collateral in 

securities and/or cash.

11.3. The Category “O” Clearing Members are the General Clearing Members.

11.3.1. The Clearing member category of the "O" is a party to the transactions entered into by one or 

more Trading Participants, information about which is provided by the clearing Member to the 

Clearing centre in accordance with paragraph 16.1 of the common part of the Clearing Rules and 

a party to the transactions entered into by him as a Trading Participant on his own behalf.

11.3.2. The Category “O” Clearing Member is admitted to clearing without full prefunding, unless 

otherwise stipulated by the Clearing Rules.

11.4. The Category “B” Clearing Members are the Individual Clearing Members admitted to clearing 

without full prefunding.

11.4.1. The Clearing Member of the category "B" is a party to transactions concluded by him as a 

Trading Participants on his behalf, or a party to the transactions entered into on his behalf by the 

Trading Partiicpant, details of which are provided by the clearing Member to the Clearing centre 

in accordance with paragraph 16.2 of the common part of the Clearing Rules.

11.5. The Category “C” Clearing Members are the Individual Clearing Members not admitted to clearing 

without full prefunding.

11.5.1. The clearing member of the category "C" is a party to transactions concluded by him as a Trading 

Participant on his behalf, or a party to the transactions entered into on his behalf by the Trading 

Participant, details of which were provided by the clearing Member to the Clearing centre in 

accordance with paragraph 16.2 of the common part of the Clearing Rules until changes the 

category of Clearing Member category "C" for category "B".

11.6. The specific part of the Clearing Rules contains the list of categories of the Clearing Members for 

each on-exchange market.

Article 12. Terms and Conditions of the Clearing Services. Procedure for Admission to the 

Clearing Services

12.1. Admission to clearing services on each of the on-exchange markets is provided to the Clearing 

Member who meets the requirements established by paragraph 12.2 and/or 12.3 of the common 

part of the Clearing Rules, on the basis of the relevant Application for Admission to Clearing 

Services.

A specific part of the Clearing Rules may set forth additional requirements for admission to 

clearing services in the respective on-exchange-market for the Clearing Members of any 

category.

12.2. to be admitted to clearing services in any of the on-exchange markets, the Category “C” Clearing 

Member shall meet the following requirements:

12.2.1. have a valid Clearing Agreement concluded with the Clearing Centre;

12.2.2. have a valid agreement / agreements concluded with the Technical Centre, providing technical 

access to the Clearing System, and install the software and hardware required for the clearing 

services and meeting the requirements set forth by the Technical Centre;

12.2.3. have a valid banking license issued by the Bank of Russia (for the Credit Organizations);

12.2.4. have a valid special permit (license or other document) issued by the competent authority of the 

registration country of the Non-Resident Bank, whereunder the Non-Resident Bank is authorized 

to conduct banking operations stipulated by the domicile law of the Non-Resident Bank (for NonResident Banks);

12.2.5. be a participant of the SED OJSC Moscow Exchange;

12.2.6. meet the requirements of the Clearing Centre in respect of presentation of information and 

reports stipulated in paragraphs 10.5 of the common part of the Clearing Rules; and
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

26

12.3. To be admitted to clearing services in any of the on-exchange markets, the Category “B” Clearing 

Member, in addition to the requirements set forth in paragraph 11.2 of the common part of the 

Clearing Rules, shall meet the following requirements:

12.3.1. make a contribution to the Guarantee Fund of the relevant on-exchange market in the amount 

stipulated in the corresponding specific part of the Clearing Rules;

12.3.2. in the Clearing Member’s activities there shall be no facts of deterioration of its financial condition, 

and/or there shall be no information which could make it reasonable to expect deterioration of the 

Clearing Member’s financial condition or its inability for timely and complete fulfillment of its 

obligations under the trades without full prefunding, Margin Calls and/or other obligations of the 

Clearing Member arising from the Clearing Rules.

12.4. To be admitted to clearing services in any of the on-exchange markets, the Category “O” Clearing 

Member, in addition to the requirements set forth in paragraph 12.2 to 12.3 of the common part of 

the Clearing Rules, shall meet the requirements stipulated in the corresponding specific part of 

the Clearing Rules.

12.5. The Clearing Members shall comply with the following financial stability requirements:

12.5.1. the Clearing Members - Credit Organizations shall comply with mandatory indicators set by the 

Bank of Russia for credit organizations;

12.5.2. the activities of the Clearing Members – Credit Organizations shall give no grounds for revocation 

by the Bank of Russia of their banking license under the banking legislation of the Russian 

Federation;

12.5.3. the Clearing Members’ activities shall give no grounds for bankruptcy prevention measures under

the laws of the Russian Federation on insolvency (bankruptcy) or under the domicile law of the 

Clearing Member;

12.5.4. the activities of the Clearing Members - Non-Resident Banks shall give no grounds for withdrawal 

in accordance with the national law of the country of registration of the Non-Resident Bank of a 

special permit (license or other document) issued by the competent authority of the country of 

registration of the Non-Resident Bank, whereunder the Non-Resident Bank is entitled to conduct 

banking operations.

12.6. The Category “O” and “C” Clearing Members shall meet the financial stability requirements 

provided in paragraph 12.5 of the common part of the Clearing Rules throughout the duration of 

their admission to clearing services.

12.7. The Clearing Members shall immediately notify the Clearing Centre of their non-compliance with 

the requirements to the financial stability given in paragraph 12.5 of the Common Part of the 

Clearing Rules.

12.8. The Clearing Centre is entitled to deny admission to clearing services in one or several onexchange markets for the Category “O", “B” and “C” Clearing Members, which do not meet the 

following requirements:

12.8.1. for the Credit Organizations – positive current-year financial performance result, as of the most 

recent balance sheet date, calculated as the difference between the sum of balances on the 

current-year balance-sheet revenue accounts and the sum of balances on the current-year 

balance-sheet expenditure accounts.

12.8.2. the State Corporations, International Organizations and Non-Credit Institutions shall have in their 

balance sheet a positive financial performance result as of the most recent reporting date, 

determined as profit after taxation; and

12.8.3. the Non-Residents shall have in their financial reports as of the most recent reporting date a 

positive financial performance result determined as profit after taxation.

12.8.4. non-performing participants the requirements of the Clearing Center to the financial stability of the 

Clearing Member, provided for in paragraph 11.5 of the general part of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

27

12.8.5. in the case of the risk of loss of business reputation, the Clearing Centre in connection with 

clearing service of hte Clearing Member

12.9. The Clearing Centre is entitled to determine the specifics of application of requirements in respect 

of admission to clearing services for certain categories of legal entities, including the same for the 

Non-Resident Banks, subject to the provisions of the relevant international treaty (agreement), 

and for the International Organizations - subject to the provisions of the relevant international 

agreement.

12.10. In the case that information obtained from the Bank of Russia, state Corporation "Agency on 

insurance of contributions" and/or investors the financial rehabilitation of the Credit institution, the 

Clearing center gives reason to believe that the obligations of a clearing Member before the 

Clearing center will have been duly executed, the clearing center is entitled to provide admission 

to clearing service to category "B" or "In" person not meeting the requirements of the clearing 

Member of the relevant category for admission to clearing service.

12.11. Admission to clearing services in the relevant on-exchange-market is provided to the Clearing 

Member by the Clearing Centre within 5 (five) business days after fulfillment by the Clearing 

Member of the requirements and preconditions stipulated by the Clearing Rules.

The Clearing Centre notifies the Clearing Member and the Exchange about admission of the 

Clearing Member to clearing services and about the category of the Clearing Member not later 

than on the business day following the day of admission to clearing services.

12.12. The Clearing Member is entitled to submit to the Clearing Centre an Application for Change of 

Clearing Member’s Category.

12.12.1. The Application for Change of Clearing Member’s Category from “B” to “C” in the respective onexchange-market shall be satisfied provided that the following preconditions are met:

1. the Clearing Member has no Margin Calls under all Settlement Codes opened for the 

respective market, and

2. the Clearing Member has no outstanding Debts under all Settlement Codes recorded in 

accordance with the Clearing Rules.

12.12.2. The Application for Change of Clearing Member’s Category from “O” to “B” or “C” in the 

respective on-exchange-market shall be satisfied provided that the preconditions specified in 

subparagraph 12.12.1 of the common part of the Clearing Rules are met, and provided that there 

are no outstanding obligations under the trades executed in the respective on-exchange-market 

by the Trading Participants, where the relevant Category “O” Clearing Member is indicated as a 

clearing broker.

12.12.3. The Clearing Centre is entitled to change the Clearing Member’s category from “C” to “B” in the 

respective on-exchange-market without submission of the Application, provided that the Clearing 

Member meets the requirements established for the Category “B” Clearing Members in the 

respective on-exchange-market.

12.12.4. The Clearing Centre notifies the Clearing Member and the Exchange about the change of the 

Clearing Member’s category not later than on the business day following the day of assignment of 

the new category for the Clearing Member.

12.13. In case of change of the Clearing Member’s category from “B” to “C” in the respective onexchange-market, or in case of suspension of admission to clearing services for the Category “B” 

Clearing Member in the relevant on-exchange market, the Clearing Centre discontinues 

registration of the Clearing Member’s obligations in respect of contribution to the Guarantee Fund 

of such on-exchange market and the Collateral for Stress in such on-exchange market.

12.14. The Clearing Member or the Clearing Centre have the opportunity to submit Requests for the 

selection of securities, using the WEB-service Settlement Depository in the cases stipulated in 

the Clearing Rules, if the client with a Settlement Depository, which opened a sub-account of 

securities or trading securities account and which is a Clearing Member and/or client of the 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

28

Clearing Member and/or Custodian responsible for the Depository service of such clearing 

Member and/or its clients:

 concluded with the Settlement Depository, a contract for the provision of clearing services;

 concluded with the Settlement Depository, a contract for the provision of management 

services provision

 provided the Settlement Depository an instruction to the labeling of resources for the 

selection of securities provided for by the contract for the provision of management 

services provision concluded with the Settlement Depository.

12.14.1. The Client with a Settlement Depository referred to in paragraph 12.13 of the common part of the 

Clearing Rules is entitled to provide Settlement Depository of a separate instruction on labelling 

of resources for the selection of securities for clearing NCC Bank (JSC), under a contract for the 

provision of management services provision concluded with the Settlement Depository.

12.15. To provide the Clearing Center with the right for direct debiting of funds from the correspondent 

account of the Clearing Member – Credit organization opened with the Bank of Russia, in the 

cases stipulated in the clearing Rules, the Clearing Member is obliged to conclude with the Bank 

of Russia a supplementary agreement to the correspondent account Agreement containing 

information about the Clearing Centre as the recipient of funds is entitled to submit a collection 

order on the correspondent account.

Article 13. Procedure for Suspension and Termination of Admission to Clearing Services

13.1. The Clearing Centre may suspend admission to clearing services for the Category “O”, “B” or “C” 

Clearing Member in any one or in several on-exchange markets for all trades or for certain types 

of trades, and also for certain Trading Modes, on any of the following grounds:

13.1.1. on the basis of the Exchange’s notice of suspension of admission of the Clearing Member to the 

trading on the Exchange in the respective on-exchange-market (for the Clearing Member –

Trading Participant);

13.1.2. if the circumstances occur which prevent, in accordance with the legislation of the Russian 

Federation, execution of trades by the Clearing Member (except for any emergencies), and which 

become known to the Clearing Centre;

13.1.3. if the Clearing Member violates the requirements set forth by the Clearing Rules;

13.1.4. if the Bank of Russia applies against the Clearing Member - Credit Organization any sanctions for 

violation of banking laws including: prohibition of certain banking operations performed by the 

Clearing Member (if such prohibition makes it impossible for the Clearing Member to execute 

trades) and appointment of an interim administration to manage Clearing Member-Credit 

organization as part of the measures taken to prevent bankruptcy of the credit organization;

13.1.5. if any authorized bodies impose sanctions against the Clearing Member for violation of the 

legislation of the Russian Federation, including any administrative sanctions;

13.1.6. if the Clearing Centre receives a written information from the competent body of the country of 

registration of the Non-Resident Bank in respect of the Non-Resident Bank, which indicates that 

further provision of clearing services to the Non-Resident Bank is impossible, and/or such 

information is published on the website of the abovementioned competent body;

13.1.7. in case of suspension of an international treaty (agreement) for the Russian Federation, or in 

case of suspension of an international treaty (agreement) for the country which is a party to the 

international treaty (agreement) and which is the country of registration of the relevant Clearing 

Member;

13.1.8. in case of suspension of an international agreement for the Russian Federation, whereunder the 

International Organization was founded, or in case if the authorized representatives of the parties 

to such international agreement decide to suspend operation of such International Organization;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

29

13.1.9. presence in the activities of the Clearing Member of the grounds for bankruptcy prevention 

measures in accordance with the legislation of the Russian Federation on insolvency 

(bankruptcy), as well as the grounds for withdrawal (cancellation) by the authorized body / the 

Bank of Russia of the license for the relevant activity in accordance with the legislation of the 

Russian Federation;

13.1.10. upon the results of the examination by the Clearing Centre of the information and documents 

provided by the Clearing Member pursuant to paragraphs 10.5 of the common part of the 

Clearing Rules and in case of a failure to submit the same in proper time;

13.1.11. if there are facts of deterioration of the Clearing Member’s financial condition, and/or if there is 

information which makes it reasonable to expect deterioration of the Clearing Member’s financial 

condition or its inability for timely and complete fulfillment of its obligations under the Trades, 

Margin Calls and/or other obligations of the Clearing Member arising from the Clearing Rules;

13.1.12. in case of any facts of non-fulfillment or improper fulfillment by the Clearing Member of its 

obligations to the Clearing Centre arising from the Clearing Agreement;

13.1.13. in case if the Clearing Member’s financial statements indicate no positive financial result 

contemplated in paragraph 12.8 of the common part of the Clearing Rules, as of two and more 

consequent reporting dates;

13.1.14. in case of the Clearing Member’s failure to submit the FATCA Form in compliance with paragraph 

10.9 of the common part of the Clearing Rules;

13.1.15. in case of receipt from a foreign tax authority of a notice of the Clearing Member’s failure to 

comply with the requirements set forth in the legislation of the foreign country;

13.1.16. if the Clearing Centre incurs reputational risk in connection with continuing provision of clearing 

services to the Clearing Member.

13.2. The Clearing Centre may assign the Category “C” to the Category “B” Clearing Member in one or 

several on-exchange markets, on the grounds contemplated in paragraph 13.1 of the common 

part of the Clearing Rules, as well as:

13.2.1. in case of mismatch between the amount of the contribution of the Category “B” Clearing Member 

to the Guarantee Fund of the relevant on-exchange market and the amount stipulated in the 

corresponding specific part of the Clearing Rules;

13.2.2. in case of mismatch between the amount of the Clearing Member’s Collateral for Stress in the 

respective on-exchange-market and the amount set in accordance with the Clearing Rules.

13.3. If there is no Category “C” in the relevant on-exchange market, the Clearing Centre may suspend 

the Clearing Member’s admission to clearing services in such on-exchange market, on the 

grounds specified in the subparagraphs Error! Reference source not found.13.2.1, 13.2.2 of 

the common part of the Clearing Rules.

13.4. In the case that information obtained from the Bank of Russia, state Corporation "Agency on 

insurance of contributions" and/or investors the financial rehabilitation of the Credit institution, the 

Clearing center gives reason to believe that the obligations of a clearing Member before the 

Clearing center will have been duly executed, the clearing center is entitled under the grounds set 

out in paragraph 13.1 of the common part of the Clearing Rules for suspension of admission to 

clearing service, no suspension of admission to clearing services to such Clearing Member –

Credit organization.

13.5. In case of suspension of admission to clearing services in one or several on-exchange markets, 

including certain types of trades or certain Trading Modes, the Clearing Centre continues to 

perform clearing and other functions in the respective on-exchange-market, related to clearing of 

the trades, whereto the party is such Clearing Member, which were executed prior to suspension 

of the Clearing Member’s admission to clearing services, or, respectively, prior to suspension of 

admission to clearing services for certain types of trades or certain Trading Modes; and the 

Clearing Centre may, in accordance with the procedure and in the cases stipulated in the 

Clearing Rules, execute with such Clearing Member the trades aiming to settle outstanding 

obligations of such Clearing Member.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

30

13.6. After receipt of information about cessation of the grounds for suspension of admission to 

clearing services in one or several on-exchange markets, and on the basis of the relevant letter 

from the Clearing Member, the Clearing Centre may decide to resume admission to clearing 

services for the Clearing Member.

13.6.1. The resumption of admission to clearing services, suspended on the basis of subparagraph 

13.1.1 of the common part of the Clearing Rules, does not require submission of the relevant 

letter by the Clearing Member.

13.6.2. The Clearing Centre may decide to resume admission to clearing services, suspended on the 

basis of subparagraphs 13.2.1, 13.2.2 of the common part of the Clearing Rules, without requiring 

submission of the relevant letter by the Clearing Member.

13.7. The Clearing Centre will terminate the Clearing Member’s admission to clearing services 

(irrespective of its category) in all on-exchange markets for any of the following reasons:

13.7.1. termination of the Clearing Agreement;

13.7.2. withdrawal (revocation) by the Bank of Russia of the banking license issued to the Clearing 

Member – Credit Organization;

13.7.3. withdrawal (revocation) of a special permit (license or other document) issued by the competent 

authority of the registration country of the Non-Resident Bank, whereunder the Non-Resident 

Bank is authorized to conduct banking operations;

13.7.4. termination of an international treaty (agreement) for the Russian Federation, or termination of an 

international treaty (agreement) for the country which is a party to the international treaty 

(agreement) and which is the country of registration of the relevant Clearing Member;

13.7.5. termination for the Russian Federation of an international agreement whereunder the 

International Organization was founded, or issuance of resolution by the authorized 

representatives of the parties to such international agreement, to dissolve such International 

Organization;

13.7.6. adoption of the federal law on liquidation of a state corporation;

13.7.7. appointment of temporary administration in relation to the Clearing Member – Non-credit 

Organization;

13.7.8. issuance of arbitration award on introduction of any bankruptcy procedure in relation to the 

Clearing Member;

13.7.9. liquidation of the Clearing Member, as well as reorganization of the Clearing Member, provided 

that the Clearing Member’s activity will be terminated as a result of such reorganization;

13.7.10. publication in the official website of the authorized body of information about inclusion of the 

Clearing Member in the list of organizations in respect of which there is information about their 

involvement in extremist activity or terrorism, or publication in the official website of the authorized 

body of a decision to freeze (block) cash or other assets belonging to the Clearing Member, in 

whose respect there are sufficient grounds to suspect its involvement in terrorist activities 

(including the financing of terrorism) in the absence of sufficient grounds for inclusion in the 

abovementioned list (hereafter - inclusion in the list). 

13.8. The Clearing Centre may terminate the Clearing Member’s admission to clearing services in one 

or several on-exchange markets in the following cases:

13.8.1. receipt by the Clearing Centre from the Exchange of the notice of termination of the Clearing 

Member’s admission to trading at the Exchange in the relevant market (for the Clearing Member 

which is the Trading Participant);

13.8.2. repeated (two and more times), within one year, non-performance by the Clearing Member of its 

obligations admitted to clearing and/or other monetary obligations of the Clearing Member arising 

on the basis of the Clearing Rules;

13.8.3. repeated (two and more times), within one year, violation by the Clearing Member of the 

requirements established by the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

31

13.8.4. appointment of temporary administration for managing Clearing member – Credit organization as 

part of the measures on prevention of bankruptcy of the Credit organization.

13.9. The Clearing Centre notifies the Clearing Member and the Exchange about 

suspension/termination or resumption of the suspended admission to clearing services in one or 

several markets (including certain types of trades or certain Trading Modes), or about any change 

of the Clearing Member's category not later than on the Settlement date following the day of 

suspension / termination or resumption of the suspended admission to clearing services / day of 

assignment of new category to the Clearing Membe

Article 14. Procedure for Registration of the Clearing Members, Procedure for Opening of 

Settlement Codes to the Clearing Member

14.1. The Clearing Centre registers the Clearing Members.

14.1.1. The procedure of registration of the Clearing Member involves assignment (opening) to the 

Clearing Member of the following codes and identifiers:

 code of the Clearing Member in accordance with the requirements of the regulations of the 

Bank of Russia; and

 the Settlement Codes of the Clearing members.

The code of the Clearing Member is assigned upon conclusion of the Clearing Agreement between the 

Clearing Member and the Clearing Centre.

14.1.2. Information about the code of the Clearing Member is recorded in the register of the Clearing 

Members and is provided upon request of the Bank of Russia, other authorized persons and 

authorities, as well as the Clearing Member, and contains the data conforming to the 

requirements of the Bank of Russia in respect of registration of the Clearing Members (codes of 

the Clearing Members).

14.2. Settlement Codes of the Clearing Members are opened for each on-exchange market in 

accordance with the procedure and in the cases stipulated in this Article of the common part of 

the Clearing Rules.

The specific parts of the Clearing Rules may stipulate the specifics of opening of the Settlement 

Codes to the Clearing Members for the relevant on-exchange market.

14.2.1. For one Settlement code of the Clearing Member is opened one Collateral Account in Russian 

rubles and in one Collateral Account in each foreign currency in which to conduct settlements on 

transactions without full prefunding and/or cash which are accepted by the Clearing Center as 

Collateral.

14.2.2. In the Specific parts of the Clearing Rules can be set features / other procedure for opening 

Settlement codes / Collateral Accounts of the Clearing Members for the relevant exchange 

market.

14.3. The following types of the Settlement Codes can be opened for the Clearing Member:

 proprietary code – for the purpose of recording own cash of the Clearing Member;

 client code – for the purpose of recording cash of the Clearing Member’s client(s);

 trust code - for the purpose of recording cash in trust management of the Clearing Member.

14.3.1. An unlimited quantity of the Settlement Codes of each type can be opened to the Clearing 

Member of any category.

14.4. For the Category “B” or “O” Clearing Member, the Clearing Centre without Request from the 

Clearing Member opens the Settlement Code to record contributions to the Guarantee Funds.

14.4.1. For one Category “B” or “O” Clearing Member, one Settlement Code for recording of contributions 

to the Guarantee Funds is opened.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

32

14.5. When the Category “B” or “O” Clearing Member for the first time incurs ligationduty to post the 

Collateral for Stress, the Clearing Centre opens for such Clearing Member without the Request 

from the Clearing Member the Settlement Code for recording of the Collateral for Stress.

14.5.1. For one Category “B” or “O” Clearing Member, one Settlement Code for recording of the 

Collateral for Stress is opened.

14.6. In order to execute trades for the account of the clients of the Clearing Member and/or using the 

cash in trust management of the Clearing Member, such Clearing Member is obliged to take

actions necessary for the Clearing Centre to open for the Clearing Member a separate Client 

Settlement Code(s) of the Clearing Member (separate client’s Settlement Code of the Clearing 

Member) and/or a separate Trust Settlement Code(s) (separate Trust Settlement Code of the 

Clearing Member).

14.7. In order trades for the account of the Clearing Member’s client, in whose respect, pursuant to the 

effective regulations of the Russian Federation, the Clearing Member is obliged to require the 

Clearing Centre to separately record the cash and other property of such client, posted to the 

Clearing Centre as an individual clearing collateral, the Clearing Member shall conduct actions 

necessary for the Clearing Centre to assign to the Clearing Member a separate Client Settlement 

Code of the Clearing Member for such client, as well as actions necessary for the Clearing Centre 

to register for the Clearing Member for such client of the Clearing Member a separate Trading

and Clearing Account of the Clearing Member, including the Client Settlement Code of the 

Clearing Member assigned to the Clearing Member for such client of the Clearing Member (in 

those on-exchange markets where admission to clearing services is provided upon opening of the 

Trading and Clearing Accounts of the Clearing Member).

14.8. In case of assignment of the Identifier / Settlement Firm Code by the Clearing Centre to the 

Clearing Member, the Clearing Centre assigns to the Clearing Member the main Settlement Code 

of the Clearing Member as part of the Identifier / Settlement Firm Code, with no need for 

submission of application.

14.8.1. By default, the main Settlement Code is proprietary.

14.8.2. By default, the main Settlement Code of the Clearing Member is the Settlement Code for write-off 

of commission fees.

14.8.3. The Clearing Member shall submit to the Clearing Centre the details of the Refund Accounts for 

the main Settlement Code of the Clearing Member pursuant to the procedure stipulated in 

paragraph 14.11 of the common part of the Clearing Rules.

14.9. The Settlement Code, except for the main Settlement Code of the Clearing Member, is opened 

for the Clearing Member on the basis of the latter's application for registration of the Trading and 

Clearing Account of the Clearing member submitted to the Clearing Centre, and also without such 

application where so stipulated by the specific parts of the Clearing Rules.

14.10. The Clearing Member is entitled to register in the Clearing center Account to return for the 

Settlement codes of the clearing Member 

14.11. Registration of Accounts for return is exercised on the basis of an Application for registration of 

Account details for a refund or on the basis of an Application for registration of the Trading and 

clearing account.

14.11.1. In case the owner of the Refund Account is a Client of the Clearing member the Clearing mmeber 

shall provide the Clearing center with:

 Client identification letter;

 copy of the service agreement concluded between the Clearing Member and its client, 

notarized or certificated by the Clearing Member (in case if the owner of the Refund Account 

is a Non-Resident);

 other documents (upon request of the Clearing Centre.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

33

14.11.2. The Clearing Centre is entitled to refuse registration of the Refund Account and/or reject the 

Clearing Member’s request for refund of the cash constituting the Clearing Member’s Collateral

as well as discharge the registration of the previously registered Refund Account, if, in the 

Clearing Centre’s opinion, registration of the Refund Account or satisfaction of the Clearing 

Member’s request may result in violation of the Russian Federation, and/or increase of the risks 

assumed by the Clearing Centre and/or violation of the regulations and the procedure for internal 

control exercised by the Clearing Centre in accordance with the regulations of the Bank of 

Russia.

14.12. In case of changes in the details of the Refund Account, the Clearing Member shall provide the 

Clearing Centre with the Application for Changing details of the Refund Account, containing the 

new details of the Refund account.

The Clearing Centre is entitled to refuse registration of new details of the Refund Account on the 

basis specified in subparagraph 14.10 of the common part of the Clearing Rules.

14.12.1. The Clearing Member bears the risk of consequences of non-submission / untimely submission to 

the Clearing Centre of the Application for changing of Refund Account, containing new details of 

the Refund account in accordance with this subparagraph of the common part of the Clearing 

Rules.

14.12.2. The Clearing Centre is entitled to refuse registration of the Refund Account with new details on 

the grounds specified in subparagraph 14.11.2 of the common part of the Clearing Rules.

14.13. The Clearing Centre notifies the Clearing Member about registration or about the refusal to 

register Refund Account including Refund Account with new details.

14.13.1. Refund Account Details (subject to its registration by the Clearing center) take effect from the 

moment of sending to the Clearing member notification of registration of Refund Accounts.

14.14. In case of receipt of notice from the Exchange on cessation of admission to trading of the Trading 

Participant, which is the Clearing Member, under the Identifier / code of the Settlement Firm, the 

Clearing Centre is entitled to close the Settlement Codes of the Clearing member opened for the 

Clearing Member as part of the Identifier / code of the Settlement Firm.

14.15. The Settlement Code of the Clearing Member can also be closed on the basis of the application 

form from the Clearing Member for Settlement Code closure.

14.16. The Settlement Code of the Clearing Member can beclosed, provided that the Clearing Member 

has no outstanding obligations recorded under such Settlement Code.

14.16.1. When closing the Settlement code of the Clearing Member also all the Settlement codes of the 

2nd and 3rd levels corresponding to such Settlement code of the Clearing Member are closed.

14.17. In case of closure of the Settlement Code of the Clearing Member, the Clearing Centre, within 3 

(three) banking days after receipt of the relevant notice from the Exchange or the application form 

from the Clearing Member, will refund the Collateral to the Clearing Member in relevant currency / 

relevant precious metal, recorded under such Settlement Code, to the Refund Accounts 

registered with the Clearing Centre for such Settlement Code.

14.18. The Clearing Centre informs the Clearing Member via the EDI about opening, closing and 

changing the details of the Settlement Code not later than on the business day following the day 

of the corresponding transaction.

14.19. The Clearing Centre records the Collateral and trade obligations for each Settlement Code of the 

Clearing Member.

The Clearing Centre does not offset / does not perform netting of the obligations recorded under 

different Settlement Codes of the Clearing member, unless otherwise stipulated in SUBSECTION 

IV-IV.Article 27 of the common part of the Clearing Rules.

14.20. The Clearing Member shall inform its clients on the procedure, contemplated in the Clearing 

Rules, for keeping of records by the Clearing Centre in respect of the obligations under the trades 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

34

executed for the benefit and/or for the account of the Clearing Members’ clients, and in respect of 

the Collateral for the said obligations, including the types of Settlement Codes of the Clearing 

member, as well as on the possibility and procedure for registration of the Segregated Clients for 

whom it is possible to conduct the Transfer of Obligations and Collateral, on the grounds and 

pursuant to the procedure set forth in SUBSECTION IV-II.Article 25 of the common part of the 

Clearing Rules.

Article 15. Procedure for registration Trading and Clearing Accounts of the Clearing Members

15.1. In case if in accordance with the Trading Rules of the relevant on-exchange market Trading and 

Clearing account is one of the requisites of the application, the Clearing Member must be 

registered with the Trade and Clearing account of the Clearing Member, which includes a 

Settlement code of the Clearing Member, and can be part of the accounts determined by the 

relevant part of the Clearing Rules.

15.1.1. Registration of Trading and Clearing accounts of Clearing Member is performed on the basis of 

the Application for registration of the Trading and Clearing account of the Clearing Member, 

provided by the Clearing Member to the Clearing Centre, or without any application in the manner 

prescribed by the relevant specific part of the Clearing Rules.

15.1.2. The application for registration of the Trading and Clearing account of the Clearing Member can 

contain the identity data of the Client of the Clearing Member in accordance with the 

requirements of the Exchange at client registration of Trading Participants.

15.1.3. The application for registration of the Trading and Clearing account of the Clearing Member may 

contain other information, the composition of which is established by the Application form for 

registration of the Trading and Clearing account of the Clearing Member and/or by specific part of 

the Clearing Rules.

15.2. In a specific part of the Clearing Rules can be set features of registration of the Trading and 

Clearing accounts of the Clearing Member, and the order of cancellation of the registration of the 

Trading and Clearing accounts of the Clearing Member.

15.3. Based on an Application for registration of the Trade and Clearing account of the Clearing 

Member that contains the identity data of the Client of the Clearing Member, the Clearing Centre 

sets the correspondence between the Settlement Code of the Clearing Member and the identity 

data of the Client of the Clearing Member, specified in the application.

15.4. In case if in accordance with the Trading Rules of the relevant on-exchange market Trading and 

Clearing account is one of the requisites of the application, the Trading and Clearing account of 

the Clearing Member can be specified as the Trading and clearing account in the application for 

conclusion of a transaction with by the Trading Participant who coincides in one person with a 

Clearing Member.

15.5. The Clearing Member may have an unlimited number of Trading and Clearing accounts of the 

Clearing Member registered.

15.6. The order of cancellation of the Trading and Clearing accounts of the Clearing Member is defined 

by the relevant specific part of the Clearing Rules.

15.6.1. While cancellation of the Trading and Clearing account of the Clearing Member also all Trading 

and Clearing accounts of the 2-nd and 3-d levels corresponding to such Trading and Clearing 

account of the Clearing Member are canceled.

15.7. The Clearing Centre informs a Clearing Member on registration / cancellation of registration of the 

Trading and Clearing account of the Clearing Member not later than the working day following the 

day of execution of the corresponding operation by the EDI.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

35

Article 16. Procedure for opening Settlement Codes of the 2-nd level and registration of 

Trading and Clearing Accounts of the 2-nd level

16.1. For transactions on the basis of applications in which the Clearing Member is listed as a Clearing 

broker, such Clearing Member of category "O" provides to the Clearing Centre information on the 

Registration code (identifier) and the name of the Trading Participant who will submit the 

corresponding application.

The said information is provided in the Application form for registration of the Trading and 

Clearing account of the 2-nd level.

The submission of this application constitutes agreement of the Clearing Member to specify it as 

a Clearing broker in the orders of the Trading Participant with relevant Trading and Clearing 

account of the 2-nd level and the Trading and Clearing account of the 3-d level, which is relevant 

to the Trading and Clearing account of the 2-nd level, opened by a Clearing Member for such 

Trading Participant.

16.2. For transactions on behalf of the Clearing Member, upon the request of Trading Participant who 

do not coincide in one person with such Clearing Member, the Clearing Member of category "B" 

provides the Clearing Centre with the information on the Registration code (identifier) and the 

name of the Trading Participant who will submit the corresponding application.

The said information is provided in the Application form for registration of the Trading and 

Clearing account of the 2-nd level.

The submission of this application constitutes agreement of the Clearing Member to specify it as 

a party to the Transaction in the bids of the Trading Participant with relevant Trade and Clearing 

account of the 2-nd level and the Trading and Clearing account of the 3-d level, which is relevant 

to the Trading and Clearing account of the 2-d level, opened by a Clearing Member for such 

Trading Participant.

16.3. In case if it is stipulated in the relevant specific part of the Clearing Rules, the Clearing member 

shall be entitled to register the Trade and Clearing account of the 2-nd level for the client of the 

Clearing Member.

Registration of the Trading and Clearing account of the 2-nd level for the client of the Clearing 

Member is performed on the basis of an Application for registration of the Trading and Clearing 

account of the 2-nd level provided by the Clearing Member to the Clearing Centre.

16.4. The application for registration of the Trading and Clearing account of the 2-nd level must contain 

indication of the Settlement code of the Clearing Member.

16.4.1. The application for registration of the Trading and Clearing account of the 2-nd level may contain 

the identity data of the client of the Clearing Member in accordance with the requirements of the 

Exchange at client registration of Trading Participants.

16.4.2. The application for registration of the Trading and Clearing account of the 2-nd level may contain 

other information the composition of which is established by the form of Application for 

registration of the Trade and Clearing account of the 2-nd level and/or specific part of the 

Clearing Rules.

16.5. The Clearing Centre, on the basis of the Application received from the Clearing Member for 

registration of the Trading and Clearing account of the 2-nd level:

 opens a separate Settlement code of the 2-nd level associated with the Settlement code of 

the Clearing Member specified in the statement;

 registers the Trading and Clearing account of the 2-nd level which includes an opened 

Settlement code of the 2-nd level;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

36

 establishes a correspondence between the opened Settlement Code of the 2-nd level and 

the Trading Participant, information about the Registration code (identifier) and the name 

of which is specified in the application (when registering Trading and Clearing account of 

the 2nd level for the Trading Participant);

 establishes a correspondence between the Settlement Code of the 2-nd level and the 

identity data of the client of the Clearing Member, specified in the application (when 

registering Trading and Clearing account of the 2-nd level for client of the Clearing 

Member).

Through the specified Settlement code of the 2-nd level matched Settlement code Clearing 

Member Trading and clearing account of the 2-nd level, which includes such Settlement code of 

the 2-nd level.

16.5.1. A specific part of the Clearing Rules can set features of registration of the Trading and Clearing 

accounts of the 2-nd level.

16.6. If, in accordance with the Trading Rules in the relevant on-exchange market Trading and Clearing 

account is one of the requisites of the application, the Trade clearing account of the 2-nd level 

may be specified as the Trading and Clearing account in the application for the conclusion of the 

transaction:

a. in the case of an application by the Trading Participant indicating the Clearing Member as 

Clearing broker, or

b. in the case of an application by the Trading Participant, which do not coincide in one 

person with a Clearing Member, for such Clearing Member, or

c. in the case of an application by the Trading Participant, concurring in one person with a 

Clearing Member for transactions for the customer account of the Clearing Member.

16.7. At the request of the Clearing Member an unlimited number of Settlement codes of the 2-nd level 

can be opened.

16.7.1. Single Settlement code of the 2-nd level corresponds to one Settlement code of the 1st level.

16.7.2. Single Settlement code of the 1-st level may correspond to several different Settlement codes of 

the 2-nd level (opened for one or more Trading Participants / clients of the Clearing Member).

16.7.3. Different Settlement codes of the 2-nd level, opened for one Trading Participant / client of the 

Clearing Member, can correspond to the Settlement codes of the 1-st level of the different 

Clearing Members (one Trading Participant may be served by different Clearing Members).

16.8. The closing of the Settlement code of the 2-nd level is performed on the basis of the Application 

of the Clearing Member on closing the Settlement code of the 2-nd level.

16.8.1. While closing the Settlement code of the 2-nd level all Settlement codes of the 3-d level 

corresponding to such Settlement code of the 2-nd level are closed.

16.9. The cancellation of the Trading and Clearing Account of the 2-nd level is performed on the basis 

of the Application of the Clearing Member on cancellation of registration of the Trading and 

Clearing Account of the 2-nd level.

16.9.1. While cancellation of the Trading and Clearing Account of the 2-nd level all Trading and Clearing 

Account of the 3-d level corresponding to such Trading and Clearing Account of the 2-nd level are 

cancelled.

16.10. The Clearing Centre notifies the Clearing Member about opening / closing of the Settlement Code 

of the 2-nd level and about registration / cancellation of registration of the Trading and Clearing 

Account of the 2-nd level not later than the working day following the day of execution of the 

corresponding operation by the EDI. 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

37

Article 17. Procedure for opening Settlement codes of the 3-d level and registration of the 

Trading and Clearing Accounts of the 3-d level

17.1. In case if it is stipulated in the relevant specific part of the Clearing Rules, the Trading Participant 

do not coincide in one person with a Clearing Member and entered into an agreement with the 

Clearing Center on keeping the clearing registers is defined in SECTION I.Article 5 of the 

common part of the Clearing Rules may demand from the Clearing Centre registration of Trading 

and Clearing accounts of the 3-d level for the client of Trading Participant.

The registration of the Trading and Clearing Account of the 3-d level for the client of the Trading 

Participant is performed on the basis of the Application on the registration of Trading and Clearing 

Account of the 3-d level provided by the Trading Participant by the Clearing Centre.

17.2. The application on registration of the Trading and Clearing Account of the 3-d level should 

contain a reference to the Trading and Clearing Account of the 2-nd level.

17.2.1. The application on registration of the Trading and Clearing Account of the 3-d level may contain 

identity data of the client of the Trading Participant in accordance with the requirements of the 

Exchange at client registration of Trading Participants.

17.2.2. The application on registration of the Trading and Clearing Account of the 3-d level may contain 

other information the composition of which is established by the form of Application for 

registration of the Trade and Clearing account of the 3-d level and/or specific part of the Clearing 

Rules.

17.3. The Clearing Centre, on the basis of the Application received from the Trading Participant for 

registration of the Trading and Clearing account of the 3-d level:

 opens a separate Settlement code of the 3-d level associated with the Settlement code of 

the 2-nd level specified in the Application;

 registers the Trading and Clearing account of the 3-d level which includes an opened 

Settlement code of the 3-d level;

 establishes a correspondence between the Settlement Code of the 3-d level and the 

identity data of the client of the Trading Participant, specified in the application. 

Through the specified Settlement code of the 3-d level and Settlement code of the 2-nd level 

matched Settlement code of the Clearing Member Trading and Clearing account of the 3rd level, 

which includes such Settlement code of the 3-d level.

17.3.1. The application on registration of the Trading and Clearing Account of the 3-d level is performed 

in case if the said application is given by the Trading Participant relevant to the Settlement code 

of the 2-nd level which should be linked to an open Settlement code of the 3-d level.

17.3.2. A specific part of the Clearing Rules can set features of registration of the Trading and Clearing 

accounts of the 3-d level.

17.4. In case if in accordance with the Trading Rules of the relevant on-exchange market Trading and 

Clearing account is one of the requisites of the application of the Trading and Clearing account of 

the 3-d level may be specified by Trading Participant which do not coincide in one person with a 

Clearing Member, as a Trading and Clearing account in the application for the transaction 

account of the client of the Trading Participant.

17.5. At the request of the Trading Participant which do not coincide in one person with a Clearing 

Member, an unlimited number of account codes 3-level can be opened. 

17.5.1. Single Settlement code of the 3-d level corresponds to the Settlement code of the 2-nd level.

17.5.2. One Settlement code of the 2-nd level may correspond to several different Settlement codes of 

the 3-d level.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

38

17.6. The closing of the Settlement code of the 3-d level is based on the Application from the Trading 

Participant at the closing of the Settlement code of the 3-d level.

17.7. The cancellation of the Trading and Clearing account of the 3-d level is carried out on the basis of 

Application of the Trading Participant for cancellation of registration of the Trading and Clearing 

account of the 3-d level.

17.8. The Clearing Centre shall inform the Trading Participant about the opening / closing of the 

Settlement code of the 3-d level and about registration / cancellation of registration of the Trading 

and Clearing account of the 3-d level not later than the business day following the day of 

execution of the corresponding operation by EDI.

Article 18. Procedure for assigning clearing identifiers to the Clearing members

18.1. The Clearing Member who received the admission to clearing services / the Trading Participant 

who has concluded with the Clearing Centre an agreement on keeping the clearing registers, the 

Clearing Centre assigns Clearing identifiers on the basis of the Application for assignment of 

Clearing identifier provided by the Clearing Member / Trading Participant to the Clearing Centre if 

the use of the Clearing identifiers is provided by the corresponding specific part of the Clearing 

Rules.

18.2. Clearing identifier corresponds to one Identifier of the Clearing Member / ID (Registration code) of 

the Trading Participant. One Identifier of the Clearing Member / ID (Registration code of the 

Trading Participant can correspond to more than one Clearing identifier.

18.3. The assignment of the Clearing identifier shall be registered by the Clearing center within 5 (five)

working days after receipt of the Application for assignment of Clearing identifier provided no 

comments on the submitted statement.

18.4. The Clearing Centre informs the Clearing Member / Trading Participant about the assigned 

Clearing identifier not later than the working day following the day of assignment of the Clearing 

identifier by including the information on the Clearing identifier of a daily Report about Clearing 

identifiers.

18.5. Cancellation of the assigned Clearing identifier of the Clearing Member / Trading Participant on 

the initiative of the Clearing Member / Trading Participant is carried out on the basis of the 

Application for cancellation of the Clearing identifier assigned by a Clearing Member / Trading 

Participant to the Clearing Centre.

Cancellation of all Clearing identifiers corresponding to the Identifier of the Clearing Member, on 

the basis of obtained notice from the Exchange about termination of admission to trading of the 

Trading Participant being the Clearing Member, by identifier (Registration code) of the Participant 

corresponding to this Identifier clearing Member, or upon termination of admission to clearing 

service of a Clearing Member.

Cancellation of all Clearing identifiers corresponding to the identifier (Registration code) of the 

Trading Participant is subject to termination of the contract on keeping the clearing registers with 

such Trading Participant.

Article 19. Procedure for Registration of the clients of the Clearing Members

19.1. The Clearing Centre shall register the clients of the Clearing Member at the request of the 

Clearing Member.

Registration of clients who are not Segregated is carried out in accordance with paragraph 19.2

of the common part of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

39

Registration of the Segregated clients is carried out in accordance with the paragraph 19.3 of the 

common part of the Clearing Rules.

19.2. Registration of clients of the Clearing Member who are not Segregated clients, on the basis of the 

Application for registration of the Trading and Clearing account of the Clearing Member, or 

Application for registration of the Trading and Clearing account of the 2-nd level. The procedure 

for submission of the said declarations is set out in Article 15, Article 16 of the common part of 

the Clearing Rules respectively.

A specific part of the Clearing Rules can set a different procedure for registering clients of the 

Clearing Member, who are not Segregated clients.

19.2.1. For registration a client of the Clearing Member by the Clearing Member, which is not a 

Segregated client, Application for the registration of the Trading and Clearing account of the 

Clearing Member or an Application for registration of the Trading and Clearing account of the 2-

nd level must contain the identity data of the client of the Clearing Member in accordance with the 

requirements of the Exchange at client registration of Trading Participants.

19.2.2. On the basis of the received Application from the Clearing Member for registration of the Trading 

and Clearing account of the Clearing Member or of the Application for registration of the Trading 

and Clearing account of the 2-nd level containing the identity data of the Client of the Clearing 

Member, the Clearing Centre registers the client of the Clearing Member.

19.3. In order to register Segregated Client, the Clearing Member shall open for such client of the 

Clearing Member a separate Client Settlement Code (Separate Client Settlement codes of the 1-

st level), and take other actions if so contemplated by the relevant specific part of the Clearing 

Rules, and furnish the Clearing Centre with the Application for Registration of Segregated Client, 

where the following details must be provided:

1) the Settlement Codes of the 1-st level opened by the Clearing Member for the Segregated

Client, as well as other information, if so contemplated by the relevant specific part of the 

Clearing Rules;

2) name / surname, first name, patronymic of the Segregated Client;

3) identification data of the Segregated Client in accordance with the requirements of the 

Exchange at client registration of Trading Participants;

4) the email address for sending notification of the Clearing center to the Segregated client.

Together with the Application for Registration of Segregated Client, the Clearing Member shall 

furnish the Clearing Centre with the Consent of Segregated Client – Private Individual to 

Processing of Personal Data under the form placed on the Clearing Centre’s Website (pursuant 

to the Federal Law dated July 27, 2006 No. 152-FZ “On Personal Data”).

The Clearing Member is responsible for the accuracy of information about the Segregated Client 

provided to the Clearing Centre in accordance with this paragraph of the common part of the

Clearing Rules.

19.3.1. In the Application for registration of the Segregated Client to the Clearing Member entitled to 

indicate the need to protect the funds of the Separate client.

In this case:

1. as details of the Refund account to the Settlement code of the 1-st level, opened for 

the Segregated client-Non-resident or details of the Refund Account with the exception 

of the Refund Accounts to the Settlement code of the 1-st level in foreign currency 

opened for the Segregated Client-Resident, the Clearing member can specify only the

details of the account of the Segregated client or account details of the Clearing 

Centre, which is designed for the posting of cash as Collateral under Settlement code

of the 1-st level that is open for such Separate client on other stock markets,

as details of the Refund Account in foreign currency for the Settlement Code opened 

for the Segregated Client – Resident, the Clearing Member may specify only details of 

the account opened for the Clearing Member or details of the Clearing Centre’s 

account designed for posting cash as Collateral specifying the Settlement code of the 

1-st level opened for such Segregated Client in other on-exchange markets, and 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

40

2. The Clearing member loses the right to submit to the Clearing centre the application / 

order for transfer of funds from the purpose of debiting the funds from the Collateral 

account of the relevant Settlement code of the 1-st level, to open a Segregated client, 

on Securities account corresponding to different Settlement codes.

19.4. The Clearing Center notifies a Segregated client on its registration in electronic form via e-mail 

address specified by the Clearing member in the Application for registration of the Segregated 

client.

19.5. The Clearing Member shall not use the Settlement Code of the 1-st level opened for the 

Segregated Client to execute and settle trades on account of other clients of the Clearing 

Members and/or on its own proprietary account.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

41

SECTION III. CLEARING RISK MANAGEMENT MEASURES

Article 20. List of the Clearing Risk Management Measures

20.1. To reduce the clearing risks, the Clearing Centre:

 issues requirements to financial stability of the Clearing Members;

 requires the Clearing Members to post the Collateral;

 conducts preliminary control of adequacy of the Clearing Member’s Collateral when trade 

orders are submitted;

 at least once per Settlement Day, revalues the Collateral of the Clearing Member, as well 

as net obligations and claims of the Clearing Member under the trades without full 

prefunding, and other obligations and claims of the Clearing Members arising pursuant to 

the Clearing Rules, and controls sufficiency of the Collateral, and in case of its insufficiency 

issues the Margin Call to the relevant Clearing Member;

 conducts control of collateral adequacy in case of refunding of the Collateral;

 forms the Guarantee Funds to secure performance of obligations under the trades without 

full prefunding;

 at least once per Settlement Day, revalues the foreign currency and securities recorded as 

contributions to the Guarantee Funds, and in case of their insufficiency, issues the Margin 

Call to the relevant Clearing Member in respect of the funds;

 requires the Category “B” and “O” Clearing Members to post the Collateral for Stress;

 at least once per Settlement Day, revalues the foreign currency and securities recorded as 

the Clearing Member's Collateral for Stress, and in case of their insufficiency, issues the 

Margin Call to the relevant Clearing Member for the collateral for stress;

 limits its liability pursuant to Article 21 of the common part of the Clearing Rules.

20.2. The list of securities, the list of foreign currencies and/or list of commodities, accepted as 

collateral for performance of obligations under the trades without full prefunding are established 

by resolution of the Clearing Centre.

For certain on-exchange markets, the Clearing Centre may set a separate list of the said 

securities, foreign currencies and/or list of commodities.

In case of redemption of a security, such security is excluded from the List of securities and the 

list of foreign currencies accepted as collateral for performance of obligations under the trades 

without full prefunding, as from the date of redemption, requiring no resolution from the Clearing 

Centre.

20.2.1. The securities issued by the Clearing Member or any of its affiliates, recorded under the Section 

intended for recording of own securities of such Clearing Member, shall not be recorded as 

collateral for performance of obligations under the trades without full prefunding, executed by 

such Clearing Member for its own account.

20.3. In each on-exchange market, the Clearing Centre forms the Guarantee Fund out of contributions 

made by all Category “B” and “O” Clearing Members.

The amount of contribution of each Category “B” and/or “O” Clearing Member to the Guarantee 

Fund of the relevant on-exchange market is stipulated in the corresponding specific part of the 

Clearing Rules.

20.4. The obligation to post the Collateral for Stress in each on-exchange market is borne by the 

Category “B” and “O” Clearing Members.

The procedure for calculation of the size of the Clearing Member’s Collateral for Stress in the 

respective on-exchange-market is stipulated in the Methodology for Determination of Collateral 

for Stress.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

42

20.5. The Clearing Members can make contributions to the Guarantee Funds and/or post the Collateral 

for Stress in cash (in Russian roubles and foreign currency) and in securities.

20.5.1. The list of foreign currencies and securities accepted by the Clearing Centre as contributions to 

the Guarantee Funds and/or the Collateral for Stress is stipulated by resolution of the Clearing 

Centre.

In case of redemption of a security, such security is excluded from the List of securities and 

foreign currencies accepted by the Clearing Centre as contributions to the Guarantee Funds 

and/or the Collateral for Stress, as from the date of redemption, requiring no resolution from the 

Clearing Centre.

20.5.2. The securities issued by the Clearing Member or its affiliate are not recorded as contributions to 

the Guarantee Funds and the Collateral for Stress for such Clearing Member.

Article 21. Restriction of the Clearing Centre’s Liability

21.1. The Clearing Centre’s aggregate liability for non-performance or improper performance of 

obligations to the Non-Defaulting Clearing Members included in the clearing pool in the relevant 

on-exchange market, if there are any Defaulting Clearing Members who have failed to perform 

obligations to the Clearing Centre, is limited to the following:

1) value of the Collateral (with the exception of the clearing certificate of participation) posted 

by the Defaulting Clearing Members in the respective on-exchange-market, except for the 

Collateral recorded under the Client Settlement Codes and the Trust Settlement Codes, 

where there are no Debts outstanding, and property in the property pool of Defaulting

members (if the relevant on-exchange market is the Securities market), not used for 

maintenance of execution of obligations under REPO transactions with clearing certificates 

of participation, except for the property in the property pool recorded under the property 

pool Settlement codes corresponding to the client Settlement codes and Trust Settlement 

codes do, where there are no Debts;

2) value of the Collateral (with the exception of the clearing certificate of participation) posted 

by the Defaulting Clearing member in other on-exchange markets recorded under the 

Proprietary Settlement Codes and which is not used for the fulfillment of the collateral 

requirements under transactions concluded on such on-exchange market, and property in 

the property pool of Defaulting Member recorded under proprietary property pool 

Settlement codes (if the relevant on-exchange market is not Securities market) not used for 

maintenance of execution of obligations under agreement on the property pool and 

obligations under transactions concluded in the Securities market;

3) value of the Collateral for Stress posted by the Defaulting Clearing Members in all onexchange markets;

4) value of the contributions of the Defaulting Clearing Members to the Guarantee Funds in all 

on-exchange markets;

5) value of the allocated capital of the central counterparty set for the relevant on-exchange 

market (hereinafter – the allocated capital of the Clearing Centre);

6) value of additional allocated capital of the central counterparty set for all on-exchange 

markets (is used by decision of the Clearing Centre)

7) value of contributions of the Non-Defaulting Clearing Members to the Guarantee Fund of 

the relevant on-exchange market;

8) value of contribution of PJSC Moscow Exchange to the Guarantee Fund;

9) value of own funds of the Clearing Centre, calculated for the relevant on-exchange market 

on the basis of a separate resolution of the Clearing Centre and not exceeding the 

difference between own funds (capital) of the Clearing Centre and the capital required to 

maintain the Clearing Centre's capital adequacy ratio on a minimum required level set by 

resolution of the Clearing Centre (hereinafter the additional capital of the Clearing Centre).

21.2. The amount of the allocated capital of the central counterparty for all on-exchange markets and 

amount of the allocated capital of the central counterparty for the relevant on-exchange market is 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

43

calculated by the Clearing Centre in accordance with the Methodology for Calculation of Allocated 

Capital of Central Counterparty.

21.2.1. The allocated capital of the central counterparty for the securities market is 2 000 000 000 (two 

billion) Russian rubles.

21.2.2. The allocated capital for the central counterparty for the FX market and precious metals market is 

2 500 000 000 (two billion five hundred million) Russian rubles.

21.2.3. The allocated capital of the central counterparty for the derivatives market is 1 500 000 000 (one 

billion five hundred million) Russian rubles.

21.2.4. The allocated amount of the central counterparty for the commodity market is 100 000 000 (one 

hundred million) Russian rubles.

21.3. The value of additional allocated capital of the central counterparty for all on-exchange markets is 

3 000 000 000 (three billion) Russian rubles.

21.4. Contribution of PJSC Moscow Exchange to the Guarantee Fund of the relevant on-exchange 

market is entered at the request of the Clearing Centre. The aggregated amount of the cash 

which PJSC Moscow Exchange posts as contribution to the Guarantee Fund on one or several 

on-exchange markets can not exceed 5 000 000 000 (five billion) Russian rubles.

21.5. The Clearing Centre’s liability is limited to the amount specified in paragraph 21.121.1 of the 

common part of the Clearing Rules through implementation of the following procedures.

21.6. If it is necessary for the Clearing Centre to execute trades in foreign currency / precious metals / 

securities / Derivatives Contracts / Contracts underlying asset of which is the commodity with the 

Defaulting Clearing Member having a non-fulfilled Margin Call, and also in other cases 

contemplated in the Clearing Rules, where the Clearing Centre has to execute trades in foreign 

currency / precious metals / securities / Derivatives Contracts / Contracts underlying asset of 

which is the commodity with the Defaulting Clearing Member (hereinafter the closing trades), the 

Clearing Centre will execute trades in foreign currency / precious metals / securities / 

commodities / Derivatives Contracts for the purpose of minimizing the Clearing Centre's 

exposures to obligations and claims under the central counterparty trades (hereinafter the 

balancing trades).

21.7. The balancing trades are executed in the relevant on-exchange markets on the basis of

paragraph 3.18 of the common part of the Clearing Rules on in the OTC markets, provided that, 

as a result of execution of the closing trades at the prices of the corresponding balancing trades, 

the amount of Debts of the Defaulting Clearing Members will not exceed the amount calculated 

pursuant to paragraph SECTION II.16.1 of the common part of the Clearing Rules.

21.8. If execution of balancing trades in the relevant on-exchange or OTC markets results in violation of 

the condition specified in paragraph SECTION II.16.5 of the common part of the Clearing Rules, 

balancing trades will be executed at marginal prices, at which the execution of closing trades will 

give rise to the Debts of the Defaulting Clearing Members, whose amount will not exceed the 

amount calculated pursuant to paragraph 21.1 of the common part of the Clearing Rules.

21.9. The balancing trades specified in paragraph 21.8 of the common part of the Clearing Rules are 

executed without submission of orders between the Clearing Centre and the Non-Defaulting 

Clearing Members having the Net Obligations / Net Claims / positions, recorded under the 

relevant Settlement codes, opposite to the Net Obligations / Net Claims / positions of the 

Defaulting Clearing Members pro rata to the volume of Net Obligations / Net Claims / open 

positions of the Non-Defaulting Clearing Members, recorded under the relevant Settlement 

codes.

21.9.1. The Clearing member is entitled to provide the Clearing Centre with the information about the 

Settlement code of the Clearing Member, which must be taken into account and fulfilled the 

obligations of the balancing transactions concluded in accordance with this paragraph of the 

common part of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

44

21.9.2. If necessary, the conclusion of the balancing transactions in accordance with this paragraph the 

common part of the Clearing Rules, the Clearing Centre using the Clearing system provides the 

Clearing Member with information about the commitment to balancing transactions that will arise 

from the Clearing Member.

The obligations of the Clearing member for the balancing transactions will be posted to 

Settlement code, details of which are provided by the Clearing Member to the Clearing Centre in 

accordance with subparagraph 21.9.1 of the common part of the Clearing Rules in case if the 

Clearing Member secures counter obligations recorded under this Settlement code by 18:45 

Moscow time-of-day, which was necessary to enter into these balancing transactions, and in case 

of failure by the Clearing Member obligations measured at such Calculation code to the specified 

time - in Settlement codes, which have taken into account the Net obligations / Net claims / 

positions of bona fide clearing member in proportion to the amount which were made these 

balancing transactions

21.9.3. The Clearing Member is obliged to fulfill the obligations under the balancing transactions 

concluded in accordance with this paragraph of the common part of the Clearing Rules, 

Settlement codes of the Clearing Member, the procedure for determining which is established by 

subparagraph 21.9.2 of the common part of the Clearing Rules.

21.9.4. Time of conclusion of balancing transactions in accordance with this paragraph of the common 

part of the Clearing Rules is 18:45 Moscow time-of-day, which was necessary to enter into these 

balancing transactions.

21.10. The Clearing Centre, acting on behalf of the Clearing Member in respect of itself, performs all 

legal and factual actions required for execution of trades pursuant to this Article of the common 

part of the Clearing Rules, without special authorization (power of attorney) and without consent 

of the Clearing Member.

21.11. In case of using the allocated capital of the central counterparty, the Clearing Centre shall make 

decision on the need to replenish allocated capital of the central counterparty.

21.12. In case of the failure of a Defaulting Clearing member of its obligations to the Clearing center led 

to the need to conclude a balancing transactions with a Non-defaulting Clearing members, in 

accordance with paragraphs 21.8 of the common part of the Clearing Rules, which are aimed at 

limiting the amount of liability of the Clearing Centre, the Non-defaulting Clearing members or the 

Clearing Center, according to the requirement of Non-defaulting Clearing members acting in the 

interests of the latter, are entitled to claim losses arising from Non-defaulting clearing members, 

from Defaulting Clearing member in accordance with the legislation of the Russian Federation.

21.12.1. The Clearing Member agrees to the disclosure as the Ultimate counterparty on transactions, nonperformance of its obligations which resulted in the need to conclude a balancing transactions 

with a non-defaulting Clearing members in accordance with paragraphs 21.8 of the common part 

of the Clearing Rules aimed at limiting the amount of liability of the Clearing Centre to any of such 

Non-defaulting Clearing members.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

45

SECTION IV. CLEARING PROCEDURE

SUBSECTION IV-I. PROCEDURE FOR POSTING AND REFUNDING OF COLLATERAL FOR 

STRESS AND CONTRIBUTIONS TO THE GUARANTEE FUNDS

Article 22. Procedure for Making Contributions to the Guarantee Funds and Posting Collateral 

for Stress

22.1. The Clearing Member can make cash contributions to the Guarantee Funds and/or post the 

Collateral for Stress in cash (in Russian roubles and foreign currency) using two methods:

1. transfer of cash to the clearing bank account of the Clearing Centre, opened with the 

Settlement Organization, the details whereof are published on the Clearing Centre’s 

Website;

2. submission of the order for transfer of Cash to the trading and clearing accounts for the 

Guarantee Funds / trading and clearing accounts for Collateral for Stress, using the 

Clearing System.

22.2. The transfer of cash to the clearing bank account of the Clearing Centre for the purpose of their 

recording as the Clearing Member’s contribution to the Guarantee Fund / Collateral for Stress 

shall be performed by the Clearing Member with mandatory indication in the payment description 

of the Clearing Member’s Settlement Code for recording of contributions to the Guarantee Funds 

/ Collateral for Stress.

22.2.1. The clearing center records in the Clearing system the funds credited to the clearing bank 

account of the Clearing centre, on account of the guarantee funds / Account of the collateral for 

stress, the appropriate account code indicated in the purpose of payment, and increases 

positions of cash in the Settlement code for the accounting of contributions to the Guarantee 

Fund / Collateral for stress, specified in the payment order, and the Single limit of the Guarantee 

Fund / Collateral for stress for the same Settlement code, taking into account the credited amount 

of money.

22.3. The Order for Transfer of Cash / , submitted through the Clearing System, shall specify the 

Clearing Member’s Trading and Clearing Account from which the funds must be remitted, and the 

Clearing Member’s Trading and Clearing Account of the Guarantee Funds / Collateral for stress , 

currency and amount of cash.

The Clearing Member’s Trading and Clearing Account, from which the funds must be remitted, 

may include the Settlement Code intended for recording of the Collateral, or the Settlement Code 

for recording of contributions to the Guarantee Funds / Collateral for Stress.

22.4. The order for transfer of cash / securities submitted by the Clearing Member through the Clearing 

system contains a reference to the Trading and clearing account, which needs to be executed the 

operation currency code/ securities amount of cash / number of securities that need to be 

transferred accounts.

22.4.1. Transfer of funds is carried out to the Collateral Account / Collateral Account T0 / guarantee Fund 

Account / Collateral for stress Account relevant to the Settlement code / Settlement code for 

accounting the contributions to the Guarantee Fund / Collateral for stress which is part of the 

Trading and Clearing Account / Trading and clearing Accounts of the Collateral for stress which is 

specified in the Order as Trading and Clearing department to which the cash shall be credited,

22.4.2. Transfer of securities is carried out to the Section T+ / Section T0 / depo sub-account of the 

Guarantee Funds / sub-account of the Collateral for stress which is a part of the Trading and 

clearing account / Trading and clearing account of the Collateral for stress specified in the order 

as Trading and clearing account to which the securitites shall be credited.

22.4.3. The order to transfer cash / securities submitted by the Clearing member is carried out by the 

cash / securities recorded under the Settlement codes / Settlement codes for the accounting of 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

46

contributions to the Guarantee Fund / Collateral for stress / Section T0 / Section T+ / depo subaccount of the Guarantee Funds / depo sub-account of the Collateral for stress which is a part of 

the Trading and clearing account / Trading and clearing Account of the Guarantee Funs / Trading 

and clearing account of the Collateral for stress specified in the order as Trading and clearing 

Account from which cash / securities shall be withdrawn, in case the following conditions are 

followed:

 amount of cash / quantity of securities specified in the order do not exceed the planned 

value of a position on cash / securities of the Clearing Member under the Settlement 

codes / Settlement codes for the accounting of contributions to the Guarantee Fund / 

Collateral for stress / Section T0 / Section T+ / depo sub-account of the Guarantee Funds 

/ depo sub-account of the Collateral for stress subtracting relevant Restrictive limit 

(applied to the Collateral account T0 / Collateral Account);

 a single limit on the Settlement code included in the Trading and clearing account T+ 

indicated in the order as the Trading and clearing account from which the funds / 

securities shall be deducted, calculated without taking into account the amount of cash 

funds / quantity of securities specified in the order, will not become negative ;

 a single limit of Guarantee funds / a Single limit of Collateral for stress in the Settlement 

code, which is part of the Trading and clearing accounts of Guarantee funds / Trading 

and clearing account Collateral for stress, is specified in the order as the Trading and 

clearing account from which the funds / securities shall be deducted, calculated without 

taking into account the amount of cash funds / quantity of securities specified in the 

order, will not become negative;

 in the case of debiting the funds / securities from the Account of the security / Section T+ 

included into the Trading and clearing account T+ with the sign "ban on unsecured 

purchases / ban short sales", and/or Clearing Member of category "C", and/or securities 

with the sign "ban short sales" and/or securities from the subaccount of depot property 

pool additional condition for the execution of the order for transfer of funds / securities is 

not to exceed the amount of cash / number of securities subject to cancellation, the 

planned value of a position on cash / securities, calculated according to the due Date,

Settlement code relevant to the Collateral Account / Section T+ / depo sub-account 

property pool minus corresponding Restrictive limit (forSettlement Code)

22.4.4. Partial execution of an order for transfer of funds / securities is impossible.

22.4.5. In case of positive check result of the execution of an order for transfer of funds / securities to the 

Clearing system immediately reduced the planned value of a position on cash / securities on the 

Settlement codes / Settlement codes for the accounting of contributions to the Guarantee Fund / 

Collateral for stress / the Section T0 / Section T+ / depo sub-accounts of guarantee funds / 

Deposit sub-account of the collateral for stress which is a part of the Trading and Clearing 

Account, from which cash / securities to be transferred, and increase the planned value of a 

position on cash / securities on the Settlement codes / Settlement codes for the accounting of 

contributions to the Guarantee Fund / Collateral for stress / the Section T0 / Section T+ / depo 

sub-accounts of guarantee funds / depo sub-account of the collateral for stress, to which funds / 

securities should be credited. 

22.4.6. Obligations for withdrawal / transfer of funds / securities on request to transfer funds / securities 

authenticated the possibilities of their execution in accordance with subsection 22.4.3 common

part of the Clearing Rules are included in the Clearing pool for settlements upon trading results 

and considered in the determination of the Net obligations / Net claims of the clearing Members 

on cash / securities transactions of the clearing pool according to the corresponding security 

Collateral Account T0 / Collateral Account / Guarantee funds Account / Collateral for stress 

Account / the Section T0 / Section T+ / depo sub-accounts of guarantee funds / depo sub-account 

of the collateral for stress in accordance with the Clearing Rules in the Securities market. 

22.5. For the purpose of depositing securities as contributions to the Guarantee Funds / Collateral for 

Stress, the Clearing Member shall:

1) get admission to clearing services in the securities market pursuant to the Clearing Rules 

for the Securities Market;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

47

2) perform the actions necessary for the opening of the depo sub-account of the Guarantee 

Fund / depo sub-account of the Collateral for contemplated in the Terms and Conditions of 

Depositary Activity of the Settlement Depository and the Clearing Rules;

22.5.1. The Clearing Centre registers the Trading and Clearing Account of the Guarantee Funds / 

Trading and clearing Account of the Collateral for Stress of the Clearing Member after receipt 

from the Settlement Depository of the list of Sections / depo sub-accounts containing information 

about the opened relevant depo sub-account of the Guarantee funs / depo sub-account of the 

Collateral for stress.

22.6. The introduction of securities as contributions to the Guarantee Fund / Collateral for stress in two 

ways:

1. by transfer of securities to the depo sub-accounts of Guarantee Funds / Collateral for stress 

on the basis of an order for transfer of securities into the Trading and Clearing Guarantee 

funds account / Trading-clearing Collateral for stress account, submitted by the Clearing 

Member using the Clearing system;

2. as a result of execution of Request on the selection of securities submitted by the Clearing 

Member using the Clearing system.

22.7. Only the Clearing Member’s Trading and Clearing Account comprising the Section opened in the 

Clearing Member’s proprietary trading depo account can be indicated in the Order to transfer 

securities tothe Trading and clearing Account of the Guarantee fund / Trading and clearing 

Account of the Collateral for stress as the Trading and Clearing Account comprising the Section 

from which the securities are to be written off. 

Order to transfer securities to the Guarantee Funds Trading and clearing account / Collateral for 

stress trading and clearing Accounts is carries out pursuant to the paragraph 22.4 of the common 

part of the Clearing Rules.

22.8. The procedure for submission and execution of Queries on the selection of securities for the 

purpose of their inclusion as contributions to the Guarantee Fund / Collateral for stress is 

determined by the Clearing Rules in the securuties market

22.9. To control performance of the Clearing Member’s obligations to make contributions to the 

Guarantee Funds / Collateral for Stress, the Clearing Centre calculates the Single Limit of the 

Clearing Member for the Guarantee Funds / for the Collateral for Stress as a the sum of the 

following, with account of the sign:

 cash position in Russian rubles for the Settlement code to account for the contributions to 

the Guarantee funds / Collateral for stress (recorded with plus sign);

 cash position in foreign currency for the Settlement code to account for the contributions to 

the Guarantee funds / Collateral for stress, converted in Russian roubles for the relevant 

Lower Boundary of the market risk assessment range established for foreign currency in 

accordance with the Methodology for Calculation of Collateral for Stress (recorded with 

plus sign);

 securities position recorded in the relevant depo sub-account of the Clearing Member, 

converted in Russian roubles for the relevant Lower Boundary of the market risk 

assessment range established for the security in accordance with the Methodology for 

Calculation of Collateral for Stress (recorded with plus sign);

 obligations of the Clearing Member to make a contribution to the Guarantee Funds of the 

relevant on-exchange markets in the amount stipulated in the corresponding specific part 

of the Clearing Rules (recorded with minus sign);

 obligations of the Clearing Member to post the Collateral for Stress in the relevant onexchange markets in the amount stipulated in accordance with the Methodology for 

Calculation of Collateral for Stress (recorded with minus sign).
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

48

22.10. The obligations of the Clearing Member to make contributions to the Guarantee Funds / post the 

Collateral for Stress are considered to be fulfilled if the Single Limit of the Member for the 

Guarantee Funds / Collateral for Stress, calculated in accordance with paragraph 22.8 of the

common part of the Clearing Rules, is non-negative.

22.11. In case of change of the amount of the Collateral for Stress in the respective on-exchange-market 

in accordance with the Methodology for Calculation of Collateral for Stress, the new value of the 

Collateral for Stress of the Clearing Member shall be used to calculate the Single Limit of the 

Clearing Member for the Collateral for Stress, starting from the 5

th Settlement Day after the day of 

submission by the Clearing Centre to the Clearing Member of the notice of the new value of the 

Collateral for Stress.

22.12. After increase in the value of the cash position for the Settlement code to account for the 

contributions to the Guarantee funds / Collateral for stress by the amount of cash deposited by 

the Clearing Member to the Guarantee Funds / in form of the Collateral for Stress, the Clearing 

Centre will start recording the obligation to refund to the Clearing Member the cash / securities 

recorded as contributions of such Clearing Member to the Guarantee Funds / Collateral for Stress 

of the Clearing Member.

22.13. The Clearing Centre may at any time offset the claims of the Clearing Member for refund to the 

latter of the cash recorded as contributions to the Guarantee Funds / Collateral for Stress, against 

the claims of the Clearing Centre against such Clearing Member in cash and in relevant currency.

Article 23. Procedure for Refunding Contributions to Guarantee Funds and Collateral for 

Stress

23.1. The refunding to the Clearing Member of cash and/or securities recorded as contribution of the 

Clearing Member to the Guarantee Fund / Collateral for Stress in the respective on-exchangemarket, in case of re-assignment of the category of the Clearing Member from “B” or “O” to “C” / 

in case of termination of admission to clearing services for the Category “B” or “O” Clearing 

Member in such on-exchange market is conducted upon re-assignment of the Clearing Member’s 

category from “B” or “O” to “C” / upon termination of admission to clearing services for the 

Category “B” or “O” Clearing Member in accordance with the procedure and on the grounds 

stipulated in article 12 of the common part of the Clearing Rules, and pursuant to the procedure 

set forth in paragraph 23.2 of the common part of the Clearing Rules.

23.2. Except as specified in paragraph SECTION I.4.12 of the common part of the Clearing Rules, the 

cash recorded as contributions of the Clearing Member to the Guarantee Funds / Collateral for 

Stress are refunded to the Clearing Member on the basis of the following:

1. the Request on Refund of cash;

2. the Order for transfer cash submitted by the Clearing members via the Clearing System.

23.3. Refund of securities by the Clearing Centre which are recorded as contribution of the Clearing 

Member to the Guarantee Funds / Collateral for stress, with exception of the event specified in 

paragraph SECTION I.4.12 of the common part of the Clearing Rules, is carried out based on the 

Order for transferring securities submitted via the Clearing Centre.

23.4. The Request for Refund of cash is submitted by the Clearing Member to the Clearing Centre via 

the EDI or S.W.I.F.T. system.

23.4.1. The refund of cash from the Guarantee funds / Collateral for stress on the basis of the Request 

for Refund of cash from the Guarantee Funds / Collateral for Stress, submitted via the EDI and/or 

the S.W.I.F.T. system is effected to the Refund Account registered with the Clearing Centre.

The Refund Account is registered on the basis of the Application for Registration of Refund 

Account.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

49

23.4.2. The Request for Refund of cash, shall contain indication of the Clearing Member’s Settlement 

Code for recording of contributions to the Guarantee Funds / Collateral for Stress, currency, and 

cash amount.

.

23.4.3. The timelines for submission of the Requests for Refund of cash are established by the Time 

Regulations.

23.4.4. In case of submission of the Request for Refund of cash later than the time set in the Time 

Regulations, such request will not be fulfilled.

23.4.5. The Request for Refund of cash shall be fulfilled on the day of its receipt by the Clearing Centre

in case if the condition is met, specified by subparagraphs 23.4.6 of the common part of the 

Clearing Rules.

23.4.6. The Request for Refund of cash shall be fulfilled if the amount of cash to be refunded does not 

exceed the planned value of the cash position in relevant currency for the Settlement code to 

account for the contributions to the Guarantee funds / Collateral for stress, and if the Clearing 

Member has no Debts, and if the Single Limit of the Clearing Member for the Guarantee Funds / 

Collateral for Stress, calculated without the amount of cash to be refunded does not become

negative.

23.4.7. To fulfill the Request for Refund of cash submitted via the EDI and/or the S.W.I.F.T. system, the 

Clearing Centre transfers the cash recorded as the Clearing Member’s contributions to the 

Guarantee Funds / Collateral for Stress, to the Refund Account.

23.4.8. Obligations on writing off cash from the Guarantee Funds Account / Collateral-for-Stress Account 

pursuant to the Requests for Refund of cash checked for the possibility of fulfillment according to 

subparagraph 23.4.6 of the common part of the Clearing Rules, are included in the Clearing Pool 

for Trading Settlements and are taken into account when calculating the Net Obligations / Net 

Claims of the Clearing Members in cash under the clearing pool trades for the Collateral Account 

T0 / Collateral Account / Guarantee Funds Account / Collateral-for-Stress Account pursuant to the 

Clearing Rules for the Securities Market.

23.5. Order for transfer cash / securities submitted by the Clearing member via the Clearing system is 

carried out pursuant to the paragraph 22.4 of the common part of the Clearing Rules.

23.5.1. In the Order for transfer securities from the Guarantee Funds Trading and clearing accounts / 

Collateral for stress Trading and clearing accounts used as trading and clearing Account shall be 

specified only as Trading and clearing Account the part of which is the Section opened on the 

depo trading account of the Clearing member.

Article 24. Procedure for Issuance and Fulfilment of Margin Calls for Funds / Collateral for 

Stress

24.1. In course of the clearing session held in accordance with the Clearing Rules for the Securities 

Market, the Clearing Centre also performs the following actions:

 for each Category “B” or “O” Clearing Member, calculates the value of the Single Limit for 

the Guarantee Funds; determines the Clearing Members for whom the Margin Calls for 

funds have arisen; generates and submits to the Clearing Members the Guarantee Fund 

Reports;

 for each Category “B” or “O” Clearing Member whom the Clearing Centre requires to post 

the Collateral for Stress with the value different from zero, calculates the value of the 

Single Limit for the Collateral for Stress; determines the Clearing Members for whom the 

Margin Calls have arisen for the Collateral for Stress; generates and submits to the 

Clearing Members the Collateral-for-Stress Reports.

24.2. If, as a result of the clearing session, the Single Limit of the Clearing Member for the Guarantee 

Funds becomes lower than the amount established by the Clearing Centre’s resolution 

(hereinafter the Margin Call Threshold for funds), the Clearing Centre issues the Margin Call for 

funds to the Clearing Member.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

50

The information on the Margin Call for funds is provided to the Clearing Member as part of the 

Guarantee Fund Report provided pursuant to the Clearing Rules for the Securities Market.

The Margin Call for funds shall be fulfilled by the Clearing Member on time established by the 

Time Regulations, by transferring cash in Russian roubles and/or foreign currency and/or 

securities for recording as contributions to the Guarantee Funds in accordance with the 

procedure set forth in Article 22 of the common part of the Clearing Rules.

The Margin Call for funds is deemed to be fulfilled at the moment in time when the Single Limit of 

the Clearing Member for the Settlement Code for recording contributions to the Guarantee Funds 

exceeds or equals zero.

24.3. If the Single Limit of the Clearing Member for the Collateral for Stress falls below the value 

established by resolution of the Clearing Centre (hereinafter the Margin Call Threshold for 

collateral for stress), the Clearing Centre issues the Margin Call for collateral for stress to the 

Clearing Member. 

The information on the Margin Call for collateral for stress is submitted to the Clearing Member as 

part of the Collateral-for-Stress Report provided pursuant to the Clearing Rules for the Securities 

Market.

The Margin Call for collateral for stress shall be fulfilled by the Clearing Member on time 

established by the Time Regulations, by transferring cash in Russian roubles and/or foreign 

currency and/or securities for recording as the Collateral for Stress in accordance with the 

procedure set forth in Article 22 of the common part of the Clearing Rules.

The Margin Call for collateral for stress is deemed to be fulfilled at the moment in time when the 

Single Limit of the Clearing Member for the collateral for stress exceeds or equals zero.

24.4. In case of the Clearing Member’s failure to fulfill the Margin Call for funds within the time period 

established by paragraph 24.2 of the common part of the Clearing Rules, the Clearing Member is 

deemed to have failed to perform its obligations on making contributions to the Guarantee Funds 

of all on-exchange markets where it has been admitted to clearing with the “B” or “O” category, 

and in respect of such Clearing Member there will be taken measures contemplated in the 

relevant specific part of the Clearing Rules.

24.5. In case of the Clearing Member’s failure to fulfill the Margin Call for collateral for stress, due to 

revaluation of the securities and foreign currency recorded as the Collateral for Stress, within the 

time period set by paragraph 24.3 of the common part of the Clearing Rules, the Clearing 

Member is deemed to have failed to perform its obligations on posting the Collateral for Stress in 

all on-exchange markets where, pursuant to the relevant specific part of the Clearing Rules, the 

Clearing Centre has required the Clearing Member to post the Collateral for Stress, and in 

respect of such Clearing Member there will be taken measures contemplated in the relevant 

specific part of the Clearing Rules.

24.6. In case of the Clearing Member’s failure to fulfill the Margin Call for collateral for stress, due to the 

change of the size of the Collateral for Stress in certain on-exchange market, the Clearing 

Member is deemed to have failed to perform its obligations on posting the Collateral for Stress in 

the on-exchange market where the size of the Collateral for Stress had been increased.

SUBSECTION IV-II. PROCEDURE FOR INCLUDING OBLIGATIONS IN CLEARING POOL

Article 25. General Requirements to Procedure for Including Obligations in the Clearing Pools 

and to Procedure for Performance of Obligations

25.1. The outstanding trade obligations and other obligations arising pursuant to the Clearing Rules are 

included in the corresponding clearing pools on the Settlement Date for the said obligations.

The list of clearing pools and the procedure for including obligations in the relevant clearing pools 

are stipulated in the corresponding specific parts of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

51

25.2. For the purpose of performance of trade obligations and other obligations determined by the 

Clearing Rules, included in the relevant clearing pool, the Clearing Members must ensure 

presence of cash / securities / precious metals / commodities in the corresponding accounts 

specified in the relevant specific part of the Clearing Rules prior to the time of settlement of the 

relevant obligations indicated in the corresponding time regulation.

25.3. The Clearing Rules may establish that:

 trade obligations and other obligations determined by the Clearing Rules, included in the 

relevant clearing pool, are performed in the moments of time stipulated in the 

corresponding time regulation, or [sic]

 for the purpose of performance of trade obligations and other obligations determined by the 

Clearing Rules, the Clearing Members are obliged or entitled to submit the Settlement 

Orders or other orders to the Clearing Centre.

25.4. The Clearing Rules, inter alia, may contemplate: 

 cases and procedure for early performance of trade obligations and other obligations 

determined by the Clearing Rules;

 procedure and terms of replacement of the accounts where trade obligations and/or other 

obligations determined in the Clearing Rules must be performed;

 cases, procedure and terms of refusal to perform trade obligations and other obligations

determined by the Clearing Rules;

 cases and procedure for issuance of the Clearing Centre’s resolution on unilateral change 

of the subject / object of the trades whereunder obligations are still outstanding, and/or the 

procedure for performance of trade obligations.

25.5. The procedure for performance of the obligations included in the relevant clearing pool is

stipulated in the relevant specific part of the Clearing Rules.

SUBSECTION IV-III. DEFAULT MANAGEMENT PROCEDURES

Article 26. Procedure for Use and Reimbursement of Guarantee Funds and Other Resources 

in Order to Repay Clearing Members’ Debts (Cross Default Procedure)

26.1. This article of the common part of the Clearing Rules is applied when the Debt of the Clearing 

Member, recorded under the Settlement Code, is not repaid through the actions taken by the 

Clearing Centre as stipulated in the relevant specific part of the Clearing Rules, subject to the 

limitation of the Clearing Centre’s liability contemplated by Article 21 of the common part of the 

Clearing Rules.

26.2. Individual clearing and other collateral of the Defaulting Clearing Member, including the Collateral 

for Stress of the Defaulting Clearing Member, allocated capital of the central counterparty and the 

Guarantee Funds will be used to repay the Debt of the Clearing Member, recorded under the 

Settlement Code, in the following sequence:

1) available Collateral of the Defaulting Clearing Member (with exception of the clearing 

certificates of participation) in the on-exchange market where the Debt had arisen, 

recorded under the proprietary Settlement Codes of the Defaulting Clearing Member (at the 

discretion of the Clearing Centre) and available property of the Defaulting Clearing Member 

from the property pool recorded under proprietary Settlement codes of the property pool of 

the Defaulting Clearing member (at the option of the Clearing Centre), if the market in 

which the Indebtedness occurred, is the securities market;

2) available Collateral of the Defaulting Clearing Member (with exception of the clearing 

certificates of participation) in other on-exchange market, recorded under the proprietary 

Settlement Codes of the Defaulting Clearing Member (at the discretion of the Clearing 

Centre) and available property of the Defaulting Clearing Member from the property pool 

recorded under the proprietary Settlement Codes of the property pool of the Defaulting 

Clearing Member (at the discretion of the Clearing Centre), if the market in which the 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

52

Indebtedness occurred, is the securities market;

The actions contemplated by the subparagraphs 2) are successively repeated by the 

Clearing Centre for all on-exchange markets in the sequence chosen at the discretion of 

the Clearing Centre;

3) Collateral of the Defaulting Clearing Member in the on-exchange market where the Debt 

had arisen, recorded under the proprietary Settlement Codes of the Defaulting Clearing 

Member (at the discretion of the Clearing Centre), which became available as a result of 

execution of the trades aimed at increase of the volume of available Collateral of the 

Defaulting Clearing Member, and/or available property of the Defaulting Clearing Member 

from the property pool recorded under proprietary Settlement codes of the property pool of 

the Defaulting Clearing member (at the option of the Clearing Centre), vacated from 

executed trades resulted in receiving clearing certificates of participation by the Defaulting 

Member which are adhered to their terms upon issuance of property from property if the 

market in which the Indebtedness occurred, is the securities market;

4) Collateral of the Defaulting Clearing Member in other on-exchange markets, recorded 

under the proprietary Settlement Codes of the Defaulting Clearing Member (at the 

discretion of the Clearing Centre), which became available as a result of execution of the 

trades aimed at increase of the volume of available Collateral of the Defaulting Clearing 

Member and/or available property of the Defaulting Clearing Member from the property 

pool recorded under proprietary Settlement codes of the property pool of the Defaulting 

Clearing member (at the option of the Clearing Centre), vacated from executed trades 

resulted in receiving clearing certificates of participation by the Defaulting Member which 

are adhered to their terms upon issuance of property from property if the market in which 

the Indebtedness occurred, is the securities market;

The actions contemplated by the subparagraphs 4) are successively repeated by the 

Clearing Centre for all on-exchange markets in the sequence chosen at the discretion of 

the Clearing Centre

5) the Collateral for Stress of the Defaulting Clearing Member in the on-exchange market 

where the Debt had arisen;

6) contribution of the Defaulting Clearing Member to the Guarantee Fund of the on-exchange 

market where the Debt had arisen;

7) the Collateral for Stress of the Defaulting Clearing Member in other on-exchange market, at 

the discretion of the Clearing Centre;

8) contribution of the Defaulting Clearing Member to the Guarantee Fund of other onexchange market where the Collateral for Stress of the Defaulting Clearing Member was 

used;

The actions contemplated by the subparagraphs 7)-10) are successively repeated by the 

Clearing Centre for all on-exchange markets in the sequence chosen at the discretion of 

the Clearing Centre

9) allocated capital of the central counteragent determined for on-exchange market, where 

the Debt occurred;

10) additional allocated capital of the central counteragent determined for all on-exchange 

markets (at the discretion of the Clearing Centre);

11) contributions of the Non-defaulting Clearing members to the Guarantee Fund of the onexchange market where the Debt occurred;

12) contribution of the PJSC Moscow Exchange to the Guarantee Fund of the on-exchange 

market where the Debt occurred.

26.3. For purposes of this article the common part of the Clearing Rules available Collateral means a 

Collateral in an amount that meets the conditions of return of the Collateral, provided the relevant 

specific part of the Clearing Rules and available property from the property pool the means a 

property in size, which complied with the conditions of the repayment of clearing certificates of 

participation in the issuance of the relevant property from the property pool.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

53

26.4. Contributions to the Guarantee Funds and other resources of the Clearing Members of each 

order indicated in paragraph 26.2 of the common part of the Clearing Rules, and within each of 

the queues to each of the on-exchange market, are used in the following sequence:

1) Russian roubles;

2) foreign currency;

3) securities;

4) precious metals;

5) commodities.

26.5. The resources of the Guarantee Funds and other resources of the next order in accordance with 

this Article of the common part of the Clearing Rules are used in case if the Debt of the Clearing 

Member has not been repaid with resources of the previous order.

26.6. The Collateral of the Defaulting Clearing Member in Russian roubles is used to repay its Debt, 

provided that there is no Margin Call outstanding for the Settlement Code / Settlement Firm, 

opened for the relevant on-exchange market, and in the amount not leading to issuance of the 

Margin Call for such Settlement Code / Settlement Firm and/or the Debt under such Settlement 

Code.

26.7. The Collateral of the Defaulting Clearing Member in foreign currency / securities (wit exception of 

clearing certificates of participation) / precious metals / commodities is used to repay its Debt, 

provided that there is no Margin Call outstanding for the Settlement Code / Settlement Firm, 

opened for the relevant on-exchange market, and in the volume not leading to issuance of the 

Margin Call for such Settlement Code / Settlement Firm.

26.8. The Property from property pool is used, under the conditions of the repayment of clearing of 

certificates of participation in the issuance of property from property pool established by the 

Clearing Rules in the securities market.

26.9. If, after using the available Collateral of the Defaulting Clearing Member, recorded under all 

proprietary Settlement Codes in all on-exchange markets, and assets from the property pool 

recorded under proprietary Settlement codes of the property pool, which complied with the 

conditions of the repayment of clearing certificates of participation in the issuance of such 

property from property pool, the Debt of the Clearing Member is still not settled, the Clearing 

Centre and the Defaulting Clearing Member execute trades under proprietary Settlement Codes 

without submission of orders, intended to increase the amount of the available Collateral of the 

Defaulting Clearing Member recorded under the proprietary Settlement Codes and/or 

transactions resulting in obtaining clearing certificates of participation, which are adhered to their 

terms upon issuance of property from property pool established by the Clearing Rules in the 

securities market (if a market in which there was a Debt, or market chosen by the Clearing center, 

is the securities market), first in the on-exchange market where the Debt has arisen, and then in 

other on-exchange markets (at the discretion of the Clearing Centre.

The Collateral and/or assets form the property pool, released as a result of execution of trades 

and/or repayment of the clearing certificates of participation, pursuant to this paragraph of the 

common part of the Clearing Rules shall be transferred by the Clearing Centre to the Settlement 

Code whereunder the Debt is recorded, and will be used for repayment thereof.

The trades referred to in this paragraph of the common part of the Clearing Rules are executed 

prior to the moment of repayment of the Clearing Member’s Debt recorded under the Settlement 

Code, or prior to the moment when execution of such trades becomes impossible (whichever is 

the earliest).

26.10. If, after taking the actions specified in paragraph 26.8 of the common part of the Clearing Rules, 

the Debt of the Clearing Member still remains unsettled, the Clearing Centre and the Defaulting 

Clearing Member execute, without submission of orders, the closing trades aimed at termination 

of obligations of the Defaulting Clearing Member, for all Settlement Codes in the on-exchange 

market where the Debt has arisen.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

54

After execution of trades pursuant to this paragraph of the common part of the Clearing Rules, 

the Collateral for Stress of the Defaulting Clearing Member in the on-exchange market where the 

Debt has arisen, and then the Defaulting Clearing Member’s contribution to the Guarantee Fund

in the on-exchange market where the Debt has arisen, will be used to repay the Debt of such 

Clearing Member.

26.11. If, after using the Collateral for Stress of the Defaulting Clearing Member in the on-exchange 

market where the Debt has arisen, and after using the Defaulting Clearing Member’s contribution 

to the Guarantee Fund of the on-exchange market where the Debt has arisen, the Debt of the 

Clearing Member still remains unsettled, the Clearing Centre and the Defaulting Clearing Member 

execute, without submission of orders, the closing trades aimed at termination of obligations of 

the Defaulting Clearing Member, for all Settlement Codes in other on-exchange market (at the 

discretion of the Clearing Centre).

After execution of trades pursuant to this paragraph of the common part of the Clearing Rules, 

the Collateral for Stress of the Defaulting Clearing Member in such on-exchange market, and 

then the Defaulting Clearing Member’s contribution to the Guarantee Fund in such on-exchange 

market, will be used to repay the Debt of such Clearing Member.

In this case, the Collateral for Stress in the on-exchange market and the Defaulting Clearing 

Member’s contribution to the Guarantee Fund of the on-exchange market will be used if the 

Clearing Member has no Debts under the Settlement Codes in such on-exchange market.

26.12. If, after taking the actions specified in paragraph 26.11 of the common part of the Clearing 

Rules, the Debt of the Clearing Member still remains unsettled, the actions specified in 

paragraph 26.11 of the common part of the Clearing Rules will be taken in respect of the 

Defaulting Clearing Member in other on-exchange market.

26.13. The Clearing Centre, acting on behalf of the Clearing Member in respect of itself, performs all 

legal and factual actions required for execution of trades pursuant to paragraphs 26.8 of the 

common part of the Clearing Rules, without special authorization (power of attorney) and without 

consent of the Clearing Member.

26.14. In case of using the Clearing Member’s contribution to the Guarantee Fund of the on-exchange 

market and/or the Collateral for Stress in the on-exchange market, the Clearing Member will be 

subject to the measures contemplated in the relevant specific part of the Clearing Rules..

26.15. In case of using the contribution to the Guarantee Fund and/or Collateral for Stress of the 

Defaulting Clearing Member, such Clearing Member shall, within one (1) Settlement Day after 

issuance by the Clearing Centre of the Margin Call for the fund and/or the Margin Call for the 

Collateral for Stress in accordance with paragraphs SUBSECTION IV-I.24.2 / SUBSECTION IVI.24.3 of the common part of the Clearing Rules, replenish its contribution to the Guarantee Fund 

/ its Collateral for Stress to the level set by the Clearing Centre.

26.16. Contributions to the Guarantee Fund of the Non-Defaulting Clearing Members in the respective 

on-exchange-market are used when the amount of the Defaulting Clearing Members’ Debts to the 

Clearing Centre exceeds the amount of allocated capital of the Clearing Centre, set for such onexchange market , and the amount of additional allocated capital of the central counterparty set 

for all on-exchange markets and used by the decision of the Clearing Centre in the on-exchange 

market on which the Debt occurred.

26.17. Contributions of the Non-Defaulting Clearing Members to the Guarantee Fund of the relevant onexchange market will be used in equal proportions.

26.18. In case if several debts of one or more Defaulting Clearing Members arise in several onexchange markets, the contribution of the Defaulting Clearing Member to the Guarantee Fund of 

the on-exchange market / Collateral for Stress of the Defaulting Clearing Member in the onexchange market is used, firstly, to repay the Debt of the Clearing Member arising in such onexchange market, and secondly – to repay the Debts arising in other on-exchange markets.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

55

26.19. The Collateral of the Defaulting Clearing Member / contribution of the Defaulting Clearing 

Member to the Guarantee Fund / Collateral for Stress / property from the property pool of the 

Defaulting Clearing Member in Russian roubles are used to satisfy the claims of the Clearing 

Centre in respect of the Defaulting Clearing Member’s Debt by transferring cash in Russian 

roubles recorded as the Collateral of the Defaulting Clearing Member in the respective onexchange-market / contribution of the Defaulting Clearing Member to the Guarantee Fund of the 

respective on-exchange-market / Collateral for Stress of the Defaulting Clearing Member / 

property from the property pool of the Defaulting Clearing Member / contribution of the Nondefaulting Clearing Member to the Guarantee Fund, to the Clearing Centre as a repayment of the 

Defaulting Clearing Member’s Debt.

26.20. The Collateral of the Defaulting Clearing Member / contribution of the Defaulting Clearing 

Member to the Guarantee Fund / Collateral for Stress / property from the property pool of the 

Defaulting Clearing Member / contribution of the Non-defaulting Clearing Member to the 

Guarantee Fund in foreign currency / securities (with exception of the clearing certificates of 

participation) / precious metals / commodities are used to satisfy the claims of the Clearing 

Centre in respect of the Defaulting Clearing Member’s Debt by means of:

1) sale of the said foreign currency / securities / precious metals / commodities in the amount

required for settlement of the said Debt, with transfer of the cash in Russian roubles 

received from such sale to the Clearing Centre as a repayment of the Defaulting Clearing 

Member’s Debt;

2) transfer of the said foreign currency / securities / precious metals / commodities to the 

Clearing Centre as a repayment of the Defaulting Clearing Member’s Debt (if a sale thereof 

is impossible).

At that, the amount of cash in foreign currency / quantity of precious metals to be 

transferred to the Clearing Centre from the Clearing Member’s Collateral in the relevant onexchange market / contribution of the Clearing Member to the Guarantee Fund of the 

relevant on-exchange market / Collateral for Stress of the Clearing Member in the relevant 

on-exchange market / property of the Clearing Member from the property pool, is 

calculated on the basis of the amount of Debt and the exchange rate for foreign currency / 

precious metals, equal to the Lower Boundary of the market risk assessment range, set by 

the Clearing Centre for such foreign currency / precious metal in accordance with the 

Methodology for Determination of Risk Parameters of FX Market and Precious Metals 

Market on the date of meeting the requirements, and the quantity of securities – on the 

basis of the amount of Debt and the relevant Lower Boundary of the market risk 

assessment range set by the Clearing Centre for such securities in accordance with the 

Methodology for Determination of Risk Parameters of the Securities Market on the date of 

fulfillment of the requirements, the amount of commodities - based on the amount of Debt 

and the Lower limit of the range of market risk assessment established by the Clearing 

Center for such commoditirs in accordance with the Methodology of determining risk 

parameters of the Commodity market on the date of satisfaction of requirements.

26.20.1. The property of the Defaulting Member from the property of the pool is used to meet the 

requirements of the Clearing Centre on the Debt of the Defaulting Clearing Member subject to 

repayment of the required amount of clearing certificates of participation.

26.20.2. Clearing Centre uses the Collateral of the Clearing Member / contribution of the Clearing Member 

to the Guarantee Fund / Collateral for Stress of the Clearing Member to satisfy its claims without 

prior notice to the Clearing Member.

26.20.3. The value of the cash position in relevant currency / position in relevant precious metals in the 

Collateral Account / Guarantee Funds Account / Collateral-for-Stress Account / value of the 

position in securities in the relevant Section / depo sub-account / Collateral in commodities 

recorded in relevant commodity Section jf the Trading and Clearing account of the Defaulting 

Clearing Member, and the value of obligation of the Clearing Centre on refund to the Clearing 

Member of the Collateral / contributions to the Guarantee Funds / Collateral for Stress shall be 

decreased by the amount / quantity of cash /securities / precious metals / commodities used from 

the Defaulting Clearing Member’s Collateral / Defaulting Clearing Member’s contribution to the 

Guarantee Fund / Collateral for Stress of the Defaulting Clearing Member.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

56

26.21. If there is a need to use the securities recorded as the Collateral of the Clearing Member / 

contributions of the Clearing Members to the Guarantee Funds / Collateral for Stress / assets in 

the property pool, the Clearing Centre includes the order for transfer of securities from the depo 

sub-account of the Clearing Member to the depo sub-account of the Clearing Centre in the order 

for performance of operations on the Sections / depo sub-accounts, submitted to the Settlement 

Depository in accordance with the Clearing Rules for the Securities Market.

26.22. If there is a need to use the precious metals recorded as the Collateral of the Clearing Member, 

the Clearing Centre will write down the relevant precious metal from the Clearing Member’s 

Collateral Account.

26.23. If case there is a need to use commodities considered as Collateral of the Clearing Member, the 

Clearing Center includes an instruction to withdraw the Commodities within the trading section of 

the Trading commodity account of the Clearing member in the request to transfer commodities to 

the Operator of commodity deliveries in accordance with the Clearing Rules in Commodity 

market.

26.24. In case of using the contributions made to the Guarantee Fund by the Non-Defaulting Clearing 

Members and/or PJSC Moscow Exchange, the Defaulting Clearing Member shall, within 1 (one) 

Settlement Day, reimburse to the Clearing Centre in Russian roubles for the used resources of 

the Guarantee Fund.

The notice on the need for reimbursement of resources of the Guarantee Fund, containing 

information on the amount in Russian roubles to be compensated by the Clearing Member, on the 

details of the account for reimbursement of resources of the Guarantee Fund, on the time period 

within which the resources of the Guarantee Fund shall be reimbursed, is submitted to the 

Clearing Member in form of an electronic document not later than on the business day following 

the date of use of the Guarantee Fund of the relevant on-exchange market.

If the Defaulting Clearing Member fails to reimburse the Guarantee Fund’s resources, the 

Clearing Centre may require the reimbursement from such Clearing Member in court.

26.25. After the Defaulting Clearing Member reimburses the used resources of the Guarantee Fund out 

of contributions of the Non-Defaulting Clearing Members, the Clearing Centre will reimburse in 

Russian roubles the used contributions of the Non-Defaulting Clearing Members and contribution 

of PJSC Moscow Exchange to the Guarantee Funds.

If the funds received from the Defaulting Clearing Member are insufficient for full reimbursement 

of the contributions of the Non-Defaulting Clearing Members to the Guarantee Fund of the 

relevant on-exchange market, such contributions shall be partially reimbursed pro rata to the 

used resources of the Guarantee Fund out of the contribution of each Non-Defaulting Clearing 

Member and contribution of PJSC Moscow Exchange.

At that, the value of the Non-Defaulting Clearing Member’s cash position in Russian roubles on 

the Guarantee Funds Account and the size of the Clearing Centre’s obligation for return to the 

Clearing Member of its contributions to the Guarantee Funds will be increased by the reimbursed 

amount of cash and contribution of PJSC Moscow Exchange.

26.26. After the Defaulting Clearing Member reimburses the used resources of the Guarantee Funds out 

of contributions of the Non-Defaulting Clearing Members, such Defaulting Clearing Member shall 

reimburse (make) its contributions to the Guarantee Funds of the relevant on-exchange markets 

and/or the Collateral for Stress in the relevant on-exchange markets in the amount specified by 

the Clearing Centre.

26.27. In case of use of the contributions of the Non-Defaulting Clearing Members to the Guarantee 

Fund of the relevant on-exchange market, the Non-Defaulting Clearing Members shall, within 1 

(one) Settlement Day after issuance of the Margin Calls for the fund by the Clearing Centre under 

paragraph 19.2 of the common part of the Clearing Rules, replenish their contributions in Russian 

roubles to the Guarantee Fund of the relevant on-exchange market to the level established by the 

Clearing Centre.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

57

Such obligation on replenishment of the contribution to the Guarantee Fund of the relevant onexchange market cannot arise for the Non-Defaulting Clearing Member more frequently than 

once per Settlement Day and 6 (six) times during the calendar year.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

58

SUBSECTION IV-IV. PROCEDURE FOR INTERACTION WITH SETTLEMENT 

ORGANIZATION AND SETTLEMENT DEPOSITORY

Article 27. Procedure for Interaction with the Settlement Organization

27.1. The Clearing Centre interacts with the Settlement Organization on the clearing bank accounts 

according to the terms and conditions of the bank account agreement.

27.2. The list of documents interchanged between the Clearing Centre and the Settlement Organization 

in course of interaction during the clearing and clearing settlements in cash on the trading bank 

accounts, as well as the formats of such documents and the timelines for their submission are 

stipulated in the agreement concluded between the Clearing Centre and the Settlement 

Organization.

27.3. In case of using during the clearing and settlements of the trading bank accounts, cash is debited 

from the trading bank accounts on the basis of the orders of the Clearing Centre or on the basis 

of the orders of the person to whom such trading bank account has been opened, upon consent 

of the Clearing Centre.

27.4. The Clearing Centre consents to any operations of crediting to the trading bank account on the 

basis of the instructions of the person to whom such trading bank account has been opened.

27.5. In case of levy of execution upon the property of the Clearing Member kept in the trading bank 

account or in the clearing bank account:

27.5.1. Settlement organization immediately transmits the information about the foreclosure or seizure to 

the Clearing Centre.

27.5.2. Promptly after receipt from the Settlement organization of information on foreclosure, or seizure 

of the property of the clearing Member on the trading account and/or the clearing bank account, 

the Clearing Centre does the following:

 sets a restrictive limit on the amount specified in the document which is the basis for foreclosure 

and/or seizure in respect of the Account collateral T0 Clearing Member, the relevant Bank account, 

in respect of which it is seized / foreclosed;

 sets a restrictive limit on the amount specified in the document which is the basis for foreclosure 

and/or seizure in respect of Collateral Accounts the Clearing Member, corresponding to the own 

Settlement codes of the Clearing Member;

 establishes a limit on the withdrawal of funds from the following Collateral Account / Collateral 

Accounts T0 to the amount specified in the document which is the basis for foreclosure and/or 

seizure of the collection order / of the Executive document;

 may send to the Exchange a notification of the need to suspend the possibility of concluding 

Transactions in T+ with indication of the Trading and clearing account T+, which include the 

Collateral Accounts.

27.5.3. The Clearing Centre:

1. is entitled to resolve that the Date of settlement of trade obligations shall be deemed to be 

effective on the Settlement Day when the Clearing Centre receives from the Settlement 

Organization a copy of the said document, and/or to decide to execute with the Clearing 

Member the closing trades aimed at termination of the Clearing Member’s obligations, on the 

day when the Clearing Centre receives from the Settlement Organization a copy of the 

document serving as a basis for the said levy of execution, or on the Settlement Day following 

the day of receipt of the copy of the said document by the Clearing Centre.

The information about the decision made by the Clearing Centre in accordance with this 

paragraph of the common part of the Clearing Rules is submitted to the Clearing Member via 

the EDI.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

59

2. is entitled to conclude a Clearing Member closing the transaction of purchase and sale of 

securities with settlement code Yn and/or the purchase and sale of foreign currency, leading 

to an increase of the Single limit on the Settlement code of the Clearing Member, on the 

property which are levied / seized. The procedure for the conclusion and execution of such 

transactions the accounting specified by the clearing Rules in the stock market the procedure 

for the conclusion and execution of transactions in case of failure of a clearing Member 

Margin requirements, considered by the account code;

3. not later than the day following the day of receipt by the Clearing Centre copies of Executive 

documents, takes (stops) the obligations of the Clearing Member with due execution Date;

4. not later than the day following the day of receipt by the Clearing Centre copies of court 

documents, sends the Settlement organization information on the amount of cash and the 

clearing details of the Bank account which are recorded or which are listed remained after 

execution (termination) of obligations of the Clearing member funds.

27.5.4. Funds remaining after payment of funds by the Executive document and expenses of the 

Commission of Executive actions and performance fee may be refunded by the Clearing Centre 

to the clearing Member upon request.

Article 28. Procedure for Interaction with the Settlement Depository and Other Depositories

28.1. The list of documents interchanged between the Clearing Centre and the Settlement Depository 

in the course of interaction during the clearing and the clearing settlements in securities, as well 

as the formats of such documents and the timelines for their submission are stipulated in the 

agreement concluded between the Clearing Centre and the Settlement Depository.

28.2. Writing down of securities from the Sections of trading depo accounts is performed on the basis 

of the instructions of the Clearing Centre or on the basis of the instructions of the person to whom 

such trading depo account has been opened, upon consent of the Clearing Centre.

28.2.1. The securities owned by the Clearing Member and transferred by the Clearing Member as 

contributions to the Guarantee Funds / Collateral for Stress are recorded in the relevant depo 

sub-accounts. To open a depo sub-account, the Clearing Member shall submit to the Settlement 

Depository a set of documents contemplated by the Settlement Depository’s Terms and 

Conditions of the Depositary Activities.

28.2.2. Securities are debited / credited from/to the depo sub-accounts on the basis of the instructions of 

the Clearing Centre.

28.2.3. Income and other disbursements due to the Clearing Members in respect of securities, recorded 

in depo sub-accounts, are transferred as contributions to the Guarantee Funds / Collateral for 

Stress to the relevant clearing account of the Clearing Centre, in accordance with the procedure 

specified in the agreement of the Clearing Centre with the Settlement Depository.

Income and other disbursements on securities, transferred as contributions to the Guarantee 

Funds / Collateral for Stress in accordance with this subparagraph of the common part of the 

Clearing Rules are recorded as the resources of the Clearing Member transferred to the relevant

clearing account of the Clearing Centre.

28.3. The Clearing Centre consents to any operations of crediting to the Sections of the trading depo

account on the basis of the instructions of the person to whom such trading depo account has 

been opened.

28.4. If the trading depo accounts of the Clearing Members, Clearing Member's clients and other 

persons are opened with the depository which has opened a nominee trading depo account with 

the Settlement Depository, the Clearing Centre will consent to carrying out of any operations on

such trading depo accounts, including closure of such trading depo accounts. The said consent of 

the Clearing Centre will be effective till the date of withdrawal thereof by the Clearing Centre in

the said depository or till submission by the Clearing Centre to the said depository of the 

instruction stipulating other terms and conditions of carrying out operations on such trading depo 

accounts.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

60

28.5. Each Settlement Day before commencement of the Trading the Clearing Centre sends to the 

Settlement Depository a request for extract from the Sections / depo sub-accounts, in response 

whereto the Settlement Depository shall transfer to the Clearing Centre the list of Sections / depo 

sub-accounts and the extract from the Sections / depo sub-accounts.

28.6. Upon receipt from the Settlement Depository of the extract from the Sections / depo subaccounts, the Clearing Centre shall establish in the Clearing System the initial and planned 

values of the depo positions for the Sections / depo sub-accounts of the Clearing Members 

according to the information on the quantity of securities recorded in the Sections / depo subaccounts, obtained from the Settlement Depository in the Extract from the Sections / depo subaccounts.

28.7. In case of levy of execution or seizure upon the property of the Clearing Member kept in the 

trading depo account and/or in the clearing depo account:

28.7.1. Settlement Depository immediately transmits the information about the foreclosure or seizure of 

the Clearing center;

28.7.2. Promptly after receipt from the Settlement Depository of the information about the foreclosure or 

seizure of the property of the clearing Member on the trading depo account and/or the clearing 

depo account of the clearing centre:

 sets the limit for the debit securities clearing Member with the following accounts in the 

amount of securities specified in the document which is the basis for foreclosure and/or 

seizure;

 is entitled to send to the Exchange a notification of the need to suspend the possibility of 

concluding Transactions in T+ with indication of the Trading and clearing account T+, 

which include trading securities account in respect of which it is seized / levied.

28.7.3. The Clearing Centre is entitled:

1. to resolve that the Date of settlement of trade obligations shall be deemed to be effective on 

the Settlement Day when the Clearing Centre receives from the Settlement Depository a copy 

of the document serving as a basis for the said levy of execution, or on the day following the 

day when the Clearing Centre receives a copy of the said document and/or to resolve to 

execute with the Clearing Member the closing trades aimed at termination of the Clearing 

Member’s obligations, on the Settlement Day when the Clearing Centre receives from the 

Settlement Depository a copy of the document serving as a basis for the said levy of 

execution, or on the Settlement Day following the day of receipt by the Clearing Centre of the 

copy of the said document;

The information about the decision made by the Clearing Centre in accordance with this 

paragraph of the common part of the Clearing Rules is submitted to the Clearing Member via 

the EDI.

2. is entitled to conclude a Clearing Member closing the transaction of purchase and sale of 

securities with settlement code Yn and/or the purchase and sale of foreign currency, leading 

to an increase of the Single limit on the Settlement code included in the Trading and clearing 

account T+, in conjunction with the Section T+ / the depot subaccount of the Clearing 

Member, on the property which are levied / seized. The procedure for the conclusion and 

execution of such transactions the accounting specified by the Clearing Rules in the 

Securities market the procedure for the conclusion and execution of transactions in case of 

failure of a Clearing Member Margin requirements, considered by the account code;

3. not later than the day following the day of receipt by the Clearing Centre copies of Executive 

documents, takes (stops) the obligations of the Clearing Member with due Date;

4. in the case if foreclosure or the seizure of clearing certificates of participation performs 

actions in accordance with clause 28.8 of the common part of the Clearing Rules;

5. not later than the day following the day of receipt by the Clearing Centre copies of court 

documents, to the Depositary sends the Calculated information on the amount of cash and 

the clearing details of the Bank account which are recorded or which are listed remained after 

execution (termination) of obligations of Clearing Member cash. 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

61

The information about the decision made by the Clearing Centre in accordance with this 

paragraph of the common part of the Clearing Rules is submitted to the Clearing Member via 

the EDI.

28.7.4. The Settlement Depository informs the bailiff-executor the information on the amount of funds and 

details opened in the Settlement Depository the clearing Bank account on which are recorded or 

which are listed remained after execution (termination) of obligations of the Clearing Member

funds.

28.7.5. Funds remaining after payment of funds by the Executive document and expenses of the 

Commission of Executive actions and performance fee may be refunded by the Clearing Centre 

to the Clearing Member upon request.

28.8. In the case of foreclosure / seizure of clearing certificates of participation clearing Member the 

clearing center not later than the day following the day of receipt by the Clearing Centre copies of 

court documents:

 removes from the property pool's cash and/or sells a pool of property securities and foreign 

currency included in the property pool of a clearing Member that is a Party pool on the property 

which are levied / seized, to the extent necessary for execution of Executive documents, expenses 

on Commission of enforcement procedures and performance data collection, and repays the 

Clearing Member certificates in an appropriate amount.

A necessary condition for the withdrawal from the property pool of funds and the sale of property 

made to the property pool, is the presence of clearing certificates of participation in the required 

amount in the scheduled value of the position depot under Section T+ included into the Trading 

and clearing account T+ of the clearing Member, the relevant Trading and clearing account 

property pool.

 shall credit the funds remaining after the termination of the obligations of the Clearing Member 

and/or received from the sale of property from property pool, to the extent necessary for execution 

of Executive documents, expenses on Commission of enforcement procedures and performing 

gathering, on the clearing Bank account.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

62

SECTION V. GENERAL PROVISIONS ON SERVICE PAYMENTS

Article 29. General Provisions on Payments for Services of the Clearing Centre, Exchange, 

and Technical Centre and also about fee for right of use of funds constituting 

individual and collective clearing collateral

29.1. Pursuant to the fee schedule applicable in the respective on-exchange-market, the Clearing 

Centre charges to the Clearing Members the following types of commission fees:

 commission fee for provision of clearing services, paid to the Clearing Centre;

 commission fee paid to the Clearing Centre for the provision to the Trading Participant of 

services under the agreement on the conduct of clearing registers

 commission fee for organization of trading / exchange fee, paid to the Exchange;

 fee for subscription services, paid to the Exchange;

 penalties paid to the Exchange, set by the Trading Rules for the Securities Market;

 fee paid to the Technical Centre for provision of the integrated technical service (ITS), 

including additional fee for provision of ITS, set forth in the documents of the Technical 

Centre;

 fee for non-effective transactions and fee for erroneous transactions, paid to the Technical 

Centre.

 other types of commissions in favour of these or other persons under the specific parts of 

the Clearing Rules.

29.2. The commission fee for provision of the clearing services, payable by the Clearing Member 

(hereinafter the commission fee of the Clearing Centre) is calculated by the Clearing Centre in 

accordance with the Fee Schedule of the Clearing Centre.

29.3. The commission fee for organization of trading / exchange fee and fee for subscription services, 

paid to the Exchange (hereinafter the commission fees of the Exchange) are calculated and 

charged by the Clearing Centre in accordance with the effective fees for organization of trading, 

approved by the Exchange, pursuant to the agreement concluded with the Exchange.

29.4. Penalties paid to the Exchange, set by the trading rules, are charged by the Clearing Centre in 

the amount specified in the notice received from the Exchange.

29.5. Fee paid to the Technical Centre for provision of the integrated technical service (ITS), including 

additional fee for provision of ITS, set forth in the documents of the Technical Centre, fee for noneffective transactions and fee for erroneous transactions (hereinafter the fee of the Technical 

Centre) are calculated and charged by the Technical Centre in accordance with the effective fees 

for provision of ITS, approved by the Technical Centre, effective fee schedule of the Technical 

Centre, on the basis of the agreement concluded with the Technical Centre.

29.6. The commission fee of the Exchange and penalties paid to Exchange are charged to the Clearing 

Member being the Trading Participant, or to the Clearing Member performing the said obligations 

for the Trading Participant pursuant to the specific part of the Clearing Rules.

29.7. The commission fee of the Technical Centre is charged to the Clearing Member, or to the 

Clearing Member being the Trading Participant, or to the Clearing Member performing the said 

obligations for the Trading Participant pursuant to the specific part of the Clearing Rules.

29.8. The obligations for payment of the commission fees of the Clearing Centre, Exchange and 

Technical Centre are performed in Russian roubles.

29.8.1. In case if the amount of the commission fee of the Clearing Centre, the Exchange or the 

Technical Centre is denominated in a foreign currency, the said amount is converted into Russian 

roubles at the exchange rate of such foreign currency to Russian rouble, set by the Bank of 

Russia as of the date of charging of the relevant fee.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

63

29.9. The value of the obligation of the Clearing Member / Trading Participant on payment of 

commission fee may be calculated in accordance with the service plan selected by the Clearing 

Member / Trading Participant, if this is contemplated in the relevant fee schedule.

29.9.1. The procedure for selection or change of service plans is determined in the relevant specific part 

of the Clearing Rules.

29.10. The fee schedule of the Clearing Centre and/or of the Exchange may contemplate granting 

bonuses to the Clearing Member / Trading Participant upon fulfillment of the relevant 

preconditions. 

The procedure for transfer of bonuses is stipulated in the relevant specific part of the Clearing 

Rules

29.11. The fee of the Clearing Centre ofr recording clearing collateral account is held by the Clearing 

Centre from the Clearing Member not later than the 25th day of the calendar month following the 

month of service (with the exception of cases stipulated by the Tariffs of the Clearing centre) on 

the Settlement code, intended to debit a specified Commission in accordance with the specific 

part of the Clearing Rules. 

Information about the fee for recording of the clearing collateral is provided by the Clearing 

Centre to the Clearing Members in the reports on the fees under specific parts of the Clearing 

Rules.

29.12. Fee for right of use of funds constituting individual and collective clearing collateral, the Clearing 

Center shall be paid the first business day of the month following the month for which said fee is 

paid.

29.12.1. Fee for right of use is charged on the amount of funds not exceeding the size requirements for 

the Security / Collateral for stress / contributions to Guarantee funds imposed by the Clearing 

center to the corresponding clearing Member, in addition, for purposes of determining the 

specified amounts of securities and funds deposited as the relevant type of collateral clearing 

Member are recorded in the following sequence:

o Securities;

o Foreign currency;

o Russian rubles.

The sequence of registration of foreign currencies for the purpose of determining the specified 

amount determined in the decision of the Clearing Centre on approval of the list of foreign 

currencies accepted as collateral for fulfillment of obligations under trades with partial collateral / 

the Collateral for stress / contributions to the Guarantee funds

29.12.2. The amount of payment increases the amount in Russian rubles of an appropriate Collateral / 

Collateral for stress / contributions to Guarantee funds, which are accounted for on the 

Settlement code of the Clearing Member / account code for accounting the Collateral for stress / 

contributions to Guarantee funds for the right use of funds, take into account which charged.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

64

SECTION VI. MISCELLANEOUS

Article 30. Transfer of Obligations and Collateral from one Clearing Member to another 

Clearing Member

30.1. The Clearing Centre performs debt transfer and assignment from one Clearing Member 

(hereinafter the Main Clearing Member) for obligations under the trades executed with the central 

counterparty on account of the Segregated Client, as well as the transfer of the Collateral 

recorded under each Settlement Code of the Main Clearing Member whereto the said Segregated

Client has been assigned, to another Clearing Member (hereinafter the Recipient Clearing 

Member), provided that the Segregated Client submits the Application for Transfer of Obligations 

and Collateral.

The Application should contain the following information:

 name of the Recipient Clearing Member;

 list of the on-exchange markets where the Segregated Client has been registered, and 

where the Transfer of Obligations and Collateral is to be conducted;

 at least one of the following grounds in respect of the Main Clearing Member for conducting 

the Transfer of Obligations and Collateral:

30.1.1. the grounds specified in subparagraphs 13.1.3 paragraph 13.6 of the common part of the 

Clearing Rules;

30.1.2. duration of a bankruptcy case against the Main Clearing Member in arbitration court for over 2 

(two) months [sic] after submission of the relevant application;

30.1.3. violation by the Main Clearing Member of the rules set by the Russian or foreign trading 

organizers or by a clearing institution;

30.1.4. inclusion in the agenda of the management bodies of the Main Clearing Member of the issue of 

liquidation of the Main Clearing Member or adoption of resolution by the management bodies of 

the Main Clearing Member on liquidation of the Main Clearing Member;

30.1.5. adoption of resolution by the management bodies of the Main Clearing Member on reorganization 

of the Main Clearing Member (except for the reorganization cases not involving cessation of 

operation of the Main Clearing Member);

30.1.6. issuance of a judicial act on collection, seizure, or any other encumbrance upon the assets of the 

Main Clearing Member;

30.1.7. existence of the Debt of the Main Clearing Member not settled within the time period stipulated in 

the time regulations;

30.1.8. submission by the Main Clearing Member to the Clearing Centre of an order to conduct the 

transfer of obligations and Collateral.

30.2. The Clearing Centre may refuse to satisfy the Application for Transfer of Obligations and 

Collateral, if the grounds for performance of the Transfer of Obligations and Collateral, specified 

in the Application, occurred earlier than 30 (thirty) days prior to the day of submission of the 

Application.

30.3. The day of commencement of the procedure of the Transfer of Obligations and Collateral shall be 

deemed the day of withdrawal (revocation) by the Bank of Russia of the banking license issued to 

the Clearing Member – Credit Organization, or the day of appointment of temporary 

administration, or the day of issuance of an arbitration award on introduction of any bankruptcy 

procedure in relation to the Clearing Member, in case of performance of the procedure of the 

Transfer of Obligations and Collateral on the said grounds (hereinafter the statutory grounds), or 

the day of receipt by the Clearing Centre from the Segregated Client of the Application for 

Transfer of Obligations and Collateral, in case of performance of the procedure of the Transfer of 

Obligations and Collateral on other grounds, contemplated in paragraph 30.1 of the common 

part of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

65

30.4. The procedure of the Transfer of Obligations and Collateral cannot take more than 2 (two) days 

from its commencement, in case of performance of the procedure of the Transfer of Obligations 

and Collateral due to withdrawal (revocation) by the Bank of Russia of the banking license issued 

to the Clearing Member – Credit Organization, appointment of temporary administration, or 

issuance of an arbitration award on introduction of any bankruptcy procedure in relation to the 

Clearing Member, or more than 2 (two) Settlement Days from its commencement, in case of 

performance of the procedure of the Transfer of Obligations and Collateral on other grounds, 

contemplated in paragraph 30.1 of the common part of the Clearing Rules.

30.5. The submission by the Main Clearing Member of the Application for Registration of Segregated

Client constitutes unconditional consent of the Main Clearing Member to disclosure (submission) 

by the Clearing Centre to the Recipient Clearing Member of information about the Main Clearing 

Member, contemplated in the paragraph 30.10 of the common part of the Clearing Rules. Such 

consent cannot be withdrawn by the Main Clearing Member.

30.6. The Transfer of Obligations and Collateral will not be conducted in absence of the Recipient 

Clearing Member’s consent contemplated in paragraph 30.11 of the common part of the 

Clearing Rules.

30.7. The Application for Transfer of Obligations and Collateral is submitted by the Segregated Client 

together with a copy of the document confirming the powers of the individual who signed such

Application (in case if such document was not presented to the Clearing Centre earlier). The 

submission of the Application for Transfer of Obligations and Collateral constitutes an 

unconditional consent of the Segregated Client to disclosure (submission) by the Clearing Centre 

to the Recipient Clearing Member of the information contemplated in paragraph 30.10 of the 

common part of the Clearing Rules.

30.7.1. The Segregated Client may submit to the Clearing Centre the Application for Transfer of 

Obligations and Collateral, indicating the statutory grounds, beforehand – prior to commencement 

of the said grounds.

30.7.2. In case if there is contemplated an interchange of messages between the Segregated Client and 

the Clearing Centre via the EDI or S.W.I.F.T. System, the Segregated Client is entitled to submit 

the Application for Transfer of Obligations and Collateral in form of a message, using the EDI or 

S.W.I.F.T. System.

30.7.3. The Clearing Centre does not verify the grounds for the Transfer of Obligations and Collateral, 

specified by the Segregated Client in the Application. At that, the Clearing Centre may refuse the 

Segregated Client to satisfy the Application for Transfer of Obligations and Collateral if there is an

evidence of absence of the grounds specified in the Application.

30.7.4. The Clearing Centre is not liable for the losses incurred by the Main Clearing Member / 

Segregated Client / Recipient Clearing Member in case of satisfaction / non-satisfaction by the 

Clearing Centre of the Application submitted by the Segregated Client under paragraph 30.1 of 

the common part of the Clearing Rules.

30.8. In case if there is contemplated an interchange of messages between the Segregated Client and 

the Clearing Centre via the EDI or S.W.I.F.T. system, and the Clearing Centre becomes aware of 

commencement, in respect of the Main Clearing Member, of one or more grounds for the 

Transfer of Obligations and Collateral, stipulated in paragraph 30.1 of the common part of the 

Clearing Rules, and the Application for Transfer of Obligations and Collateral has not been 

received from the Segregated Client, the Clearing Centre may inform the Segregated Client about 

these grounds by sending a message through the EDI or S.W.I.F.T. system.

30.9. Promptly after receiving the Application for Transfer of Obligations and Collateral, but not before 

commencement of the statutory grounds (for the Applications indicating such grounds), the 

Clearing Centre notifies the Exchange about the following:

 the need to prohibit submission by the Trading Participants of orders for execution of the 

trades whereunder the party will be the Main Clearing Member, on account of the 

Segregated Client who has submitted the Application for Transfer of Obligations and 

Collateral;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

66

 the need to withdraw such registered orders.

In case of performance of the procedure of the Transfer of Obligations and Collateral on the 

grounds contemplated in subparagraph 30.1.8 of the common part of the Clearing Rules, the 

Clearing Centre may perform the actions specified in this paragraph of the common part of the 

Clearing Rules in any other moment in time prior to submission to the Recipient Clearing Member 

of the information pursuant to paragraph 30.10 of the common part of the Clearing Rules.

30.10. In case of absence of the grounds for the Clearing Centre to reject the Application for Transfer of 

Obligations and Collateral, received from the Segregated Client, the Clearing Centre sends to the 

Recipient Clearing Member a message containing information on the size of obligations / claims 

of the Main Clearing Member in cash / securities / precious metals / commodities in respect of 

obligations under the trades executed with the central counterparty, about the size of the Main 

Clearing Member’s Collateral in cash / securities / precious metals / commodities, recorded under 

each Settlement Code of the Main Clearing Member whereto has been assigned the Segregated

Client submitting the Application for Transfer of Obligations and Collateral and information about 

such Settlement codes.

30.11. The Recipient Clearing Member shall furnish the Clearing Centre with the consent to accept 

obligations / claims and the Collateral of the Main Clearing Member in cash / securities / precious 

metals / commodities listed in the information submitted to the Recipient Clearing Member 

pursuant to paragraph 30.10 of the common part of the Clearing Rules (hereinafter the Consent 

for Acceptance) not later than the deadline specified in the Time Regulations.

30.11.1. The Consent for Acceptance shall contain the information contemplated by the relevant specific 

part of the Clearing Rules.

The Consent for Acceptance may indicate the need to separate the client who has submitted the 

Application.

The information in the Consent for Acceptance indicating the need to separate the client who has 

submitted the Application constitutes the Recipient Clearing Member’s Application for 

Registration of Segregated Client.

The information indicating the need to separate the client who has submitted the Application

cannot be provided in the Consent for Acceptance if the Application contains the Settlement Code 

of the Recipient Clearing Member to whom the Segregated Client has not been assigned.

30.12. For the Application for Transfer of Obligations and Collateral to be satisfied, the Recipient 

Clearing Member shall in advance perform actions required to open the Sections for separate 

recording of the Collateral in securities of the Segregated Client and/or the Collateral Accounts in 

precious metals for separate recording of the Collateral in precious metals of the Segregated

Client and/or trading Sections of trading commodity accounts of the separate record Collateral in 

commodities.

30.13. After the receipt from the Recipient Clearing Member of the Consent for Acceptance pursuant to 

paragraph 30.11 of the common part of the Clearing Rules and till the end of the relevant day 

following the day of commencement of the procedure of Transfer of Obligations and Collateral, 

the Clearing Centre will satisfy the Application for Transfer of Obligations, and to this end it 

performs the following:

 opens the Client Settlement Code to the Recipient Clearing Member for the Segregated

Client submitting the Application for Transfer of Obligations, if the Settlement Code was not 

indicated in the Consent for Acceptance;

 performs the actions contemplated by the relevant specific part of the Clearing Rules;

 stops recording obligations / claims and the Collateral of the Main Clearing Member in cash 

/ securities / precious metals / commodities specified in paragraph 30.10 of the common 

part of the Clearing Rules, as obligations and claims of the Main Clearing Member towards 

the Clearing Centre;

 stops recording obligations / claims and the Collateral of the Main Clearing Member in cash 

/ securities / precious metals / commodities specified in paragraph 30.10 of the common 

part of the Clearing Rules, as obligations and claims of the Recipient Clearing Member 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

67

towards the Clearing Centre;

 revokes the registration of the Settlement Codes opened by the Main Clearing Member for 

the Segregated Client.

30.14. The Segregated Client is entitled to withdraw its Application for Transfer of Obligations and 

Collateral before the Clearing Centre receives the Consent for Acceptance, by sending to the 

Clearing Centre a relevant notice (hereinafter the Withdrawal Notice). The Withdrawal Notice is 

submitted by the Segregated Client together with the copy of the document confirming the powers

of the individual who signed the Notice (if such a document was not provided to the Clearing 

Centre beforehand).

30.14.1. In case if there is contemplated an interchange of messages between the Segregated Client and 

the Clearing Centre via the EDI or the S.W.I.F.T system, the Segregated Client is entitled to 

submit the Withdrawal Notice in form of a message, using the EDI or the S.W.I.F.T system.

30.15. Before the Clearing Centre receives the Consent for Acceptance from the Recipient Clearing 

Member, the Segregated Client is entitled to replace the initially indicated Recipient Clearing 

Member with another Recipient Clearing Member by sending to the Clearing Centre the 

Application for Transfer of Obligations and Collateral indicating the new Recipient Clearing 

Member’s name. Such Application for Transfer of Obligations and Collateral shall contain the 

information contemplated in paragraph 30.1 of the common part of the Clearing Rules, and shall

be provided in accordance with the procedure stipulated in this Article of the common part of the 

Clearing Rules.

30.16. If the Clearing Centre does not receive the Consent for Acceptance from the Recipient Clearing 

Member indicated by the Segregated Client within the time period established by the Time 

Regulations, the Segregated Client is entitled to submit to the Clearing Centre its notice of

resumption of the possibility to execute trades, whereunder the party will be the Main Clearing 

Member, except for the cases of performance of the procedure of Transfer of Obligations and 

Collateral on statutory grounds. Upon receipt of such application from the Segregated Client, the 

Clearing Centre will promptly notify the Exchange on the need for the Trade Participants to 

resume submission of orders for execution of the trades whereunder the party will be the Main 

Clearing Member, on account of the Segregated Client, who submitted the said notice.

30.17. The Recipient Clearing Member is charged a fee for the procedures of the Transfer of Obligations 

and Collateral in the amount set in the Fee Schedule of the Clearing Centre.

30.18. For the purpose of performance of the Transfer of Obligations and Collateral, the Clearing Centre 

discloses (communicates) the information contemplated in this Article of the common part of the 

Clearing Rules, including the insider information of the Clearing Centre.

Article 31. Procedures in Case of the Clearing Member’s Inclusion of in the List of 

Organizations Known as Having Connections with Extremist Activities or Terrorism

31.1. On the date of the Clearing Member’s inclusion in the list of organizations specified in 

subparagraph 13.6.10 of the common part of the Clearing Rules (hereinafter in the present article 

of the Clearing Rules – the list) , the Clearing Centre will promptly:

 block (freeze) operations with cash / securities / precious metals / commodities, recorded 

as the Collateral, Collateral for Stress and contributions to the Guarantee Fund of the 

Clearing Member, except for the cash and securities recorded in the sections of clearing 

registers opened as part of the Segregated Brokerage Firms, to whom have been assigned 

the Authorized Account Owners other than the Clearing Member included in the List, and 

other operations of such Clearing Member contemplated by the Clearing Rules;

 terminates admission of the Clearing Member to clearing services in all on-exchange 

markets;

 notifies the Exchange on the need to prohibit submission by the Trading Participants of 

orders for execution of trades whereunder the party will be such Clearing Member, and on

the need for withdrawal of such registered orders.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

68

31.2. On the date of inclusion of the Clearing Member in the List, the obligations of such Clearing

Member under the trades executed with the Clearing Centre, except for the obligations of the 

Clearing Member recorded in the sections of clearing registers opened within the Segregated 

Brokerage Firms, to which have been assigned the Authorized Account Owners other than the 

Clearing Member included in the List, are fully terminated by creating the net obligation / net claim 

of the Clearing Member, calculated in Russian roubles as the following amount, with account of 

the sign:

 for each security, the amount (with account of the sign) of the Net Obligations / Net Claims 

for the security, in all Sections of the Clearing Member, recorded as of the date of the 

Clearing Member’ inclusion in the List, converted into Russian roubles at the Settlement 

Price of the respective security, set by the Clearing Centre on the date of the Clearing 

Member’s inclusion in the List;

 for each foreign currency / precious metal, the amount (with account of the sign) of the Net 

Obligations / Net Claims in relevant currency / relevant precious metal of the Clearing 

Member for all Settlement Codes and all Settlement Dates, recorded as of the date of 

inclusion of the Clearing Member in the List, converted into Russian roubles at the Central 

Rate of the relevant foreign currency / precious metal, set by the Clearing Centre as of the 

date of inclusion of the Clearing Member in the List;

 for each commodity of the sum (including sign) of Net obligations / Net requirements of the 

commodity and trading sections of trading commodity accounts of the Clearing member 

recorded on the date of inclusion of the Clearing member in the list, converted into Russian 

roubles at the Settlement price of the relevant commodities, prescribed by the Clearing 

centre at the date of inclusion of the clearing Member in the list;

 the amount (with account of the sign) of the Net Obligations / Net Claims in Russian 

roubles of the Clearing Member for all Settlement Codes and all Settlement Dates, 

recorded as of the date of inclusion of the Clearing Member in the List;

 for each Derivatives Contract, the value (with account of the sign) of positions in the 

Derivatives Contracts in all sections of the register of the Clearing Member’s positions 

recorded on the date of inclusion of the Clearing Member in the List, converted into 

Russian roubles at the Settlement Price of the relevant Derivatives Contract, set by the 

Clearing Centre as of the date of inclusion of the Clearing Member in the List.

If the value calculated in accordance with this paragraph of the common part of the Clearing 

Rules is positive, this means that the Clearing Member has a net claim towards the Clearing 

Centre, and if it is negative – the Clearing Member has a net obligation towards the Clearing 

Centre.

31.3. The Clearing Centre may issue to the Clearing Member a claim for recovery of the Clearing 

Member’s net obligation calculated in accordance with the procedure stipulated in paragraph 31.2

of the common part of the Clearing Rules.

The Clearing Centre may use the resources of the Guarantee Fund, except for the resources of 

the Clearing Member included in the List, in order to settle the said net obligation in accordance 

with the procedure contemplated in Article 21 of the common part of the Clearing Rules.

31.4. After the Clearing Member is excluded from the List:

31.4.1. If the net obligation of the Clearing Member, calculated pursuant to the procedure specified in

paragraph 31.2 of the common part of the Clearing Rules, is settled without using the resources

of the Guarantee Fund, and the Collateral, Collateral for Stress and/or contribution in the 

Guarantee Fund are recorded for the Clearing Member, the Clearing Centre will perform actions 

required to settle the said net obligation out of the said resources in full or in part, and in case if 

such resources are insufficient, it will send to the Clearing Member a notice requiring the latter to 

settle the outstanding portion of the said net obligation;

31.4.2. If the net obligation of the Clearing Member, calculated pursuant to the procedure specified in 

paragraph 31.2 of the common part of the Clearing Rules, is settled using the resources of the 

Guarantee Fund, and the Collateral, Collateral for Stress and/or contribution in the Guarantee 

Fund are recorded for the Clearing Member, the Clearing Centre will perform actions required to 

reimburse the resources of the Guarantee Fund in full or in part, and in case if such resources are 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

69

insufficient, it will send to the Clearing Member a notice requiring the latter to reimburse the 

resources of the Guarantee Fund.

Article 32. Procedure for Settlement of Obligations in Case of Termination of Clearing 

Member’s Admission to Clearing Services (Liquidation Netting in Respect of

Clearing Member)

32.1. In case of withdrawal (revocation) by the Bank of Russia of the banking license issued to the 

Clearing Member – Credit Organization, the admission to clearing services and the provision of 

clearing services to the Clearing Member – Credit Organization will be discontinued from the date 

following the date of withdrawal (revocation) by the Bank of Russia of the banking license issued 

to such Clearing Member – Credit Organization, except for the calculation by the Clearing Centre 

of net obligations / net claims of the Clearing Member pursuant to paragraphs 32.10 of the 

common part of the Clearing Rules and performance of obligations for refunding to the Clearing 

Member of the cash / precious metals pursuant to paragraph 32.14 of the common part of the 

Clearing Rules.

The obligations under the trades whereunder the Clearing Member is a party, executed prior to 

the date of withdrawal of such license, and obligations under the contract on the property pool will 

be terminated in full on the date following the date of withdrawal (revocation) by the Bank of 

Russia of the banking license issued to such Clearing Member in accordance with the procedure 

stipulated in paragraph 32.8 of the common part of the Clearing Rules.

32.1.1. The trades whereunder the Clearing Member is a party, executed on the date of withdrawal 

(revocation) of the banking license issued to the Clearing Member – Credit Organization, and/or 

after such date, will be null and void.

The Clearing Centre or the Clearing Member - counterparty under such trades may issue to the 

Clearing Member - Credit Organization a claim for recovery of any losses related to invalidity of 

the said trades, in accordance with the general procedure contemplated in the legislation on 

insolvency (bankruptcy).

32.1.2. The fact of withdrawal (revocation) of the banking license issued to the Clearing Member - Credit 

Organization shall be confirmed with the written notice of the Bank of Russia sent to the Clearing 

Centre (also via facsimile) and/or information published on the website of the Bank of Russia 

regarding the decision of the Bank of Russia on withdrawal (revocation) of the banking license 

issued to the Clearing Member - Credit Organization, and/or an electronic message sent by the 

Bank of Russia to the e-mail address of the Clearing Centre containing the information on 

withdrawal (revocation) of the banking license issued to the Clearing Member - Credit 

Organization.

32.2. In case of appointment of temporary administration or issuance of an arbitration award on 

introduction of any bankruptcy procedure in respect of the Clearing Member - Non-Credit 

Institution, the admission to clearing services and the provision of clearing services to the 

Clearing Member – Non-Credit Institution will be discontinued from the date following the date of 

appointment of temporary administration or from the date following the date of issuance of an 

arbitration award on introduction of any bankruptcy procedure in respect of the Clearing Member, 

or from the date following the date of issuance of an arbitration award on announcement of 

bankruptcy of the Clearing Member and on commencement of liquidation proceedings, whichever

of the dates is the earliest, except for the calculation by the Clearing Centre of net obligations / 

net claims of the Clearing Member pursuant to paragraphs 32.10 of the common part of the 

Clearing Rules and performance of obligations for refunding to the Clearing Member of the cash / 

precious metals pursuant to paragraph 32.14 of the common part of the Clearing Rules.

The obligations under the trades whereunder the Clearing Member and obligations under the 

contract on property pool is a party will be terminated in full on the date following the date of 

appointment of temporary administration or on the date following the date of issuance of an 

arbitration award on introduction of any bankruptcy procedure in respect of the Clearing Member, 

or on the date following the date of issuance of an arbitration award on announcement of 

bankruptcy of the Clearing Member and on commencement of liquidation proceedings, whichever 

of the dates is the earliest, in accordance with the procedure stipulated in paragraph 32.8 of the 

common part of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

70

32.3. In the case of appointment of temporary administration for managing the Clearing Mmeber -

Credit institution as part of the measures on prevention of bankruptcy of the credit organization by 

the clearing centre is entitled from the date of appointment of the temporary administration to 

make a decision about:

 termination of admission to clearing service and clearing service of the Clearing member –

Credit organization;

 on termination of obligations under transactions for which a party is the Clearing member 

and the obligations of the agreement on property pool;

 on a Clearing centre, the calculation of the net obligations / net claims of the Clearing 

Member in accordance with paragraphs 32.10 of the common part of the Clearing Rules.

In the case of a decision in accordance with this paragraph of the common part of the Clearing 

Rules the obligation for transactions party which is a clearing Member and obligations under the 

contract on a property the pool is fully terminated on the date following the date of this decision, in 

the manner prescribed in paragraph 32.8 of the common part of the Clearing Rules.

The clearing center by the EDO shall notify the clearing Member – Credit institution of the 

decision in accordance with this paragraph of the General part of the Rules of the clearing not 

later than the day of this decision.

32.4. In case of appointment of temporary administration or adoption by the competent body of a 

resolution on introduction of any bankruptcy procedure in respect of the Clearing Member – NonResident - Non-Credit Institution, the admission to clearing services and the provision of clearing 

services to the Clearing Member – Non-Resident - Non-Credit Institution will be discontinued from 

the date following the date when the Clearing Centre receives information on appointment of 

temporary administration or issuance of an arbitration award on introduction of any bankruptcy 

procedure in respect of the Clearing Member – Non-Resident - Non-Credit Institution, except for 

the calculation by the Clearing Centre of net obligations / net claims of the Clearing Member 

pursuant to paragraphs 32.10-32.11 of the common part of the Clearing Rules and performance 

of obligations for refunding to the Clearing Member of the cash / precious metals pursuant to 

paragraph 32.14 of the common part of the Clearing Rules.

The obligations under the trades whereunder the Clearing Member and obligation under the 

contract on the property pool is a party will be terminated in full on the date following the date 

when the Clearing Centre receives information on appointment of temporary administration or 

issuance of an arbitration award on introduction of any bankruptcy procedure in respect of the 

Clearing Member – Non-Resident - Non-Credit Institution, in accordance with the procedure 

stipulated in paragraph 32.8 of the common part of the Clearing Rules.

32.4.1. The fact of appointment of temporary administration or adoption by the competent body of a 

resolution on introduction of any bankruptcy procedure in respect of the Clearing Member – NonResident - Non-Credit Institution is confirmed with a written notice issued by the competent body

of the country of registration of the Non-Resident Non-Credit Institution, submitted to the Clearing 

Centre (also via facsimile), and/or the information published on the website of the competent 

body of the country of registration of the Clearing Member – Non-Resident - Non-Credit

Institution, or on the website of the Clearing Member – Non-Resident - Non-Credit Institution, on 

appointment of temporary administration or adoption by the competent body of a resolution on 

introduction of any bankruptcy procedure in respect of the Clearing Member – Non-Resident -

Non-Credit Institution.

32.5. In case of withdrawal (revocation) of a special permit (license or other document) issued by the 

competent authority of the country of registration of the Clearing Member – Non-Resident Bank 

whereby the Clearing Member – Non-Resident Bank is authorized to conduct banking operations 

stipulated by the domicile law of the Clearing Member - Non-Resident Bank, the admission to 

clearing services and the provision of clearing services to the Clearing Member – Non-Resident 

Bank, including the Clearing Member – EurAsEC/EAEU Bank will be discontinued from the date 

following the date when the Clearing Centre receives information on withdrawal (revocation) of 

such special permit (license or other document), except for the calculation by the Clearing Centre 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

71

of net obligations / net claims of the Clearing Member - Non-Resident Bank pursuant to

paragraphs 32.10-32.11 of the common part of the Clearing Rules and performance of obligations 

for refunding to the Clearing Member of the cash / precious metals pursuant to paragraph 32.14

of the common part of the Clearing Rules.

The obligations under the trades whereunder the Clearing Member and obligations under the 

contract on property pool is a party will be terminated in full on the date following the date when 

the Clearing Centre receives information on withdrawal (revocation) of such special permit 

(license or other document), in accordance with the procedure stipulated in paragraph 32.8 of 

the common part of the Clearing Rules.

32.5.1. The fact of withdrawal (revocation) of the said special permit (license or other document), issued 

by the competent authority of the country of registration of the Clearing Member – Non-Resident 

Bank shall be confirmed with the written notice of the competent authority of the country of 

registration of the Clearing Member – Non-Resident Bank, submitted to the Clearing Centre (also 

via facsimile), and/or the information published on the website of the said competent authority, 

about the adopted resolution on withdrawal (revocation) of the said special permit (license or 

other document) issued to the Clearing Member – Non-Resident Bank, whereunder the Clearing 

Member – Non-Resident Bank is authorized to conduct banking operations stipulated by the 

national law of the country of registration of the Clearing Member - Non-Resident Bank, and/or a 

relevant electronic message sent by the competent authority to the e-mail address of the Clearing 

Centre.

32.6. In case of termination of the EAEU Cooperation Treaty/Agreement for the Russian Federation or 

for the member state of the EAEU Cooperation Treaty/Agreement, which is the country of 

registration of the Clearing Member – EurAsEC/EAEU Bank, the admission to clearing services 

and the provision of clearing services to such Clearing Member – EurAsEC/EAEU Bank will be 

discontinued from the date following the date of termination of the EAEU Cooperation 

Treaty/Agreement for the Russian Federation or for the member state of the EAEU Cooperation 

Treaty/Agreement, which is the country of registration of such Clearing Member –

EurAsEC/EAEU Bank, except for the calculation by the Clearing Centre of net obligations / net 

claims of the Clearing Member - EurAsEC/EAEU Bank pursuant to paragraphs 32.10-32.11 of the 

common part of the Clearing Rules and performance of obligations for refunding to the Clearing 

Member of the cash / precious metals pursuant to paragraph 32.14 of the common part of the 

Clearing Rules.

The obligations under the trades whereunder the Clearing Member and obligations under the 

contract on property pool is a party will be terminated in full on the date following the date of 

termination of the EAEU Cooperation Treaty/Agreement for the Russian Federation or for the 

member state of the EAEU Cooperation Treaty/Agreement, which is the country of registration of 

the Clearing Member – EurAsEC/EAEU Bank, in accordance with the procedure stipulated in 

paragraph 32.8 of the common part of the Clearing Rules.

32.7. In case of termination of the international agreement, whereunder the Clearing Member -

International Organization was founded, for the Russian Federation, or in case if the authorized 

representatives of the parties to such international agreement adopt a resolution on liquidation of 

the Clearing Member - International Organization, the admission to clearing services and the 

provision of clearing services to the Clearing Member – International Organization will be 

discontinued from the date following the date of termination of the international agreement, 

whereunder the Clearing Member - International Organization was founded, for the Russian 

Federation, or from the date following the date of adoption by the authorized representatives of 

the parties to such international agreement of a resolution on liquidation of the Clearing Member -

International Organization, except for the calculation by the Clearing Centre of net obligations / 

net claims of the Clearing Member - International Organization pursuant to paragraphs 32.10-

32.11 of the common part of the Clearing Rules, and performance of obligations for refunding to 

the Clearing Member of the cash / precious metals pursuant to paragraph 32.14 of the common 

part of the Clearing Rules.

The obligations under the trades whereunder the Clearing Member and obligations under the 

contract on property pool is a party will be terminated in full on the date following the date of 

termination of the international agreement, whereunder the Clearing Member - International 

Organization was founded, for the Russian Federation, or from the date following the date of 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

72

adoption by the authorized representatives of the parties to such international agreement of a 

resolution on liquidation of the Clearing Member - International Organization, in accordance with 

the procedure stipulated in paragraph 32.8 of the common part of the Clearing Rules.

32.8. In case of cessation of clearing services for the Clearing Member on the grounds specified in 

paragraphs 32.1-32.7 of the common part of the Clearing Rules, the obligations under the central 

counterparty trades whereunder the Clearing Member and obligations under the contract on 

property pool is a party are terminated by creating the net obligation / net claim of the Clearing 

Member, calculated in accordance with paragraph 32.10 of the common part of the Clearing 

Rules, and the obligations under the trades without central counterparty are terminated by 

creating the net obligation / net claim of the Clearing Member towards other Clearing Members –

its counterparties under the said trades, calculated in accordance with paragraph 21.11 of the 

common part of the Clearing Rules.

Starting from the effective date of the clearing rules of NCO CJSC NSD regulating the procedure 

for calculation of net obligations / net claims of the Clearing Member – Credit Organization under 

the trades executed with the Bank of Russia, cleared by the Clearing Centre, the Clearing Centre 

shall, in accordance with paragraph 32.11 of the common part of the Clearing Rules, calculate 

the estimated net obligation / net claim of the Clearing Member – Credit Organization in respect 

of the counterparty – the Bank of Russia, and within three (3) business days from the date of 

withdrawal (revocation) of the banking license of the Clearing Member – Credit Organization, 

submit the information on the calculated estimated net obligation / net claim of NCO CJSC NSD 

to determine the net obligations / net claims of the Clearing Member – Credit Organization and 

the Bank of Russia. The said procedure is applied to the obligations arising from the agreements 

concluded on the terms of one and the same general agreement.

32.9. The Clearing Centre executes the balancing trades in securities (with exception of clearing 

certificates of participation) / foreign currency / precious metals / Derivatives Contracts / 

commodities in accordance with the procedure stipulated in Article SECTION III.Article 21 of the 

common part of the Clearing Rules.

32.10. The Clearing Centre calculates the amount of net obligations / net claims of the Clearing Member 

in Russian roubles under the central counterparty trades in accordance with the procedure 

contemplated in subparagraphs 32.10.1-32.10.6 of the common part of the Clearing Rules, 

separately for the following:

 for the trades executed for the account of the Clearing Member – for all proprietary 

Settlement Codes and Settlement Codes for the property pool ;

 for the trades executed for the account of the Clearing Member’s clients, except for the 

Segregated Clients and trades executed for the account of the Authorized Account Owners –

for all Client Settlement Codes and Settlement Codes for the property pool, except for the 

Settlement Codes opened for the Segregated Clients, and the Settlement Codes linked to the 

Segregated Brokerage Firms;

 for the trades executed for the account of each Segregated Client of the Clearing Member –

for the Settlement Code opened for the Segregated Client;

 for the trades executed for the account of each Authorized Account Owner – for the 

Settlement Code linked to the Segregated Brokerage Firm;

 for the trades using the resources kept in trust management of the Clearing Member – for 

each Trust Settlement Code and Trust Settlement Code under the property pool.

32.10.1. The Clearing Centre for each property pool and all corresponding Settlement codes of the 

property pool of the Clearing member:

1. calculates an intermediate value of the net obligations / net claims of the Clearing Member in 

the clearing certificates of participation equal to the amount subject to the sign:

o Net obligations / Net claims of the Clearing Member under the clearing certificates of 

participation for REPO trades with the CCP with the clearing certificates of 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

73

participation, considered at the end of the date of termination of obligations under 

transactions by section T+ included in the Trading and clearing account T+, together 

with the relevant Settlement codes for all Dates of execution; 

o claims of the Clearing Member to the Clearing Centre on receipt of clearing certificates 

of participation in an amount equal received by the Clearing Center from the Bank of 

Russia upon redemption of the clearing certificates of participation the Bank of Russia 

in accordance with the Clearing Rules in the Securities market, take into account endof-day termination of obligations under transactions by section T+ included in the 

Trading and clearing account T+, together with the relevant Design codes for all Dates 

of execution;

If the amount calculated in accordance with this paragraph of the General part of the clearing 

Rules is positive, the clearing Member is accounted, the intermediate value of net claims to the 

clearing certificates of participation, if it is negative, the intermediate value of the net liabilities to 

the clearing certificates of participation.

The Clearing Centre adds (including sign) to the intermediate value of the net obligations of the 

clearing Member in the clearing certificates of participation the number of clearing certificates of 

participation, considered at the end of the date of termination of obligations under transactions on 

the T+ included in the Trading and clearing account T+, together with the relevant Design codes, 

but not greater than the absolute value of the specified intermediate value of the net obligations of 

the clearing Member in the clearing certificates of participation. In this case the clearing center 

creates and transmits the Settlement Depository an instruction to transfer the clearing certificates 

of participation in the specified number from the specified Section T+ on the Treasury securities 

account of the Clearing Centre.

2. calculates an intermediate value of the net obligations / net claims of the clearing Member in 

Russian rubles via REPO transactions with clearing certificates of participation equal to the 

amount subject to the sign:

o Net obligations / Net claims of the clearing Member in cash under REPO transactions 

with CCP with the clearing certificates of participation, considered at the end of the 

date of termination of obligations under transactions relating to the relevant Calculation 

codes for all Dates of performance. The value calculated for REPO trades with 

settlement in foreign currency, recalculated in Russian rubles at the exchange rate of 

the transaction / weighted average rate of foreign exchange transactions concluded / 

concluded by Clearing Centre in accordance with paragraph 32.9 of the common part 

of the Clearing Rules.

o the obligations of the Clearing Member to pay to the Clearing Centre the cash funds in 

the amount equal to the sum of nominal value clearing certificates, in respect of which 

the Clearing Member has not been executed the obligations to the Bank of Russia in 

the second part of the repo agreement to be considered at the end of the date of 

termination of obligations under transactions made by relevant Settlement codes for all 

Dates of performance.

If the amount calculated in accordance with this paragraph of the General part of the clearing 

Rules is positive, the clearing Member is accounted, the intermediate value of net claims in 

Russian rubles via REPO transactions with clearing certificates of participation, if it is negative, 

the intermediate value of the net liabilities in Russian rubles via REPO transactions with 

clearing certificates of participation;

3. if the Clearing member is a Participant Pool, the Clearing Centre sells securities and foreign 

currency recorded under the relevant Settlement codes and property pool the Participant pool, 

on the relevant exchange markets in the amount / the amount corresponding to the positive 

difference of the absolute value of the intermediate value of the net obligations of the Clearing 

Member in Russian roubles calculated in accordance with paragraph 2) of sub-paragraph

32.10.1 common part of the Clearing Rules and the amount of cash in Russian roubles, 

consider end-of-day termination of obligations under transactions by relevant Settlement codes 

and property pool.

The choice of property subject to the sale of the property of the pool is carried out by the 

Clearing center.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

74

If the amount of funds in Russian roubles accounted on the end of the date of termination of 

obligations under transactions by relevant Settlement codes the property of a pool and also 

received from the sale of securities and foreign currencies accounted on the relevant 

Settlement codes and property pool, Participant Pool, more the absolute value of the specified 

intermediate value of the net obligations of the Clearing Member in Russian roubles, the 

Clearing Centre takes into account cash in the amount of such excess on Settlement Account, 

which is part of the Trading and clearing account T+, relevant Trading and clearing account 

property pool, and the positive difference between the remaining amount of funds in Russian 

roubles and nominal value of clearing certificates of participation in the intermediate value of 

the net claims of the Clearing Member in the clearing certificates of participation, adds 

(including sign) to the intermediate value of the net obligations of the Clearing Member in 

Russian rubles.

If a Clearing Member that is a Pool Participant, considered an intermediate value of net claims 

to the clearing certificates of participation, calculated in accordance with paragraph 1 of subitem 32.10.1 common part of the Clearing Rules, cash amount in Russian rubles equal to the 

nominal value clearing certificates of participation in the said intermediate value of the net 

claims of the Clearing Member in the clearing certificates of participation, payable by the 

Clearing Centre in the relevant property pool.

If the amount of funds in Russian roubles accounted on the end of the date of termination of 

obligations under transactions by relevant Settlement codes the property of a pool and also 

received from the sale of securities and foreign currencies accounted on the relevant 

Settlement codes the property of a Pool Participant of a pool, less than the nominal value 

clearing certificates of participation in the said intermediate value of the net claims of the 

Clearing Member in the clearing certificates of participation, outstanding obligation of the 

Participant Pool for the contribution of property to the property pool is taken into account in 

further calculation of the corresponding net-obligations / net claims of the Participant pool in 

accordance with subparagraph 32.10.3 common part of the Clearing Rules;

4. The Clearing Centre adds (including sign) to the intermediate value of the net obligations / net 

claims of the clearing Member in Russian rubles determined at the end of the actions specified 

in sub-paragraphs 32.10.1 common part of the Clearing Rules and works 1 (one) Russian 

ruble, which is the nominal value of one clearing certificate of participation, and the 

intermediate value of the net obligations / net claims of the clearing Member in the clearing 

certificates of participation, defined by the results of the action referred to in clause 1) sub-item 

32.10.1 common part of the Clearing Rules.

Calculated in accordance with this paragraph of the common part of the Clearing Rules 

intermediate value of the net obligations / net claims of the Clearing Member in Russian rubles 

via REPO transactions with clearing certificates of participation taken into account in further 

calculation of the corresponding net-obligations / net claims of the Clearing member in 

accordance with subparagraph 32.10.3 common part of the Clearing Rules 

32.10.2. The Clearing Centre via the Clearing system generates and executes orders for transfer of 

securities / cash funds from the Trading and clearing account property pool of the Clearing 

member remaining at the end of the acts specified in sub-item 32.10.1 common part of the 

Clearing Rules for the relevant Trading and clearing account T+.

Clearing certificates of participation taken into account under Section T+ included in the specified 

Trading and clearing account T+ shall be redeemed in an amount corresponding to the number of 

/ the amount of property issued from the property pool in accordance with this sub-paragraph of 

the common part of the Clearing Rules and determined in accordance with the Clearing Rules in 

the Securities market.

Thus terminated all obligations of the Clearing member, being the Pool Participant, of contract on 

a property pool, the Clearing Center ceases to take into account the obligation to return Pool 

participant’s assets from the insolvency pool.

32.10.3. The Clearing Centre calculates the value equal to the sum, with account of the sign:

a) SUM value, calculated according to the following formula:

SUM = POS_RUB + ∑i (POS_Ci × CCi × C_VALi) + ∑j (POS_VALj × C_VALj) + 

+ ∑k (POS_Dk × (CDk - SPk)) + ∑l (POS_Tl × CTl), where
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

75

POS_RUB is the sum of values (with account of the sign) of the Net Obligations / Net 

Claims of the Clearing Member in Russian roubles under the central counterparty trades

(excluding REPO transactions with clearing certificates of participation) accounted for the 

end of the date of termination of obligations under transactions by the relevant Settlement 

Codes and Settlement Dates;

POS_Ciis the sum of values (with account of the sign) of the Net Obligations / Net Claims 

of the Clearing Member for the i-th security (excluding the clearing certificates of 

participation) under the central counterparty trades, consider end-of-day termination of 

obligations under transactions in Sections T+ / depo sub-accounts, forming part of the 

Trading and clearing account T+ / Trade-clearing accounts in conjunction with property 

pool for the relevant Settlement Codes / Settlement Codes for the property pool and 

Settlement Dates, recorded as of the end of the day of termination of trade obligations;

CCiis the price of trade / average weighted price of trades in securities, executed by the 

Clearing Centre in accordance with paragraph 32.9 of the common part of the Clearing 

Rules with the i-th security;

C_VALi is the transaction rate / weighted average rate of foreign exchange transactions 

concluded / concluded by the Clearing Centre in accordance with paragraph 32.9 the 

common part of the Clearing Rules with i-th foreign exchange. If CCi is denominated in 

Russian roubles then C_VALi=1;

∑iis the sum for securities;

POS_VALjis the sum of values (with account of the sign) of the Net Obligations / Net 

Claims of the Clearing Member in cash / precious metals in j-th foreign currency / j-th 

precious metal consider end-of-day termination of obligations under transactions on the 

relevant Settlement Codes / Settlement Codes for the property pool and Settlement Dates;

C_VALjis the rate of trade / average weighted rate of trades in foreign currency / precious 

metal, executed by the Clearing Centre in accordance with the paragraph 32.9 of the 

common part of the Clearing Rules in j-th foreign currency / j-th precious metal;

∑jis the sum for foreign currencies / precious metals;

POS_Dk is the net position (with account of the sign) of the Clearing Member under the kth Derivatives Contract, calculated as the sum (with account of the sign) of positions under 

the k-th Derivatives Contract, recorded in all sections of the register of the Clearing 

Member’s positions related to the corresponding Settlement Codes, as of the end of the 

day of termination of trade obligations;

CDk is the price of trade / average weighted price of trades executed by the Clearing 

Centre in accordance with paragraph 32.9 of the common part of the Clearing Rules in the 

k-th Derivatives Contract;

SPk is the Settlement Price of the k-th Derivatives Contract, determined by the Clearing 

Centre at the evening clearing session of the day of termination of trade obligations;

∑k is the value of the Derivatives Contracts,

POS_Tl is the sum of the values (including sign) of Net obligations / Net requirements of 

Clearing member for the i-commodity in transactions with a Central Counterparty consider 

end-of-day termination of obligations under transactions in the trading sections that are part 

of the Trading and clearing accounts in conjunction with the relevant Settlement codes and 

all Dates of performance;

CTlis the transaction price / average price of transactions with goods, prisoner / prisoners 

Clearing centre in accordance with paragraph 32.9 of the Common part of the Clearing 

Rules with the l-th commodity (in Russian rubles);

∑lis the sum of commodities,

and

b) the intermediate value of the net obligations / net claims of the clearing Member in Russian 

rubles via REPO transactions with clearing certificates of participation, calculated in 

accordance with sub-item 32.10.1 common part of the Clearing Rules (including the sign), 

and

c) Debt (with “minus” sign) of the Clearing Member in Russian roubles, recorded under the 

Collateral Accounts related to the relevant Settlement Codes as of the end of the day of 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

76

termination of trade obligations, not including the outstanding obligations of the Clearing 

Member in respect of payment of the commission fees, forfeits (fines, penalties) payable by 

the Clearing Member pursuant to the Clearing Rules, and 

d) the Clearing Member’s obligations on the transfer of Income, recorded under the relevant 

Settlement Codes and not settled as of the end of the day of termination of trade 

obligations, and in case of withdrawal (revocation) of the Clearing Member’s banking 

license – the obligations on the transfer of Income arising prior to the day of withdrawal 

(revocation) of the Clearing Member’s banking license (recorded with the “minus” sign), 

and

e) the Clearing Centre’s obligations on the transfer of Income to the Clearing Member, 

recorded under the relevant Settlement Codes and not settled as of the end of the day of 

termination of trade obligations, and in case of withdrawal (revocation) of the Clearing 

Member’s banking license – the obligations on the transfer of Income arising prior to the 

day of withdrawal (revocation) of the Clearing Member’s banking license (recorded with the 

“plus” sign), and

f) values (with account of the sign) of obligations / claims of the Clearing Member in Russian 

roubles in respect of payment / receipt of the Variation Margin, recorded under the 

Collateral Accounts related to the relevant Settlement Codes as of the end of the day of 

termination of trade obligations; and

g) obligations of the Clearing Member on payment of the commission fees, as well as forfeits 

(fines, penalties) payable by the Clearing Member pursuant to the Clearing Rules, recorded 

under the relevant Settlement Codes (with the “minus” sign), except for the cases of 

withdrawal (revocation) of the Clearing Member’s banking license and issuance of an 

arbitration award on announcement of bankruptcy of the Clearing Member and on 

commencement of liquidation proceedings.

h) the obligations of the Participant pool for the contribution of property to the property pool 

remaining after the sale of the property from the property pool in accordance with sub-item 

32.10.1 common part of the Clearing Rules (accounted with "minus")

i) the obligations of the Clearing Member on refund to the Clearing Center the cost in 

Russian roubles of the funds of the Guarantee Fund from the contributions of Nondefaulting clearing members is used at the conclusion of the Clearing Center balancing 

transactions in accordance with clauses 32.9 and 21.8 of the common part of the Clearing 

Rules (accounted with "minus)

If the value calculated in accordance with this paragraph of the common part of the Clearing 

Rules is negative, the calculation of the relevant net obligation / net claim of the Clearing Member 

shall be continued in accordance with subparagraph 32.10.4 of the common part of the Clearing 

Rules, and if its non-negative - in accordance with subparagraph 32.10.5 of the common part of 

the Clearing Rules.

32.10.4. The Clearing Centre calculates the sum (with account of the sign) of the negative value

calculated in accordance with subparagraph 32.10.3 of the common part of the Clearing Rules,

and the following values, recorded under the relevant Settlement Codes as of the end of the day 

of termination of trade obligations, in the following sequence and amount:

1) amount of the Clearing Centre’s obligations on refunding to the Clearing Member of its 

Collateral in Russian roubles (recorded with “plus” sign);

2) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral for Stress in Russian 

roubles (recorded with “plus” sign, only for proprietary Settlement Codes), or (2) current 

absolute amount of the negative value, calculated in accordance with this paragraph of the 

common part of the Clearing Rules;

3) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its contribution to the Guarantee Fund in 

Russian roubles (recorded with “plus” sign, only for proprietary Settlement Codes), or (2) 

current absolute amount of the negative value, calculated in accordance with this 

paragraph of the common part of the Clearing Rules;
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

77

4) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral in foreign currency 

converted into Russian roubles at the exchange rate set by the Bank of Russia as of the 

date of termination of trade obligations (recorded with “plus” sign), or (2) current absolute 

amount of the negative value, calculated in accordance with this paragraph of the common 

part of the Clearing Rules;

5) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral for Stress in foreign 

currency converted into Russian roubles at the exchange rate of the relevant foreign 

currency set by the Bank of Russia as of the date of termination of trade obligations 

(recorded with “plus” sign, only for proprietary Settlement Codes), or (2) current absolute 

amount of the negative value, calculated in accordance with this paragraph of the common 

part of the Clearing Rules;

6) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its contribution to the Guarantee Fund in 

foreign currency converted into Russian roubles at the exchange rate set by the Bank of 

Russia as of the date of termination of trade obligations (recorded with “plus” sign, only for 

proprietary Settlement Codes), or (2) current absolute amount of the negative value, 

calculated in accordance with this paragraph of the common part of the Clearing Rules;

7) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral in securities converted into 

Russian roubles at the Settlement Price of the relevant security set by the Clearing Centre

as of the date of termination of trade obligations (recorded with “plus” sign), or (2) current 

absolute amount of the negative value, calculated in accordance with this paragraph of the 

common part of the Clearing Rules;

8) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral for Stress in securities 

converted into Russian roubles at the Settlement Price of the relevant security set by the 

Clearing Centre as of the date of termination of trade obligations (recorded with “plus” sign, 

only for proprietary Settlement Codes), or (2) current absolute amount of the negative 

value, calculated in accordance with this paragraph of the common part of the Clearing 

Rules;

9) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its contribution to the Guarantee Fund in 

securities converted into Russian roubles at the Settlement Price of the relevant security 

set by the Clearing Centre as of the date of termination of trade obligations (recorded with 

“plus” sign, only for proprietary Settlement Codes), or (2) current absolute amount of the 

negative value, calculated in accordance with this paragraph of the common part of the 

Clearing Rules;

10) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral in precious metals

converted into Russian roubles at the Central Rate of the relevant precious metal, set by 

the Clearing Centre as of the date of termination of trade obligations (recorded with “plus” 

sign), or (2) current absolute amount of the negative value, calculated in accordance with 

this paragraph of the common part of the Clearing Rules;

11) amount equal to the minimum of the two quantities: (1) the amount of obligations of the 

Clearing centre on refund to the clearing Member its Collateral goods, converted into 

Russian roubles at the Settlement price of the relevant goods, prescribed by the Clearing 

centre at the date of termination of obligations (accounted with "plus" sign), or (2) the 

magnitude of the current size of the absolute value of the negative value calculated in 

accordance with this sub-paragraph of the General part of the Clearing Rules

If the value calculated as a result of sequential execution of any step contemplated in the 

subparagraphs 1-11 of this paragraph of the common part of the Clearing Rules is non-negative, 

the calculation of the relevant net obligation / net claim of the Clearing Member shall be continued 

in accordance with subparagraph 32.10.5 of the common part of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

78

32.10.5. If the value calculated pursuant to subparagraph 32.10.3 or 32.10.4 of the common part of the 

Clearing Rules for the relevant Settlement Codes equals zero, this means that the Clearing 

Member has no net obligation / net claim under the relevant trades, and the calculation of net 

obligation / net claim under such trades will be discontinued.

If the value calculated pursuant to subparagraph 32.10.3 or 32.10.4 of the common part of the 

Clearing Rules for proprietary Settlement Codes is negative, this means that the Clearing 

Member has a net obligation towards the Clearing Centre under the trades executed for the 

account of the Clearing Member, and the calculation of such net obligation of the Clearing 

Member will be discontinued.

If the value calculated pursuant to subparagraph 32.10.3 or 32.10.4 of the common part of the 

Clearing Rules for the relevant Settlement Codes, excluding the proprietary Settlement Codes, is 

positive, this means that the Clearing Member has a net claim towards the Clearing Centre under 

the relevant trades, and the calculation of such net claim of the Clearing Member will be 

discontinued.

If the value calculated pursuant to subparagraph 32.10.3 or 32.10.4 of the common part of the 

Clearing Rules for the relevant Settlement Codes, excluding the proprietary Settlement Codes, is 

negative, the calculation of net obligations / net claims of the Clearing Member will continue as 

follows:

The Clearing Centre calculates the sum (with account of the sign) of the said negative value and

the positive value, calculated in accordance with subparagraph 32.10.3 or 32.10.4 of the common 

part of the Clearing Rules, for the proprietary Settlement Codes.

If the calculated value is negative, this means that the Clearing Member has a net obligation

under the relevant trades, and the calculation of such net obligation will be discontinued.

If the calculated value is positive for all relevant Settlement Codes, this means that the Clearing 

Member has a net claim under the trades executed for the account of the Clearing Member, and 

the calculation of such net obligations / net claims of the Clearing Member will be discontinued.

32.10.6. Each of the obligations specified in subparagraph 32.10.4 of the Clearing Rules, included in the 

calculation of the net obligation / net claim of the Clearing Member, shall be terminated in its 

relevant part.

At that, the obligation in foreign currency will be terminated in the part equal to the corresponding 

value in Russian roubles, included in the calculation of net obligation/ net claim of the Clearing 

Member, converted into foreign currency at the rate set by the Bank of Russia as of the date of 

termination of trade obligations, and the obligation in securities will be terminated in the part equal 

to the corresponding value in Russian roubles, included in the calculation of the net obligation / 

net claim of the Clearing Member, converted into securities at the Settlement Price of the relevant 

security, set by the Clearing Centre as of the date of termination of trade obligations, the 

obligation in precious metals will be terminated in the part equal to the corresponding value in 

Russian roubles, included in the calculation of net obligation/ net claim of the Clearing Member, 

converted into precious metals at the Central Rate of the corresponding precious metal set by the 

Clearing Centre at the date of termination of trade obligations, the obligation in the commodities 

will be terminated in the part equal to corresponding value in Russian roubles, included in the 

calculation of net obligation / net claim of the Clearing Member, converted into commodities at the 

Settlement price of the relevant commodity, set by the Clearing Centre ad of the date of 

termination of trade obligations.

32.11. The Clearing Centre calculates the amount of net obligation / net claim of the Clearing Member in 

Russian roubles towards other Clearing Members acting as its counterparties under the trades 

without central counterparty in accordance with the procedure contemplated in subparagraph

32.11.1-32.11.3 of the common part of the Clearing Rules, separately for the following:

 for the trades executed for the account of the Clearing Member – for all proprietary 

Settlement Codes;

 for the trades executed for the account of the Clearing Member’s clients, except for the 

Segregated Clients – for all client Settlement Codes, except for the Settlement Codes opened 

for the Segregated Clients;

 for the trades executed for the account of each Segregated Client of the Clearing Member 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

79

– for the Settlement Code opened for the Segregated Client;

 for the trades using the resources kept in trust management of the Clearing Member – for 

all Trust Settlement Codes.

32.11.1. The Clearing Centre calculates the value equal to the sum, with account of the sign:

SUM = POS_RUB + ∑i (POS_Ci × CCi) + ∑i (POS_Ri × CCi) + ∑j (POS_VALj × C_VALj), where

POS_RUB = ST - SO,

POS_VALj = STj - SOj,

POS_Cj = STCj – SOCj,

POS_Ri = STRi – SORi,

POS_RUB is the obligation (claim) of the Clearing Member in cash in Russian roubles;

POS_VALj is the obligation (claim) of the Clearing Member in cash in j-th foreign currency;

POS_Ciis the obligation (claim) of the Clearing Member for the i-th security under the securities 

purchase and sale trades;

POS_Riis the obligation (claim) of the Clearing Member for the i-th security under REPO trades;

ST is the sum of claims, and SO is the sum of obligations of the Clearing Member in cash in the 

relevant currency, calculated as of the date of termination of trade obligations under the following 

trades:

- trades with settlement code B0-B30;

- first parts of the REPO trades with settlement code Sn;

- second parts of the REPO trades with settlement code Rb, Sn, Z0.

At that, the sum of obligations and claims under the second parts of the REPO trades is 

calculated on the basis of the actual time period of the REPO trade elapsed from the actual date 

of settlement of the obligations under the first part of the REPO trade, including that date, till the 

date of termination of the obligations under the trades, not including that date. If the obligations 

under the first part of the REPO trade are not settled as of the date of termination of trade 

obligations in accordance with this article of the common part of the Clearing Rules, for the 

purpose of calculation of net obligation / net claim of the Clearing Member towards the Clearing 

Members acting as its counterparties, the time period of the REPO trade is deemed to equal zero.

STCiis the sum of claims, and SOCiis the sum of obligations of the Clearing Member in i-th 

security, recorded as of the date of termination of trade obligations under the following trades:

- trades with settlement code B0-B30.

STRiis the sum of claims, and SORiis the sum of obligations of the Clearing Member in i-th 

security, recorded as of the date of termination of trade obligations under the following trades:

- first parts of the REPO trades with settlement code Sn;

- second parts of the REPO trades with settlement code Rb, Sn, Z0.

CCiis the price (in Russian roubles) equal to the sum of the settlement price of i-th security, 

established by the Exchange in accordance with the Trading Rules for the Securities Market, 

based upon the results of the Trading Day on the date of termination of trade obligations, or the 

latest used settlement price of such security, and ACI as of the date of termination of trade 

obligations (provided that it is calculated for such security). If a settlement price and ACI of the ith security in foreign currency, the price is calculated at the rate of the relevant foreign currency 

set by the Bank of Russia as of the date of termination of trade obligations;

∑iis the sum for securities;

C_VALjis the exchange rate of the j-th foreign currency set by the Bank of Russia as of the date 

of termination of trade obligations;

∑jis the sum for foreign currencies.

32.11.2. If the value calculated in accordance with subparagraph 32.11.1 of the common part of the 

Clearing Rules is positive, this means that the Clearing Member has a net claim towards the 

Clearing Member - counterparty, and if it is negative – the Clearing Member has a net obligation 

towards the Clearing Member - counterparty.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

80

32.11.3. If the Clearing Member – counterparty is the Bank of Russia, then, starting from the effective date 

of the Clearing Rules of NCO CJSC NSD regulating the procedure for calculation of net 

obligations / net claims of the Clearing Member – Credit Organization under the trades executed 

with the Bank of Russia, cleared by the Clearing Centre, the positive value calculated according 

to subparagraph 32.11.1 of the common part of the Clearing Rules is the estimated net claim of 

the Clearing Member towards the Bank of Russia, and the negative value is the estimated net 

obligation of the Clearing Member towards the Bank of Russia. The said procedure is applied to 

the obligations arising from the agreements concluded on the terms of one and the same general 

agreement.

32.12. The Clearing Centre will send to the Clearing Member, to whom the provision of clearing services 

has been discontinued, a notice of termination of trade obligations within three (3) business days 

after the date of cessation of the clearing services. This notice will also contain information about 

the net obligations / net claims of the Clearing Member towards the Clearing Centre, calculated 

pursuant to paragraph 32.10 of the common part of the Clearing Rules, as well as on the net 

obligations / net claims of the Clearing Member towards its counterparties under the trades 

without central counterparty, calculated pursuant to paragraph 32.11 of the common part of the 

Clearing Rules.

Starting from the effective date of the clearing rules of NCO CJSC NSD regulating the procedure 

for calculation of net obligations / net claims of the Clearing Member – Credit Organization under 

the trades executed with the Bank of Russia, cleared by the Clearing Centre, the notices 

regarding the net obligations / net claims of the Clearing Member – credit organization and the 

Bank of Russia calculated for the trades executed between the Clearing Member – Credit 

Organization and the Bank of Russia, shall be sent to such Clearing Members by NCO CJSC 

NSD according to the clearing rules of NCO CJSC NSD.

The notices of termination of obligations under the trades without central counterparty, calculated 

in accordance with this Article of the common part of the Clearing Rules, containing information 

about the net obligations / net claims of the Clearing Members – counterparties of the Clearing 

Member to whom the provision of clearing services has been discontinued, will be sent to the said 

Clearing Members – counterparties within the same timelines.

The Clearing Centre also submits to the Clearing Member to whom the provision of clearing 

services has been discontinued a notice of termination of the Clearing Agreement.

32.13. The Clearing Centre submits to the Authorized Account Owner, in form of an electronic 

document, a notice of the amount of net obligation / net claim of the Clearing Member, calculated 

pursuant to paragraph 32.10 of the common part of the Clearing Rules, under the trades 

executed for the account of the Authorized Account Owner.

The Authorized Account Owner is entitled to submit to the Clearing Centre the Application for 

Refund of cash constituting the Collateral, the obligations on refund whereof are recorded under 

the Settlement Code linked to the Segregated Brokerage Firm to which the said Authorized 

Account Owner has been assigned, in the amount remaining after calculation of the said net 

obligation / net claim of the Clearing Member. Such cash will be refunded in accordance with the 

procedure stipulated by the Clearing Rules for the Derivatives Market.

32.14. The refunding of cash / securities (excluding clearing certificates of participation) to the Clearing 

Member, remaining after calculation of net obligations / net claims of the Clearing member in 

accordance with the paragraph 32.10 of the common part of the Clearing Rules is performed by 

the Clearing Centre pursuant to paragraph 4.12. 

32.14.1. For the purpose of settlement of obligations on refunding to the Clearing Member of cash in 

foreign currency / precious metals remaining after calculation of net obligations / net claims of the 

Clearing Member in accordance with the paragraph paragraph 32.10 of the common part of the 

Clearing Rules, the Clearing Centre, on the basis of paragraph 3.18 of the common part of the 

Clearing Rules, on the date of termination of the Clearing Agreement conducts in the relevant onexchange markets the sale of the relevant foreign currency / relevant precious metals in the 

amount / quantity equal to the size of obligations of the Clearing Centre on refunding of the 

Collateral / Collateral for Stress / contribution of the Clearing Member to the Guarantee Fund in 

relevant foreign currency / relevant precious metals remaining after calculation of net obligations / 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

81

net claims of the Clearing Member in accordance with the procedure contemplated in paragraph

32.10 of the common part of the Clearing Rules.

32.14.2. The refunding of cash to the Clearing Member is performed by the Clearing Centre in the 

amounts of net claims of the Clearing Member in Russian roubles, calculated in accordance with 

the procedure contemplated in paragraph 32.10 of the common part of the Clearing Rules, and 

in the amounts of cash in Russian roubles, received from the sale of foreign currency / precious 

metals pursuant to subparagraph 32.14.1 of the common part of the Clearing Rules, and if such 

sale is impossible – in the amount of relevant obligations on refunding to the Clearing Member of 

cash in foreign currency / precious metals, converted into Russian roubles at the exchange rate 

of foreign currency set by the Bank of Russia as of the date of termination of the Clearing 

Agreement / at the Central Rate of the relevant precious metal set by the Clearing Centre as of 

the date of termination of the Clearing Agreement.

32.14.3. The securities remaining in the Sections of the Clearing Member / Holder / Authorized Account 

Owner / client of the Clearing Member after calculation of net obligations / net claims of the 

Clearing Member in accordance with the procedure contemplated in paragraph 32.10 of the 

common part of the Clearing Rules will be written down from the Sections of the Clearing Member 

without the need for consent from the Clearing Centre.

32.14.4. Commodities left in the trading sections of the commodity trading accounts of Clearing Members 

after defining net obligations / net claims of the clearing Member in accordance with paragraph 

32.10 of the General part of the Rules of the clearing are written off from the trading sections of 

trading commodity accounts of the clearing Member without consent of the Clearing centre.

32.15. The Clearing Centre may issue to the Clearing Member a claim for recovery of the Clearing 

Member’s net obligations calculated in accordance with the procedure stipulated in paragraph 

32.10 of the common part of the Clearing Rules, as well as forfeits (fines, penalties) and 

commission fees payable pursuant to the Clearing Rules and not included in the calculation of the 

Clearing Member’s net obligations / net claims, in accordance with the general procedure 

contemplated in the legislation on insolvency (bankruptcy).

32.16. By enrolling in the Treasury securities account by the Clearing Centre of clearing certificates of 

participation in the amount corresponding to the intermediate value of the net claims of the 

Clearing Member in the clearing certificates of participation, calculated in accordance with subparagraph 32.10.1 of the common part of the Clearing Rules for REPO trades with the clearing 

certificates of participation, obligations under which were terminated during netting conducted in 

accordance with this article of the common part of the Clearing Rules against the Clearing 

Member, the clearing certificates in the amount repaid by the Clearing Centre, the funds in the 

amount of the nominal value of the redeemed of the clearing certificates of participation are 

derived from the relevant property pool.

Article 33. Procedure for Settlement of Obligations in Case of Clearing Member’s Bankruptcy

(Liquidation Netting in Respect of Clearing Member)

33.1. In case of withdrawal (revocation) by the Bank of Russia of the banking license issued to the 

Clearing Member’s client which is a credit organization, as well as in case of issuance of an 

arbitration award on introduction of any bankruptcy procedure in relation to the Clearing 

Member’s client, the Clearing Member may request the Clearing Centre to calculate the Clearing 

Member’s net obligation / net claim under the trades executed for the account of such client of the 

Clearing Member, whereunder obligations have not been settled and/or not been terminated on 

other grounds contemplated in the Clearing Rules, by submitting the Application for Liquidation 

Netting in respect of the Clearing Member’s client.

33.1.1. The Application for Liquidation Netting in respect of the Clearing Member’s client can be 

submitted no earlier than on the date of withdrawal (revocation) by the Bank of Russia of the 

banking license issued to the Clearing Member’s client which is a credit organization, or the date

of issuance of an arbitration award on introduction of any bankruptcy procedure in relation to the 

Clearing Member’s client.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

82

33.2. In its Application for Liquidation Netting in respect of the Clearing Member’s client (hereinafter in 

this Article of the common part of the Clearing Rules, also the Application) or together with the 

Application, the Clearing Member shall furnish the Clearing Centre with the following information:

1) Settlement Code(s) / Settlement Codes of the property pool opened by the Clearing 

Member for the Segregated Client;

2) identification data of the Clearing Member’s client not being the Segregated Client, 

including, but not limited to, the Tax ID (INN) of the client - legal entity having Tax ID (INN), 

or passport number of the client - private individual, or a code of the registration country of 

the client - legal entity, which is a Non-Resident and has no Tax ID (INN);

3) documents and/or information confirming the presence of the grounds stipulated in 

paragraph 33.1 of the common part of the Clearing Rules;

4) numbers of the trades, whereunder the Clearing Member is a party, executed in the 

relevant on-exchange markets for the account of the Clearing Member’s client specified in 

the Application (the said information is not provided in case of the Segregated Clients);

5) information on the amounts of cash or the amount of Debt, and about the quantities of 

securities, precious metals, commodities of the Clearing Member’s client, recorded under 

the Settlement Codes / Settlement Codes of the property pool, in the Trading and Clearing 

Accounts / Trading and Clearing Accounts of the property pool and/or sections of cash and 

depo collateral registers of the Clearing Member, and on the numbers (codes) of such 

Settlement Codes, Trading and Clearing Accounts and/or sections of cash and depo 

collateral registers (the said information is not provided in case of the Segregated Clients);

6) other information upon request of the Clearing Centre, required for calculation of the 

Clearing Member’s net obligation / net claim under the trades executed for the account of 

the Clearing Member’s client.

33.3. The Clearing Centre may refuse to satisfy the Clearing Member’s Application in the following 

cases:

33.3.1. if the Clearing Member fails to provide the documents and/or information stipulated in paragraph

33.2 of the common part of the Clearing Rules;

33.3.2. if, in the opinion of the Clearing Centre, by satisfying the Application it would create a threat to 

financial stability of the Clearing Centre;

33.3.3. if, in the opinion of the Clearing Centre, the Application cannot be satisfied within the time period 

stipulated by law;

33.3.4. if the Clearing Centre commences termination of the Clearing Member's obligations on the 

grounds set forth in the Clearing Rules.

33.4. The Application for Liquidation Netting in respect of the Clearing Member’s client is satisfied in 

accordance with the following procedure:

33.4.1. In case of withdrawal (revocation) by the Bank of Russia of the banking license issued to the 

Clearing Member’s client which is a credit organization, the obligations under the trades 

whereunder the Clearing Member is a party, executed for the account of such client of the 

Clearing Member, prior to the date of withdrawal of such license and obligations to repay to the 

Clearing Member of assets of the Client deposited by the Clearing Member in the property pool, 

will be terminated in full on the date following the date of withdrawal (revocation) by the Bank of 

Russia of the banking license issued to such client of the Clearing Member, by creating a net 

obligation / net claim of the Clearing Member, calculated in accordance with paragraph 33.6 of 

the common part of the Clearing Rules.

33.4.2. In case of issuance of an arbitration award on introduction of any bankruptcy procedure in relation 

to the Clearing Member’s client, the obligations under the trades whereunder the Clearing 

Member is a party, executed for the account of such client of the Clearing Member and 

obligations to repay the Clearing Member of assets of the client deposited by the Clearing 

Member in the property pool, will be terminated in full on the date following the date of issuance 

of an arbitration award on introduction of any bankruptcy procedure in relation to the Clearing 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

83

Member’s client, by creating a net obligation / net claim of the Clearing Member, calculated in 

accordance with paragraph 33.6 of the common part of the Clearing Rules.

33.5. The Clearing Centre executes the balancing trades in securities / foreign currency / precious 

metals / commodities / Derivatives Contracts in accordance with the procedure stipulated in 

Article 21 of the common part of the Clearing Rules.

33.6. The Clearing Centre calculates the amount of net obligation / net claim of the Clearing Member in 

Russian roubles under the central counterparty trades executed for the account of the Clearing 

Member’s client using information about amounts of money, the amount owed, and the amounts 

of securities, precious metals, goods of the client Clearing Member received from the Clearing 

Member in accordance with clause 33.2 of the common part of the Clearing Rules in accordance 

with the procedure described below:

33.6.1. The Clearing Center for each property pool, and for all Settlement codes and Settlement codes of 

the property pool, which takes into account the Client’s Clearing Member:

1. calculates an intermediate value of the net obligations / net claims of the Clearing Member in the 

clearing certificates of participation for REPO trades with the Central counterparty concluded for 

the account of the client Clearing Member equal to the amount subject to the sign:

o Net obligations / Net claims of the Clearing Member under the clearing certificates of 

participation for REPO trades with the Central counterparty with the clearing certificates of 

participation signed by the client of the Clearing member accounted for the end of the date 

of termination of obligations under transactions by section T+ included in the Trading and 

clearing account T+, together with the relevant Settlement codes for all Dates of 

performance.

If the amount calculated in accordance with this paragraph of the common part of the Clearing 

Rules is positive, the Clearing Member is accounted, the intermediate value of net claims to the 

clearing certificates of participation for REPO trades with the Central counterparty concluded for 

the account of the client clearing Member, if it is negative, the intermediate value of the net 

obligations to the clearing certificates of participation for REPO trades with the Central counterparty 

concluded for the account of the client Clearing Member.

The Clearing Centre adds (including sign) to the intermediate value of the net obligations of the 

Clearing Member in the clearing certificates of participation for REPO trades with the Central 

counterparty concluded in the customer account of the clearing Member, the number of clearing 

certificates of participation, considered at the end of the date of termination of obligations under 

transactions on the T+ included in the Trading and clearing account T+, together with the relevant 

Settlement codes, but not greater than the absolute value of the specified intermediate value of the 

net obligations of the Clearing Member in the clearing certificates of participation. In this case the 

clearing center creates and transmits the Settlement Depository an instruction to transfer the 

clearing certificates of participation in the specified number from the specified Section T+ on the 

Treasury securities account of the Clearing center;

2. calculates an intermediate value of the net obligations / net claims of the Clearing Member in 

Russian rubles via REPO trades with Central counterparty with the clearing certificates of 

participation, concluded for the account of the client Clearing Member equal to the amount with 

account of the sign:

o Net obligations / Net claims of the clearing Member in cash under REPO transactions with 

Central counterparty with the clearing certificates of participation signed by the client of the 

Clearing Member accounted for the end of the date of termination of obligations under 

transactions by the relevant Calculation codes for all Dates of performance. The value 

calculated for REPO trades with settlement in foreign currency, recalculated in Russian 

rubles at the exchange rate of the transaction / weighted average rate of foreign exchange 

transactions concluded / concluded by Clearing centre in accordance with clause 28.5 of 

the common part of the Clearing Rules.

If the amount calculated in accordance with this paragraph of the common part of the Clearing 

Rules is positive, the Clearing Member is accounted, the intermediate value of net claims in 

Russian rubles via REPO trades with Central counterparty with the clearing certificates of 

participation signed by the client of the Clearing Member, if it is negative, the intermediate value of 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

84

the net obligations in Russian rubles via REPO trades with Central counterparty with the clearing 

certificates of participation, concluded for the account of the client Clearing Member;

3. in case if the Clearing member is a Participant pool, the Clearing Center sells securities and foreign 

currency Clearing Member, recorded under the relevant Settlement codes and property pool the 

Participant pool, on the relevant exchange markets in the amount / the amount corresponding to 

the positive difference of the absolute value of the intermediate value of the net obligations of the 

Clearing Member in Russian roubles calculated in accordance with paragraph (23) of subparagraph 33.6.1 common part of the Clearing Rules and the amount of cash, consider end-of-day 

termination of obligations under transactions by the relevant Settlement codes and property pool.

The choice of the property of the client of the clearing Member, pending sale of property of the pool 

is carried out by the Clearing center.

If the amount of funds in Russian roubles accounted on the end of the date of termination of 

obligations under transactions by the relevant Settlement codes the property of a pool and also 

received from the sale of securities and foreign currency customer of the Clearing Member, 

recorded under the relevant Settlement codes and property pool, pool Party, more the absolute 

value of the specified intermediate value of the net obligations of the Clearing Member in Russian 

roubles, the Clearing Centre records cash in the amount of such excess on Settlement Code, being 

a part of the Trading and clearing account T+ corresponding to the Trading and clearing account 

property pool, and the positive difference between the remaining amount of funds in Russian 

roubles and the nominal value clearing certificates of participation Clearing Member at an 

intermediate value of the net claims of the Clearing Member in the clearing certificates of 

participation, adds (including sign) to the intermediate value of the net obligations of the Clearing 

Member in Russian rubles.

In case if a Clearing Member that is a Party pool, considered an intermediate value of net claims to 

the clearing certificates of participation, calculated in accordance with paragraph 6 sub-paragraph 

33.6.1 common part of the Clearing Rules, cash amount in Russian rubles equal to the nominal 

value clearing certificates of participation Clearing Member in said intermediate value of the net 

claims of the clearing Member in the clearing certificates of participation, payable by the Clearing 

Center in the relevant property pool.

If the amount of funds in Russian roubles accounted on the end of the date of termination of 

obligations under transactions by relevant Settlement codes the property of a pool and also 

received from the sale of securities and foreign currency customer of the Clearing Member, 

recorded under the relevant Settlement codes the property of a Pool Participant of a pool, less than 

the nominal value clearing certificates of participation Clearing Member in said intermediate value 

of the net claims of the Clearing Member in the clearing certificates of participation, outstanding 

obligation of the Pool Participant regarding the property of the client Clearing Member to a property 

pool is taken into account in further calculation of the corresponding net-obligations / net claims of 

the Participant pool in accordance with sub-paragraph 33.6.3 the common part of Clearing Rules;

4. The Clearing Centre adds (including sign) to the intermediate value of the net obligations / net 

claims of the clearing Member in Russian rubles determined at the end of the actions specified in 

sub-paragraph 33.6.1 common part of the Clearing Rules and works 1 (one) Russian ruble, which 

is the nominal value of one clearing certificate of participation, and the intermediate value of the net 

obligations / net claims of the Clearing Member in the clearing certificates of participation, defined 

by the results of the actions specified in sub-paragraph 33.6.1 common part of the Clearing Rules.

Calculated in accordance with this paragraph of the common part of the Clearing Rules the 

intermediate value of the net obligations / net claims of the Clearing Member in Russian rubles via 

REPO trades with Central counterparty with the clearing certificates of participation signed by the 

client of the Clearing Member, is taken into account in further calculation of the corresponding netobligations / net claims of the clearing Member in accordance with sub-paragraph 33.6.3 the 

Common part of the Clearing Rules.

33.6.2. The Clearing Centre via the Clearing System forms and carries out he Order to transfer securities 

/ cash of the Client of the Clearing Member under the Trading and Clearing Account of the 

property pool of the Clearing Member remained after the actions determined in sub paragraph 

33.6.1 of the common part of the Clearing Rules to the relevant Trading and Clearing Account T+.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

85

Clearing-certificates of participation clearing Member taken into account under Section T+ 

included in the specified Trading and clearing account T+ shall be redeemed in an amount 

corresponding to the number of / the amount of the property of the client of the Clearing Member, 

issued from the property pool in accordance with this sub-paragraph of the common part of the 

Clearing Rules and determined in accordance with the clearing Rules in the Securities market.

In this case the Clearing Center ceases to take into account the obligation to return property to 

the Pool Participant from the property pool of such Client of the Clearing Member.

33.6.3. The Clearing Centre calculates the value equal to the sum, with account of the sign:

a) SUM value, calculated according to the following formula:

SUM = POS_RUB + ∑i (POS_Ci × CCi × C_VALi) + ∑j (POS_VALj × C_VALj) + 

+ ∑k (POS_Dk × (CDk - SPk)) + ∑l (POS_Tl × CTl), where

POS_RUB is the sum of values (with account of the sign) of the Net Obligations / Net 

Claims of the Clearing Member in Russian roubles under the central counterparty trades

(excluding REPO trades with the clearing certificates of participation), executed for the 

account of the Clearing Member’s client consider end-of-day termination of obligations 

under transactions by the relevant Settlement Codes / Settlement Codes of the property 

pool and Settlement Dates, 

POS_Ciis the sum of values (with account of the sign) of the Net Obligations / Net Claims 

of the Clearing Member for the i-th security (excluding clearing certificate of participation)

under the central counterparty trades, executed for the account of the Clearing Member’s 

client consider end-of-day termination of obligations under transactions in Sections T+ / 

depo sub-accounts, forming part of the Trading and clearing account T+ / Trade-clearing 

accounts in conjunction with property pool for all relevant Settlement Codes / Settlement 

Codes of the property pool and Settlement Dates;

CCiis the price of trade / average weighted price of trades in securities, executed by the 

Clearing Centre in accordance with the paragraph 33.5 of the common part of the Clearing 

Rules with the i-th security;

C_VALi is the transaction rate / weighted average rate of foreign exchange transactions 

concluded / concluded by the Clearing Centre in accordance with paragraph 33.5 of the 

common part of the Clearing Rules with i-th foreign currency. If CCi is denominated in 

Russian rubles then C_VALi=1;

∑iis the sum for securities;

POS_VALjis the sum of values (with account of the sign) of the Net Obligations / Net 

Claims of the Clearing Member in cash / precious metals in j-th foreign currency / j-th 

precious metal for transactions with a Central counterparty concluded in the customer 

account of the clearing Member recorded at the end of the date of termination of 

obligations on transactions by the relevant Settlement codes / Settlement codes the 

property of the pool on all Dates of performance;

C_VALjis the rate of trade / average weighted rate of trades in foreign currency / precious 

metal, executed by the Clearing Centre in accordance with the paragraph 33.5 of the 

common part of the Clearing Rules in j-th foreign currency / j-th precious metal;

∑jis the sum for foreign currencies / precious metals;

POS_Dk is the net position (with account of the sign) of the Clearing Member under the k-th 

Derivatives Contract, calculated as the sum (with account of the sign) of positions under 

the k-th Derivatives Contract, executed for the account of the Clearing Member’s client,

recorded in all relevant sections of the register of the Clearing Member’s positions as of the 

end of the day of termination of trade obligations;

CDk is the price of trade / average weighted price of trades executed by the Clearing 

Centre in accordance with paragraph 33.5 of the common part of the Clearing Rules in the 

k-th Derivatives Contract;

SPk is the Settlement Price of the k-th Derivatives Contract, determined by the Clearing 

Centre at the evening clearing session of the day of termination of trade obligations;

∑k is the value of the Derivatives Contracts,

POS_Tl is the sum of the values (including sign) of Net obligations / Net claims of Clearing 

Member for the i-commodity in transactions with a Central Counterparty concluded in the 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

86

customer account of the Clearing Member consider end-of-day termination of obligations 

under transactions in the trading sections that are part of the Trading and clearing 

accounts, together with the relevant Settlement codes for all Dates of performance;

CTlis the transaction price / average price of transactions with goods, prisoner / prisoners 

Clearing centre in accordance with clause 33.5 of the General part of the Rules of the 

clearing with the l-th commodity (in Russian rubles);

∑lis the sum of commodities.

and

b) the intermediate value of the net obligations / net claims of the Clearing Member in Russian 

rubles via REPO trades with Central counterparty with the clearing certificates of 

participation signed by the client of the Clearing Member, calculated in accordance with 

sub paragraph 33.6.1 of the common part of the Clearing Rules (including sign);

c) Debt (with “minus” sign) of the Clearing Member in Russian roubles, under the trades 

executed for the account of such client of the Clearing Member, recorded as of the end of 

the day of termination of obligations under the trades, not including the outstanding 

obligations of the Clearing Member in respect of payment of the commission fees, forfeits 

(fines, penalties) payable by the Clearing Member pursuant to the Clearing Rules, and

d) the Clearing Member’s obligations on the transfer of Income under the trades executed for 

the account of such client of the Clearing Member, not settled as of the end of the day of 

termination of trade obligations, and in case of withdrawal (revocation) of the banking 

license issued to the Clearing Member’s client – the obligations on the transfer of Income 

arising prior to the day of withdrawal (revocation) of the banking license issued to the 

Clearing Member’s client (recorded with the “minus” sign), and

e) the Clearing Centre’s obligations on the transfer of Income to the Clearing Member under 

the trades executed for the account of such client of the Clearing Member, not settled as of 

the end of the day of termination of trade obligations, and in case of withdrawal 

(revocation) of the banking license issued to the Clearing Member’s client – the obligations 

on the transfer of Income arising prior to the day of withdrawal (revocation) of the banking 

license issued to the Clearing Member’s client (recorded with the “plus” sign), and

f) values (with account of the sign) of obligations / claims of the Clearing Member in Russian 

roubles in respect of payment / receipt of variation margin under the trades executed for 

the account of such client of the Clearing Member, recorded as of the end of the day of 

termination of trade obligations.

g) the obligations of the Participant pool regarding the property of the client clearing Member 

to a property pool remaining after the sale of the property of the client clearing Member of 

the property pool in accordance with sub-paragraph 33.6.1 common part of the Clearing 

Rules (accounted with "minus").

If the value calculated in accordance with this paragraph of the common part of the Clearing 

Rules is non-negative, the calculation of the net obligation / net claim of the Clearing Member 

under the trades executed for the account of such client of the Clearing Member shall be 

discontinued, and if it is negative – it shall be continued in accordance with subparagraph 33.6.4

of the common part of the Clearing Rules.

33.6.4. The Clearing Centre calculates the sum (with account of the sign) of the negative value 

calculated in accordance with subparagraph 33.6.3 of the common part of the Clearing Rules, 

and the following values, recorded as of the end of the day of termination of trade obligations, in 

the following sequence and amount:

1) amount of the Clearing Centre’s obligations on refunding to the Clearing Member of its 

Collateral in Russian roubles, posted by the Clearing Member’s client (recorded with “plus” 

sign);

2) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral in foreign currency, posted 

by the Clearing Member’s client, converted into Russian roubles at the exchange rate set 

by the Bank of Russia as of the date of termination of trade obligations (recorded with 

“plus” sign), or (2) current absolute amount of the negative value, calculated in accordance 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

87

with this paragraph of the common part of the Clearing Rulesamount equal to the lesser of 

the two amounts: (1) amount of the Clearing Centre’s obligation on refunding to the 

Clearing Member of its Collateral in securities, posted by the Clearing Member’s client, 

converted into Russian roubles at the Settlement Price of the relevant security set by the 

Clearing Centre as of the date of termination of trade obligations (recorded with “plus” 

sign), or (2) current absolute amount of the negative value, calculated in accordance with 

this paragraph of the common part of the Clearing Rules; and

3) amount equal to the minimum of the two quantities: (1) the amount of obligations of the 

Clearing Centre on refund to the Clearing Member of his Collateral in the securities made 

by the Client of the Clearing Member converted into Russian roubles at the Settlement 

price of the relevant security, prescribed by the Clearing centre at the date of termination of 

obligations (accounted with "plus" sign), or (2) the magnitude of the current size of the 

absolute value of the negative value calculated in accordance with this sub-paragraph of 

the Common part of the Clearing Rules

4) amount equal to the lesser of the two amounts: (1) amount of the Clearing Centre’s 

obligation on refunding to the Clearing Member of its Collateral in precious metals, posted 

by the Clearing Member’s client, converted into Russian roubles at the Central Rate of the 

relevant precious metal, set by the Clearing Centre as of the date of termination of trade 

obligations (recorded with “plus” sign), or (2) current absolute amount of the negative 

value, calculated in accordance with this paragraph of the common part of the Clearing 

Rules.

5) amount equal to the minimum of the two quantities: (1) the amount of obligations of the 

Clearing Centre on refund to the Clearing Member of his Collateral in the commodities 

made by the Client of the Clearing Member converted into Russian roubles at the 

Settlement price of the relevant commodities, prescribed by the Clearing centre at the date 

of termination of obligations (accounted with "plus" sign), or (2) the magnitude of the 

current size of the absolute value of the negative value calculated in accordance with this 

sub-paragraph of the Common part of the Clearing Rules.

If, as a result of successive iteration of any action contemplated in paragraph 1 – 4 of this 

paragraph of the common part of the Clearing Rules, the calculated value is non-negative, the 

calculation of the net obligation / net claim of the Clearing Member under the trades executed for 

the account of the Clearing Member’s client shall be discontinued.

33.6.5. If the value calculated pursuant to subparagraph 33.6.3 or 33.6.4 of the common part of the 

Clearing Rules equals zero, this means that the Clearing Member has no net obligation / net 

claim under the trades executed for the account of the Clearing Member’s client.

If the value calculated pursuant to subparagraph 33.6.3 or 33.6.4 of the common part of the 

Clearing Rules is positive, this means that the Clearing Member has a net obligation / net claim

towards the Clearing Centre under the trades executed for the account of the Clearing Member’s 

client.

If the value calculated pursuant to subparagraph 33.6.4 of the common part of the Clearing Rules 

is negative, this means that the Clearing Member has a net obligation towards the Clearing 

Centre under the trades executed for the account of the Clearing Member’s client.

33.6.6. Each of the obligations specified in subparagraph 33.6.4 of the common part of the Clearing 

Rules, included in the calculation of the net obligation / net claim of the Clearing Member under 

the trades executed for the account of the Clearing Member’s client, shall be terminated in its 

relevant part.

At that, the obligation in foreign currency will be terminated in the part equal to the corresponding 

value in Russian roubles, included in the calculation of net obligation/ net claim of the Clearing 

Member under the trades executed for the account of the Clearing Member’s client, converted 

into foreign currency at the rate set by the Bank of Russia as of the date of termination of trade 

obligations, and the obligation in securities will be terminated in the part equal to the 

corresponding value in Russian roubles, included in the calculation of the net obligation / net 

claim of the Clearing Member under the trades executed for the account of the Clearing 

Member’s client, converted into securities at the Settlement Price of the relevant security, set by 

the Clearing Centre as of the date of termination of trade obligations, the obligation in precious 

metals will be terminated in the part equal to the corresponding value in Russian roubles, 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

88

included in the calculation of net obligation/ net claim of the Clearing Member under the trades 

executed for the account of the Clearing Member’s client, converted into precious metals at the 

Central Rate of the corresponding precious metal set by the Clearing Centre as of the date of 

termination of trade obligations, the obligation in the goods is terminated in part equal to 

corresponding value in Russian roubles included in calculation of the net obligations / net claims 

of the Clearing member for transactions concluded for the account of the client of clearing 

Member, converted into goods at the Settlement price of the relevant goods, prescribed by the 

Clearing centre at the date of termination of obligations under transactions

33.7. Within 3 (three) business days after receipt from the Clearing Member of the Application for 

Liquidation Netting in respect of the Clearing Member’s client, the Clearing Centre will send to the 

Clearing Member a notice of termination of obligations under the trades executed for the account 

of such client of the Clearing Member. The said notice will also contain information about the net 

obligation / net claim of the Clearing Member towards the Clearing Centre, calculated pursuant to 

paragraph 33.6 of the common part of the Clearing Rules under the trades executed for the 

account of such client of the Clearing Member.

33.8. Within 3 (three) business days after receipt from the Clearing Member of the Application, the 

Clearing Centre will refund to the Clearing Member the following resources, to be included in the 

bankruptcy assets of the Clearing Member’s client:

 cash in Russian roubles, in the amount of net obligation / net claim of the Clearing 

Member, calculated pursuant to paragraph 33.6 of the common part of the Clearing Rules;

 cash in foreign currency – in the amount of the Clearing Centre’s obligation on refunding of 

the Clearing Member’s Collateral in relevant foreign currency, equal to the amount of cash 

of the Clearing Member in relevant foreign currency, remaining after calculation of the 

Clearing Member’s net obligation / net claim pursuant to paragraph 33.6 of the common 

part of the Clearing Rules; and

 precious metals - in the amount of the Clearing Centre’s obligation on refunding of the 

Clearing Member’s Collateral in relevant precious metal, equal to the quantity of the 

relevant precious metal of the Clearing Member, remaining after calculation of the Clearing 

Member’s net obligation / net claim pursuant to paragraph 33.6 of the common part of the 

Clearing Rules.

33.9. The net obligation of the Clearing Member, calculated pursuant to paragraph 33.6 of the common 

part of the Clearing Rules, is recorded as the Debt of such Clearing Member and settled out of 

the Clearing Member’s Collateral recorded under the proprietary Settlement Codes, as well as the 

Collateral for Stress and contributions to the Guarantee Funds in accordance with the procedure 

stipulated in Article 21 of the common part of the Clearing Rules.

33.10. If the calculation of the net obligations / net claims of the Clearing Member under the trades 

executed for the account of the Clearing Member’s client pursuant to this Article of the common 

part of the Clearing Rules gives rise to the Margin Call for the Clearing Member, such Margin Call 

shall be fulfilled by the Clearing Member in accordance with the procedure and within the time 

period stipulated in the Clearing Rules.

33.11. By enrolling in the Treasury securities account by the Clearing Centre of Clearing Member

certificates in the amount corresponding to the intermediate value of the net claims of the 

Clearing Member in the clearing certificates of participation for REPO trades with the Central 

counterparty concluded in the customer account of the clearing Member, calculated in 

accordance wit sub-paragraph 33.6.1 common part of the Rules of the clearing for REPO trades 

with the clearing certificates of participation, obligations under which were terminated in the 

course of netting, conducted in accordance with this article of the common part of the Clearing 

Rules in relation to the client Clearing Member and clearing house certificates to the amount 

repaid by the Clearing Centre, the funds in the amount of the nominal value of the redeemed of 

the clearing certificates of participation are derived from a corresponding property pool.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

89

Article 34. Procedure for Settlement of Obligations in Case of Withdrawal (Revocation) of 

Clearing Centre’s Banking License (Liquidation Netting in Respect of Clearing 

Centre)

34.1. In case of withdrawal (revocation) of the banking license issued to the Clearing Centre, the 

obligations under the central counterparty trades executed prior to the date of withdrawal 

(revocation) of such license, will be terminated in full on the date preceding the date of withdrawal 

(revocation) of the banking license and obligations under the contract on property pool issued to 

the Clearing Centre.

The said obligations will be terminated by creating net obligations / net claims of the Clearing 

Centre, calculated pursuant to paragraph 34.3 of the common part of the Clearing Rules.

34.1.1. In case of withdrawal (revocation) of the banking license issued to the Clearing Centre, the 

obligations under the central counterparty trades executed on the date of withdrawal (revocation) 

of such license, will be null and void.

The Clearing Member may issue to the Clearing Centre a claim for recovery of any losses related 

to invalidity of the said trades, as well as forfeits (fines, penalties) payable pursuant to the 

Clearing Rules in accordance with the general procedure contemplated in the legislation on 

insolvency (bankruptcy).

34.2. In case of revocation (cancellation) of the license for banking operations of the Clearing centre, 

the Clearing Member, being the Participant pool, right on the date of revocation (cancellation) of 

the Clearing centre's license for banking operations to submit to the Clearing center an 

application for the grant of assets from the insolvency pool.

The statement contains a reference to the Trading and clearing account property pool, the code 

and the amount / the amount of cash / securities to be executed at observance of conditions of 

repayment of clearing certificates of participation when issuing the specified property from the 

property pool established by the clearing Rules in the stock market.

For the execution of said application the clearing center creates and executes instructions to 

transfer funds from the account collateral relating to Design codes and property pool belonging to 

the Trading and clearing account property pool, on account of the assurance related to Design 

codes that are part of the relevant Trading and clearing account T+, and forms and sends the 

Settlement Depository an instruction to transfer securities from the depo sub-accounts of the 

property pool, part of the Trading and clearing account property pool, the Sections T+, included in 

the relevant Trading and clearing account T+.

Clearing certificates of participation taken into account under Section T+ included in the specified 

Trading and clearing account T+ shall be redeemed in amounts determined in accordance with 

the clearing Rules in the stock market.

34.3. The Clearing Centre calculates the amount of net obligations / net claims of the Clearing Centre 

in Russian roubles, for each Clearing Member, separately for the following:

 for the trades executed for the account of the Clearing Member – for all proprietary 

Settlement Codes and Settlement Codes of the property pool;

 for the trades executed for the account of the Clearing Member’s clients, except for the 

Segregated Clients and trades executed for the account of the Authorized Account Owners –

for all Client Settlement Codes and Settlement Codes of the property pool, except for the 

Settlement Codes opened for the Segregated Clients, and the Settlement Codes linked to the 

Segregated Brokerage Firms;

 for the trades executed for the account of each Segregated Client of the Clearing Member 

– for the Settlement Codes and Settlement Codes of the property pool opened for the 

Segregated Client;

 for the trades executed for the account of each Authorized Account Owner – for the 

Settlement Code linked to the Segregated Brokerage Firm;

 for the trades using the resources kept in trust management of the Clearing Member – for 

each Trust Settlement Code and Trust Settlement Codes of the property pool.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

90

34.3.1 The clearing center for each property pool, and for all relevant Settlement codes and Settlement 

codes to property pool Clearing Member:

1. calculates an intermediate value of the net obligations / net claims of the clearing Member in the 

clearing certificates of participation equal to the amount subject to the sign:

o Net obligations / Net claims of the clearing Member under the clearing certificates of 

participation for REPO trades with the Central counterparty with the clearing certificates of 

participation, considered at the end of the date of termination of obligations under 

transactions by section T+ included in the Trading and clearing account T+, together with 

the relevant Design codes for all Dates of execution;

o claims of the Clearing Member to the Clearing centre on receipt of clearing certificates of 

participation in an amount equal received by the Clearing center from the Bank of Russia 

upon redemption of the clearing certificates of participation the Bank of Russia in 

accordance with the clearing Rules in the stock market, take into account end-of-day 

termination of obligations under transactions by section T+ included in the Trading and 

clearing account T+, together with the relevant Design codes for all Dates of performance.

If the amount calculated in accordance with this paragraph of the General part of the clearing Rules 

is positive, the clearing Member is accounted, the intermediate value of net claims to the clearing 

certificates of participation, if it is negative, the intermediate value of the net liabilities to the 

clearing certificates of participation.

Clearing Centre adds (including sign) to the intermediate value of the net obligations of the clearing 

Member in the clearing certificates of participation the number of clearing certificates of 

participation, considered at the end of the date of termination of obligations under transactions on 

the T+ included in the Trading and clearing account T+, together with the relevant Design codes, 

but not greater than the absolute value of the specified intermediate value of the net obligations of 

the clearing Member in the clearing certificates of participation;

2. calculates an intermediate value of the net obligations / net claims of the clearing Member in 

Russian rubles via REPO transactions with clearing certificates of participation equal to the amount 

with account of the sign:

o Net obligations / Net claims of the clearing Member in cash under REPO transactions with 

Central counterparty with the clearing certificates of participation, considered at the end of 

the date of termination of obligations under transactions on the relevant Calculation codes 

for all Dates of performance. The value calculated for REPO trades with settlement in 

foreign currency, recalculated in Russian rubles at the rate set by the Bank of Russia on 

the date of revocation of the Clearing centre's license for banking operations;

o the obligations of the clearing Member to pay to the Clearing center the cash funds in the 

amount equal to the sum of nominal value clearing certificates, in respect of which the 

Clearing Member has not been executed the obligations to the Bank of Russia in the 

second part of the repo agreement to be considered at the end of the date of termination of 

obligations under transactions by the relevant Calculation codes for all Dates of 

performance.

If the amount calculated in accordance with this paragraph of the General part of the clearing Rules 

is positive, the clearing Member is accounted, the intermediate value of net claims in Russian 

rubles via REPO transactions with clearing certificates of participation, if it is negative, the 

intermediate value of the net liabilities in Russian rubles via REPO transactions with clearing 

certificates of participation;

3. if the Clearing Member is a Party pool, the clearing center sells securities and foreign currency 

remaining in property pool after the execution of the order of the Clearing Member specified in 

clause 34.2 of the common part of the Rules of the Clearing Rules recorded under the relevant 

Settlement codes and property pool the Participant pool, on the relevant exchange markets.

If the amount of funds in Russian roubles accounted on the end of the date of termination of 

obligations under transactions by the relevant Settlement codes codes the property of a pool and 

also received from the sale of securities and foreign currencies accounted on the relevant Design 

codes and property pool, pool Party, more the absolute value of the intermediate value of the net 

obligations of the clearing Member in Russian roubles, the Clearing Centre takes into account cash 

in the amount of such excesson the Settlement code, which is part of the Trading and clearing 

account T+, relevant Trading and clearing account property pool, and the positive difference 

between the remaining amount of funds in Russian roubles and nominal value of clearing 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

91

certificates of participation in the intermediate value of the net claims of the clearing Member in the 

clearing certificates of participation, adds (including sign) to the intermediate value of the net 

obligations of the clearing Member in Russian rubles.

If the amount of funds in Russian roubles accounted on the end of the date of termination of 

obligations under transactions by the relevant Settlement codes the property of a pool and also 

received from the sale of securities and foreign currencies accounted on the relevant Design codes 

the property of a pool Participant of a pool, less than the nominal value clearing certificates of 

participation in the said intermediate value of the net claims of the clearing Member in the clearing 

certificates of participation, outstanding obligation of the Participant pool for the contribution of 

property to the property pool is taken into account in further calculation of the corresponding netobligations / net claims of the Participant pool in accordance with sub-paragraph 29.3.3 the 

General part of the Rules of clearing;

4. The Clearing Centre adds (including sign) to the intermediate value of the net obligations / net 

claims of the clearing Member in Russian rubles determined at the end of the actions specified in 

sub-paragraph 34.3.1 common part of the Clearing Rules and works 1 (one) Russian ruble, which 

is the nominal value of one clearing certificate of participation, and the intermediate value of the net 

obligations / net claims of the clearing Member in the clearing certificates of participation, defined 

by the results of the actions specified in paragraph 34.3.1 common part of the Clearing Rules.

Calculated in accordance with this paragraph of the General part of the Rules of the clearing 

intermediate value of the net obligations / net claims of the clearing Member in Russian rubles via 

REPO transactions with clearing certificates of participation taken into account in further calculation 

of the corresponding net-obligations / net claims of the clearing Member in accordance with subparagraph 34.3.3 the Common part of the Clearing Rules.

34.3.2 After performing the actions specified in subclause 34.3.1 common part of the Clearing Rules, all 

clearing certificates of participation are repaid. Thus terminated all obligations of the Clearing 

Member, being the Participant pool, of contract on a property pool, the clearing center ceases to 

take into account the obligation to return Party pool assets from the insolvency pool

34.3.3 The Clearing Centre calculates the sum, with account of the sign:

a) for each security, the amount (with account of the sign) of the Net Obligations / Net Claims 

under the central counterparty trades for the security, recorded as of the end of the day 

preceding the date of withdrawal (revocation) of the banking license issued to the Clearing 

Centre in Sections T+ / depo sub-accounts, forming part of the Trading and clearing 

account T+ / Trade-clearing accounts in conjunction with property pool with the 

corresponding Settlement codes / Settlement codes of the property pool and on all Dates of 

performance, converted into Russian roubles at the Settlement Price of the respective 

security, set by the Clearing Centre as of the date of withdrawal of the banking license 

issued to the Clearing Centre;

b) the amount (with account of the sign) of the Net Obligations / Net Claims under the central 

counterparty trades for the for the Clearing Member’s cash in Russian roubles, recorded as 

of the end of the day preceding the date of withdrawal (revocation) of the banking license

issued to the Clearing Centre under the relevant Settlement codes / Settlement codes the 

property of the pool on all Dates of performance;

c) for each foreign currency - the amount (with account of the sign) of the Net Obligations / 

Net Claims under the central counterparty trades for the relevant for the Clearing Member’s 

cash in foreign currency, recorded as of the end of the day preceding the date of 

withdrawal (revocation) of the banking license issued to the Clearing Centre under the 

relevant Settlement codes / Settlement codes the property of the pool on all Dates of 

performance, converted into Russian roubles at the rate set by the Bank of Russia as of 

the date of withdrawal of the banking license issued to the Clearing Centre;

d) for each precious metal, the amount (with account of the sign) of the Net Obligations / Net 

Claims under the central counterparty trades for the precious metals, recorded as of the 

end of the day preceding the date of withdrawal (revocation) of the banking license issued 

to the Clearing Centre under the relevant Settlement codes / Settlement codes the property 

of the pool on all Dates of performance, converted into Russian roubles at the Central Rate 

of the respective precious metal, set by the Clearing Centre as of the date of withdrawal of 

the banking license issued to the Clearing Centre; 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

92

e) for each item of the sum (including sign) of Net obligations / Net claims on transactions with 

the Central counterparty to the commodities that are carried on the end of the day 

preceding the date of revocation (cancellation) of the Clearing centre's license for banking 

operations on trade topics that are part of the Trading and clearing accounts in conjunction 

with relevant Design codes for all Dates of performance, converted into Russian roubles at 

the Settlement price of the relevant commodities, prescribed by the Clearing centre on the 

day of revocation of the Clearing centre's license for banking operations; 

f) the intermediate value of the net obligations / net claims of the clearing Member in Russian 

rubles via REPO transactions with clearing certificates of participation, calculated in 

accordance with sub-paragraph 34.3.1 common part of the Clearing Rules (including sign)

g) Collateral of the Clearing Member in Russian roubles, recorded under the relevant 

Settlement Codes as of the end of the day preceding the date of withdrawal (revocation) of 

the banking license issued to the Clearing Centre (recorded with “plus” sign);

h) Collateral of the Clearing Member in foreign currency, recorded under the relevant 

Settlement Codes as of the end of the day preceding the date of withdrawal (revocation) of 

the banking license issued to the Clearing Centre, converted into Russian roubles at the 

rate set by the Bank of Russia as of the date of withdrawal of the banking license issued to 

the Clearing Centre (recorded with “plus” sign);

i) Collateral of the Clearing Member in securities, recorded under the depo sub-accounts, 

forming part of the Trading and clearing accounts of Guarantee funds / Trading and 

clearing account of the Collateral for stress as of the end of the day preceding the date of 

withdrawal (revocation) of the banking license issued to the Clearing Centre, converted into 

Russian roubles at the Settlement Price of the relevant security set by the Clearing Centre 

as of the date of withdrawal of the banking license issued to the Clearing Centre;

j) Collateral of the Clearing Member in precious metals, recorded under the relevant 

Settlement Codes as of the end of the day preceding the date of withdrawal (revocation) of 

the banking license issued to the Clearing Centre, converted into Russian roubles at the 

Central Rate of the relevant precious metal, set by the Clearing Centre as of the date of 

withdrawal of the banking license issued to the Clearing Centre;

k) Collateral of the Clearing Member in the commodities to be considered under trade 

sections forming a part of the Trading and Clearing Account together with the relevant 

Settlement codes at the end of the day preceding the date of revocation (cancellation) of 

the Clearing centre's license for banking operations, converted into Russian roubles at the 

Settlement price of the relevant commodities, prescribed by the Clearing centre on the day 

of revocation of the Clearing centre's license for banking operation

l) Collateral for Stress of the Clearing Member in Russian roubles, recorded as of the end of 

the day preceding the date of withdrawal (revocation) of the banking license issued to the 

Clearing Centre (recorded with “plus” sign, only for proprietary Settlement Codes);

m) Collateral for Stress of the Clearing Member in foreign currency, recorded as of the end of 

the day preceding the date of withdrawal (revocation) of the banking license issued to the 

Clearing Centre, converted into Russian roubles at the rate set by the Bank of Russia as of 

the date of withdrawal (revocation) of the banking license issued to the Clearing Centre 

(recorded with “plus” sign, only for proprietary Settlement Codes);

n) Collateral for Stress of the Clearing Member in securities, recorded as of the end of the day 

preceding the date of withdrawal (revocation) of the banking license issued to the Clearing 

Centre, converted into Russian roubles at the Settlement Price of the relevant security set 

by the Clearing Centre as of the date of withdrawal of the banking license issued to the 

Clearing Centre (recorded with “plus” sign, only for proprietary Settlement Codes);

o) contribution of the Clearing Member to the Guarantee Fund in Russian roubles, recorded 

as of the end of the day preceding the date of withdrawal (revocation) of the banking 

license issued to the Clearing Centre (recorded with “plus” sign, only for proprietary 

Settlement Codes);

p) contribution of the Clearing Member to the Guarantee Fund in foreign currency, recorded 

as of the end of the day preceding the date of withdrawal (revocation) of the banking 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

93

license issued to the Clearing Centre, converted into Russian roubles at the rate set by the 

Bank of Russia as of the date of withdrawal of the banking license issued to the Clearing 

Centre (recorded with “plus” sign, only for proprietary Settlement Codes);

q) contribution of the Clearing Member to the Guarantee Fund in securities, recorded as of 

the end of the day preceding the date of withdrawal (revocation) of the banking license 

issued to the Clearing Centre, converted into Russian roubles at the Settlement Price of 

the relevant security set by the Clearing Centre as of the date of withdrawal of the banking 

license issued to the Clearing Centre (recorded with “plus” sign, only for proprietary 

Settlement Codes);

r) Debt of the Clearing Member in Russian roubles, incurred prior to the date of withdrawal 

(revocation) of the banking license issued to the Clearing Centre, recorded under the 

relevant Settlement Codes, not including the outstanding obligations of the Clearing 

Member in respect of payment of the commission fees, forfeits (fines, penalties) payable by 

the Clearing Member pursuant to the Clearing Rules (recorded with “minus” sign);

s) the Clearing Member’s obligations on the transfer of Income, recorded under the relevant 

Settlement Codes and not settled as of the date of withdrawal (revocation) of the banking 

license issued to the Clearing Centre (recorded with “minus” sign), and

t) the Clearing Member’s claims in respect of the transfer of Income, recorded under the 

relevant Settlement Codes and not settled as of the date of withdrawal (revocation) of the 

banking license issued to the Clearing Centre (recorded with “plus” sign);

u) the obligations of the Clearing Member on contribution of property to the property pool 

remaining after the sale of the property from the property pool in accordance with 

subsection 34.3.1 common part of the Clearing Rules (accounted with "minus")

If the value calculated in accordance with this sub-paragraph of the common part of the Clearing 

Rules is negative, this means that the Clearing Centre has a net claim towards the Clearing 

Member, and if it is positive – the Clearing Centre has a net obligation towards the Clearing 

Member.

34.4. The information about the sum of net obligations / net claims of the Clearing Centre in Russian 

roubles towards the Clearing Member, calculated pursuant to paragraph 34.3 of the common part 

of the Clearing Rules, is submitted by the Clearing Centre to the Clearing Member.

34.5. The information about the sum of the net obligation / net claim of the Clearing Centre in Russian 

roubles towards the Clearing Member, calculated pursuant to paragraph 34.3 of the common part 

of the Clearing Rules under the trades executed for the account of the Authorized Account 

Owner, is submitted by the Clearing Centre to the Authorized Account Owner.

34.6. After defining net obligations / net claims of the Clearing Centre against the clearing Member in 

accordance with clause 34.3 of the common part of the Clearing Rules all property pools stop.

Article 35. Interaction with Exchange in Any Circumstances that Can Affect Trading

35.1. In any circumstances that cause and/or create prerequisites for operational breakdowns (failures) 

of the Clearing System and/or directly impede its normal (regular) operation, including force 

majeure, as well as breakdowns, defects, and failures of the equipment; breakdowns and errors 

of the software; breakdowns, defects, and failures of the systems of communication, power 

supply, air conditioning, and other essential service systems, as well as in other circumstances, 

such as the violation of access control rules and/or attempts of unauthorized access to the 

Clearing System, the Clearing Centre immediately notifies the Exchange and/or the Settlement 

Organization, and/or the Settlement Depository, using any available means of communication,

and takes all possible measures to eliminate such circumstances.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

94

Article 36. Emergencies

36.1. An emergency may be identified as a situation related to any circumstances that impede 

provision of clearing services to the Clearing Members and/or performance by the Clearing 

Centre of its obligations to the Clearing Members on refunding of their cash, including:

 the circumstances that cause and/or create prerequisites for operational breakdowns 

(failures) of the Clearing System and/or directly impede its normal (regular) operation, 

including force majeure, as well as breakdowns, defects, and failures of the equipment; 

breakdowns and errors of the software; breakdowns, defects, and failures of the systems of 

communication, power supply, air conditioning, and other essential service systems, as 

well as other circumstances, such as the violation of access control rules and/or attempts 

of unauthorized access to the Clearing System, the consequences whereof have not been 

eliminated within 3 (three) hours after conclusion of the trading;

 military operations, acts of terrorism, subversion and sabotage, mass riots, strikes, 

changes of political regimes, other political woes, both in the Russian Federation and in 

other countries;

 resolutions of public authorities, other bodies, institutions and organizations of the Russian 

Federation and/or other countries;

 fires and other accidents, destructions or considerable damage to the premises occupied 

by the Clearing Centre;

 any other circumstances that create or may create any threat to life or health of employees 

of the Clearing Centre;

 receipt of a message from the Exchange on any emergency that may lead to disruption of 

the clearing services provided to the Clearing Members;

 other circumstances out of control of the Clearing Centre that impede provision of clearing 

services to the Clearing Members.

36.2. Any emergency is recognized as such by the decision of the Clearing Centre.

36.3. In case if the Clearing Centre recognizes the newly arisen situation as an emergency, the 

Clearing Centre will take the following steps:

 notifies the Exchange by all possible means of communication on the occurrence of the 

emergency situation and the measures required, in the opinion of the Clearing Centre, to 

eliminate the emergency;

 notifies the Clearing Members, the Settlement Organization / Settlement Depository by any 

available means of communication on the occurrence of the emergency situation and the 

measures taken in connection therewith;

 based upon resolution of the Clearing Centre agreed (if possible under the newly arisen 

circumstances) with the Bank of Russia, and, if necessary, with the Exchange, does not 

provide clearing services to the Clearing Members.

36.4. The measures for elimination of an emergency situation (to be approved by the Bank of Russia 

and the Exchange, if required) may include the following resolutions of the Clearing Centre:

- modification of the Time Regulations and/or timelines for document interchange in the 

course of interaction of the Clearing Centre with the Settlement Organization, Settlement 

Depository, and the Exchange;

- exclusion of obligations under several or all trades from the clearing pool;

- on change of the method, procedure and the Date of Settlement of obligations by the 

Clearing Members and/or by the Clearing Centre, including those in accordance with 

paragraph 36.5 of the common part of the Clearing Rules;

- on performance of other actions aimed at elimination of the emergency situation.

Upon adoption by the Clearing Centre of the relevant resolutions on elimination of the emergency 

situation, there shall be performed the adjustment of the relevant clearing registers in the Clearing 

System.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

95

36.5. In case if a situation is recognized as the emergency situation due to the circumstances 

contemplated by paragraph 36.1 of the common part of the Clearing Rules, the Clearing Centre 

may adopt the following resolutions:

1) on modification of terms and conditions of the trades in securities settled in foreign 

currency to the effect that the obligations on payment for securities under such trades will 

be settled in Russian roubles at the rate set by resolution of the Clearing Centre agreed 

with the Bank of Russia;

2) to the effect that the Date of settlement of obligations under the trades in foreign currency 

shall be deemed to fall on the Settlement Day set by resolution of the Clearing Centre 

agreed with the Bank of Russia, and on settlement of obligations under the said trades in 

accordance with the procedure stipulated in subparagraphs 36.5.1-36.5.3 of the common 

part of the Clearing Rules.

36.5.1. The obligations under the trades in foreign currency are included in the clearing pool formed on 

the Settlement Day set by resolution of the Clearing Centre, in accordance with the Clearing 

Rules for the FX Market and Precious Metals Market.

36.5.2. In case of presence of the Total Net Obligations / Total Net Claims of the Clearing Member in 

foreign currency, the Clearing Centre and the Clearing Members execute (including the same 

without submission of orders) the trades of purchase and sale of foreign currency with the 

Settlement Date falling on the Settlement Day set by resolution of the Clearing Centre in 

accordance with this paragraph of the common part of the Clearing Rules, so that under the said 

trade of purchase and sale of foreign currency:

 in case if the Clearing Member has the Total Net Obligation in foreign currency, the 

Clearing Member would acquire claims in the relevant foreign currency opposite to the said 

Total Net Obligation of the Clearing Member in the volume equal to the said Total Net 

Obligation of the Clearing Member; and

 in case if the Clearing Member has the Total Net Claim in foreign currency, the Clearing 

Member would incur obligations in the relevant foreign currency opposite to the said Total 

Net Claim of the Clearing Member in the volume equal to the said Total Net Claim of the 

Clearing Member.

The Exchange Rate of the trades of purchase and sale of foreign currency executed in 

accordance with this paragraph of the common part of the Clearing Rules is set by resolution of 

the Clearing Centre approved by the Bank of Russia.

36.5.3. Obligations under the trades executed in accordance with subparagraph 36.5.2 of the common 

part of the Clearing Rules are included in the clearing pool formed on the Settlement Day 

stipulated by resolution of the Clearing Centre, and terminated in the said clearing pool in 

accordance with the Clearing Rules for the FX Market and Precious Metals Market.

36.6. When making decisions on elimination of emergency situations (if necessary – to be agreed with 

the Exchange), the Clearing Centre may:

- establish the timelines and procedure for fulfillment of its decisions by the Clearing 

Members;

- condition the procedure for bringing into effect of its decisions by specific circumstances.

36.7. The Bank of Russia, the Clearing Members and the Exchange shall be notified of the measures 

taken by resolution of the Clearing Centre for the purpose of resolving the emergency situation, 

by any available means of communication not later than on the date when such measures are 

taken.

36.8. The Clearing Centre shall not be liable for the losses that may arise due to non-provision of the 

clearing services to the Clearing Members according to the Clearing Rules if the situation is 

acknowledged to be an emergency situation due to occurrence of the circumstances specified in 

paragraph 36.1 of the common part of the Clearing Rules.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

96

Article 37. Dispute Settlement Procedure

37.1. All disputes and disagreements arising in relation to application, violation, interpretation of the 

Clearing Rules, performance of obligations arising from the Clearing Rules, partial or full 

invalidation of the Clearing Rules, shall be examined and resolved by the NAUFOR Court of 

Arbitration according to its regulations in effect at the time of filing a claim.

37.2. Resolutions NAUFOR Court of Arbitration shall be final and binding. Any resolution of the 

NAUFOR Court of Arbitration that is not voluntarily executed shall be enforced according to the 

laws of the Russian Federation or the laws of the country at the place of enforcement and/or 

pursuant to international treaties.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

97

Appendix No. 1

to the NCC Clearing Rules

(Part I “Common Part”)

Clearing Agreement No.____________

Moscow “___” __________20__ 

Clearing Member

(full trade name)

Clearing Organization Bank National Clearing Centre (Joint-Stock Company)

1. The Clearing Organization undertakes, in accordance with the Clearing Rules, to provide clearing 

and other associated services to the Clearing Member, and the Clearing Member undertakes to 

pay for such services.

2. The composition of the services, terms and procedure for their rendering, the fees and payment 

procedure, as well as other rights and obligations of the parties related to clearing services are 

settled by the Clearing Rules of the Clearing Organization. The Clearing Organization is entitled to 

approve any clearing rules regulating various spheres of clearing activities.

On behalf of the Clearing Member On behalf of the Clearing Organization

Full name

Title

Basis for 

powers

Signature,

seal
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

98

Appendix No. 2

Приложение No 2. to the NCC Clearing Rules

Приложение No 3. (Part I “Common Part”)

Приложение No 4. 

Agreement on the conduct of clearing registers No._____

City of Moscow “___” __________20__ 

Clearing Member

(full trade name)

Clearing Organization Bank National Clearing Centre (Joint-Stock Company)

1. The Clearing Organization shall provide the Trading Participant with the services in the conduct of 

the clearing registers while a Trading Participant undertakes to pay for these services.

2. The content of services, conditions and procedure for their rendering, amount and procedure of 

payment, and other rights and obligations of the parties related to the provision of services in the 

conduct of the clearing registers shall be established by the Clearing Rules of the Clearing 

Organization.

3. Pursuant to the Agreement on the conduct of clearing registers concluded with a Trading 

Participant, the Clearing Organization in the amount stipulated by the Clearing Rules and 

necessary for the provision by the Clearing Organization to the Trading Participant with services 

under this Agreement, provides the Trading Participant with the access, including by transmitting, 

to the information, including the insider, about the obligations and collateral of the Clearing 

Member, being a party to the transactions entered into by the Trading Participant, as well as other 

information with respect to such Clearing Member, including insider information.

4. Disputes arising from the present Agreement or in connection therewith, the parties shall 

endeavour to resolve by negotiation.

The parties agree that if they fail to settle disputes and/or disagreements by negotiations, all 

disputes and disagreements arising from the present contract or in connection therewith, including, 

concerning its conclusion, execution, breach, termination or validity shall be settled in the 

Arbitration court of NAUFOR (hereinafter – the Arbitration court) in accordance with documents 

defining the legal status of the Arbitration Tribunal and the procedure for resolution of disputes, 

applicable at the time of filing of the complaint.

The decision of the Arbitration court is recognized by the parties final and binding. Outstanding 

volunteer award of the Arbitral Tribunal shall be enforced in accordance with the legislation of the 

Russian Federation or the legislation of the country of the place of enforcement and international 

treaties.

On behalf of the Trading Participant On behalf of the Clearing 

Organization

Full name

Title

Basis for powers
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

99

Signature,

seal
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

100

Appendix No. 3

Приложение No 5. to the NCC Clearing Rules

Приложение No 6. (Part I “Common Part”)

Technical Examination Procedure

1) In case of a dispute related to the use of HSA, which cannot be resolved in the normal course of 

business, a technical examination regarding such dispute shall be carried out by the technical 

commission.

2) Unless the parties to the dispute have agreed otherwise, the technical commission shall consist of 

the equal number, but no less than one authorized representative of each party to the dispute and 

one from the Technical Centre. The right to represent the relevant party in the technical 

commission must be confirmed by a power of attorney issued to each representative for the 

duration of the commission’s work.

3) For the technical examination, performed to resolve disputes, to conform to the operational 

specifics of the Clearing System, a special software and information support shall be used to 

conduct necessary checks and to record the data used to conduct necessary checks.

4) The technical examination procedure requires:

- information from the claimant (Clearing Member, Trading Participant or the Clearing 

Centre) on the details of the electronic message undergoing the technical examination:

o date and time when the electronic message was created;

o electronic message number registered in the Clearing System;

o other parameters of the electronic message required for examination of the claim;

- archive of transactions registered in the Clearing System as of the specified date;

- workstation where the information from the archive of transactions registered in the 

Clearing System can be viewed and printed out in the form convenient for the members of 

the technical commission;

- documents confirming the submission, in accordance with the established procedure, of 

the notice of assignment of the HSA identifier in the respective on-exchange-market to the 

authorized representative of the claimant.

5) Technical examination procedure includes the following actions:

- making (printing out) a hard copy of the electronic message undergoing the technical 

examination;

- checking the presence in the produced (printed out) hard copy of the electronic message of 

the information on registration of the electronic message undergoing the technical 

examination;

- checking whether the HSA in the hard copy of the electronic message matches the HSA 

identifier assigned to the Clearing Member / Trading Participant / Clearing Centre in the 

respective on-exchange-market;

- recording the results of the check in the technical commission’s work report.

6) In case if:

- the electronic message undergoing the technical examination has been found in the 

archive of transactions registered in the Clearing System;

- the electronic message undergoing the technical examination matches the produced 

(printed out) hard copy of the electronic message;

- it has been established that the HSA in the hard copy of the electronic message matches 

the HSA identifier assigned to the Clearing Member / Trading Participant / Clearing Centre 

in the respective on-exchange-market;

it will be deemed as confirmed that:
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

101

- the electronic message involved in the dispute has been generated by the Clearing 

Member / Trading Participant / Clearing Centre;

- none of the parameters of the electronic message has been changed after submission of 

such electronic message by the Clearing Member / Trading Participant / Clearing Centre 

via the Clearing System.

7) All steps taken by the technical commission to clarify actual circumstances, as well as the 

conclusions made by the commission shall be entered in the technical commission’s work report.

The technical commission’s work report must contain the following data:

- composition of the technical commission, with indication of the position and place of 

employment for each member of the technical commission;

- brief description of the circumstances of the dispute;

- actions taken by the technical commission to determine the causes and consequences of 

the dispute, with indication of their date, time and location;

- conclusions at which the technical commission has arrived as a result of the actions taken;

- signatures of all members of the technical commission.

The report shall be produced in hard copy, and the quantity of copies shall be equal to the 

quantity of organizations whose authorized representatives have participated in the technical 

commission.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

102

Appendix No. 4

Приложение No 7. to the NCC Clearing Rules

Приложение No 8. (Part I “Common Part”)

Documents Provided by the Legal Entity to Conclude the Clearing Agreement

I. List of documents to be submitted by the Resident

1) The Application Form of the Clearing Member (client) (Registration card) being an attachment to the 

Procedure for Provision of Information and Reports and posted on the Clearing Centre Website in form of 

electronic document (if the legal entity is not a member of the NCC EDC Subsystem, that in form of 

electronic message with confirmation in hard copy). 

2) Copies of constitutive documents with all amendments and supplements thereto with a record on the 

registration introduced by the federal executive body authorized to carry out the state registration of legal 

entities. These copies shall be certified by the federal executive body authorized to carry out the state 

registration of legal entities, or be notarized (public corporations shall be exempt from provision of the 

above-mentioned documents). 

3) Duly notarized copy of the certificate of entries into the Unified State Register of Legal Entities issued by 

the authorized agency carrying out the state registration of legal entities, and certifying the fact of 

introduction of entries on the state registration of the legal entity into the Unified State Register of Legal 

Entities (or on legal entities registered before July 01, 2002), as well as the entries on the state registration 

of changes introduced into the constituent documents of the legal entity or the entries in the Unified State 

Register of Legal Entities. 

4) Copy of the document of the certifying registration of the legal entity with the tax authority certified with 

the signature of the authorized person and the legal seal of the legal entity. 

5) Copy of the information letter on assigning statistical codes certified by the signature of the authorized 

person and the seal of the legal entity. 

6) Duly notarized copy of the license of the Bank of Russia for banking operations with funds in Russian 

roubles and foreign currency (for credit institutions). 

7) Duly notarized copies of licenses authorizing to conduct activity that is subject to licensing (if available). 

8) In respect of the sole executive body (hereinafter referred to as the Director):

 notarized copy of the letter of the Bank of Russia confirming approval of appointment of the 

Director (for Credit Organizations and for Non-Credit Institutions – professional securities 

market participants);

 original copy or notarized copy of the resolution of the authorized body of the legal entity 

(the entity can also submit a notarized abstract from the resolution or an original abstract 

signed by the person authorized for signing of such resolution) on election (appointment) of 

the Director;

 copy of the Director’s personal identification document, certified with signature of an 

authorized representative and seal (if any) of the legal entity;

 copy of the tax registration (INN) certificate of the Director, certified with signature of an 

authorized representative and seal (if any) of the legal entity, or a free-form letter indicating 

the INN number (if any).

9) Original copy of the power of attorney, or notarized copy, or copy certified by the person who issued the 

said power of attorney to the representative of the legal entity authorized to act on behalf of the legal entity 

in relations with the Clearing Centre, including the right to sign necessary documents. If the power of 

attorney provides powers for operations with cash or other assets, the following documents shall be 

additionally submitted:

 copy of personal identification document of the representative of the legal entity, certified 

with signature of an authorized representative and seal (if any) of the legal entity;

 copy of the tax registration (INN) certificate of the representative of the legal entity, certified 

with signature of an authorized representative and seal (if any) of the legal entity, or a freeform letter indicating the INN number (if any).

10) Signature and seal (if any) specimen card of the legal entity issued in accordance with requirements of 

the regulations of the Bank of Russia (or a notarized copy of such card).

11) Original copy or notarized copy of the resolution of the authorized body of the legal entity (the entity can 

also submit a notarized abstract from the resolution or an original abstract certified with signature of the 

person authorized to sign such resolution) on approval of the trades executed with the Clearing Centre in 

accordance with the Clearing Rules, as well as of the Clearing Agreement in case if such trades/contract 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

103

between such legal entity and the Clearing Centre pursuant to the requirements of the effective legislation 

are recognized as related party transactions, otherwise the legal entity shall submit a confirmation of 

absence of related-party aspects in such trades (contracts).

12) Comments on business reputation of the legal entity in accordance with the paragraph 10.7 of the 

common part of the Clearing Rules.

13) Consent of the persons mentioned in the documents of the legal entity, submitted by the latter to the 

Clearing Centre in accordance with the Clearing Rules, for processing of personal information, according to 

the form published on the Clearing Centre’s Website (if such documents contain any personal information 

on the subject of personal information pursuant to the Federal Law “On Personal Information”, and unless 

otherwise stipulated in the legislation).

14) If the private individual for whom it is required to submit a copy of the personal identification document 

is a foreign citizen (or a stateless person), staying in the Russian Federtion, the following documents shall 

be additionally submitted:

 copy of the document confirming the right of such foreign citizen (stateless person) for stay 

(residence) in the Russian Federation (residence permit, temporary residence permit, visa, 

or other document which confirms, in accordance with the legislation of the Russian 

Federation, the right of such foreign citizen or stateless person for stay (residence) in the 

Russian Federation), certified with signature of an authorized representative and seal (if 

any) of the legal entity;

 copy of the migration card certified with signature of an authorized representative and seal 

(if any) of the legal entity;

 letter with the information on residence (registration) address or the place of stay (if such 

information is not contained in other documents submitted in accordance with this list).

15) Reporting specified in paragraphs 1), 3) or 4) of Appendix No. 4 to the common part of the Clearing 

Rules in form of an electronic document:

 Credit Organizations submit monthly reporting forms for the three most recent reporting 

dates, and quarterly reporting forms for the latest reporting date, a report on form 0409051 

"List of affiliated persons", current as of the date of submission of documents;

 Non-Credit Institutions being the professional securities market participants submit 

quarterly reporting forms for two most recent reporting dates, and monthly reporting forms 

– for three most recent reporting dates, a report on form 0420402 "Information about 

affiliated persons of the professional participant and structure of property" current as of the 

date of submission of documents;

 Non-Credit Institutions not being the professional securities market participants submit 

annual reporting for the most recent reporting date;

16) FATCA Form in form of an electronic document, as well as other documents and data which must be 

supplemented to the FATCA Form, provided for the purposes of the FATCA Law, including the consent for 

transfer of information to a foreign tax authority.

17) Other documents that may be requested by the Clearing Centre when necessary; also, the Clearing 

Centre may request clarification of the information contained in the previously provided documents.

Documents submitted by a legal entity shall be valid as of the date of their presentation to the Clearing 

Centre.

The submitted documents are supplemented with a cover letter containing the list of the documents 

submitted to the Clearing Centre.

II. List of documents to be submitted by the state corporation

1) The Questionnaire of the Clearing Member (client) (Registration Card), constituting an attachment 

to the Procedure for Provision of Information and Reports and published on the Clearing Centre’s 

Website in form of an electronic document.

2) Copy of official publication of the federal law by virtue whereof such state corporation was 

established.

3) Copy of the tax registration certificate of the state corporation, certified with signature of an 

authorized representative and seal of the state corporation.

4) Copy of the information letter or notice of assignment of statistical codes, certified with signature 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

104

of an authorized representative and seal of the state corporation.

5) In respect of the Director:

 original or notarized copy of the resolution of the authorized body of the state corporation 

(the state corporation can also submit a notarized abstract from the resolution or an original 

abstract signed by the person authorized for signing of such resolution), as contemplated 

by the federal law defining the status, objects, functions and powers of such state 

corporation, on appointment of the Director;

 copy of the personal identification document of the Director of the state corporation, 

certified with signature of an authorized representative and seal of the state corporation;

 copy of the tax registration (INN) certificate of the Director, certified with signature of an 

authorized representative and seal of the state corporation, or a free-form letter indicating 

the INN number (if any).

6) Original copy of the power of attorney, or notarized copy, or copy certified by the person who 

issued the said power of attorney to the representative of the state corporation, authorized to act 

on behalf of the state corporation in relations with the Clearing Centre, including the right to sign 

necessary documents. If the power of attorney provides powers for operations with cash or other 

assets, the following documents shall be additionally submitted:

 copy of the personal identification document of the representative of the state corporation, 

certified with signature of an authorized representative and seal of the state corporation;

 copy of the tax registration (INN) certificate of the representative of the state corporation, 

certified with signature of an authorized representative and seal of the state corporation, or 

a free-form letter indicating the INN number (if any).

7) Signature and seal (if any) specimen card of the state corporation, issued in accordance with 

requirements of the regulations of the Bank of Russia (or a notarized copy of such card).

8) Comments on business reputation of the state corporation in accordance with paragraph 10.7 of 

the common part of the Clearing Rules.

9) Consent of the persons mentioned in the documents of the state corporation, submitted to the 

Clearing Centre in accordance with the Clearing Rules, for processing of personal information, 

according to the form published on the Clearing Centre’s Website (if such documents contain any 

personal information on the subject of personal information pursuant to the Federal Law “On 

Personal Information”, and unless otherwise stipulated in the legislation).

10) If the private individual for whom it is required to submit a copy of the personal identification 

document is a foreign citizen (or a stateless person), staying in the Russian Federation, the 

following documents shall be additionally submitted:

 copy of the document confirming the right of such foreign citizen (stateless person) for stay 

(residence) in the Russian Federation (residence permit, temporary residence permit, visa, 

or other document which confirms, in accordance with the legislation of the Russian 

Federation, the right of such foreign citizen or stateless person for stay (residence) in the 

Russian Federation), certified with signature of an authorized representative and seal of 

the state corporation;

 copy of the migration card certified with signature of an authorized representative and seal 

of the state corporation;

 letter with the information on residence (registration) address or the place of stay (if such 

information is not contained in other documents submitted in accordance with this list).

11) Reporting specified in paragraph 2) of Appendix No. 0 to the common part of the Clearing Rules 

in form of an electronic document: monthly reporting forms for the three most recent reporting 

dates, and quarterly reporting forms for the latest reporting date.

12) FATCA Form in form of an electronic document, as well as other documents and data which must 

be supplemented to the FATCA Form, provided for the purposes of the FATCA Law, including the 

consent for transfer of information to a foreign tax authority.

13) Other documents that may be requested by the Clearing Centre when necessary; also, the 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

105

Clearing Centre may request clarification of the information contained in the previously provided 

documents.

Documents submitted by the state corporation shall be valid as of the date of their presentation to the 

Clearing Centre.

The submitted documents are supplemented with a cover letter containing the list of the documents 

submitted to the Clearing Centre.

III. List of documents to be submitted by the International Organization

1) The Questionnaire of the Clearing Member (client) (Registration Card), constituting an attachment 

to the Procedure for Provision of Information and Reports and published on the Clearing Centre’s 

Website in form of an electronic document.

2) Notarized copy of the international agreement, including the constituent documents (with all 

amendments and supplements), or a copy certified by the authorized representative of the 

organization in charge for safekeeping of international agreements in accordance with legislation 

of the Russian Federation.

3) Copy of the tax registration certificate (if any), certified with signature of an authorized 

representative and seal (if any) of the International Organization.

4) Copy of the information letter or notice of assignment of statistical codes, certified with signature 

of an authorized representative and seal (if any) of the International Organization.

5) For the person authorized to act on behalf of the International Organization in accordance with an 

international agreement and/or constituent documents (hereafter the Director):

 notarized copy of the minutes or abstract from the minutes of the meeting of the authorized 

body of the International Organization, containing resolution of the authorized body of the 

International Organization on election (appointment) of the Director;

 copy of the Director’s personal identification document, certified with signature of an 

authorized representative and seal (if any) of the International Organization;

 copy of the tax registration (INN) certificate of the Director, certified with signature of an 

authorized representative and seal (if any) of the International Organization, or a free-form 

letter indicating the INN number (if any).

6) Original copy of the power of attorney, or notarized copy, or copy certified by the person who 

issued the said power of attorney to the representative of the International Organization 

authorized to act on behalf of the International Organization in relations with the Clearing Centre, 

including the right to sign necessary documents. If the power of attorney provides powers for 

operations with cash or other assets, the following documents shall be additionally submitted:

 copy of personal identification document of the representative of the International 

Organization, certified with signature of an authorized representative and seal (if any) of 

the International Organization;

 copy of the tax registration (INN) certificate of the representative of the International 

Organization, certified with signature of an authorized representative and seal of the 

International Organization, or a free-form letter indicating the INN number (if any).

7) Notarized card (or notarized copy of the card) or other document with signature and seal (if any) 

specimen of the International Organization.

8) Comments on business reputation of the International Organization in accordance with paragraph 

10.7 of the common part of the Clearing Rules.

9) Consent of the persons mentioned in the documents of the International Organization, submitted 

to the Clearing Centre in accordance with the Clearing Rules, for processing of personal 

information, according to the form published on the Clearing Centre’s Website (if such documents 

contain any personal information on the subject of personal information pursuant to the Federal 

Law “On Personal Information”, and unless otherwise stipulated in the legislation).

10) If the private individual for whom it is required to submit a copy of the personal identification 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

106

document is a foreign citizen (or a stateless person), staying in the Russian Federation, the 

following documents shall be additionally submitted:

 copy of the document confirming the right of such foreign citizen (stateless person) for stay 

(residence) in the Russian Federation (residence permit, temporary residence permit, visa, 

or other document which confirms, in accordance with the legislation of the Russian 

Federation, the right of such foreign citizen or stateless person for stay (residence) in the 

Russian Federation), certified with signature of an authorized representative and seal (if 

any) of the International Organization;

 copy of the migration card certified with signature of an authorized representative and seal 

(if any) of the International Organization;

 letter with the information on residence (registration) address or the place of stay (if such 

information is not contained in other documents submitted in accordance with this list).

11) Reporting specified in paragraph 2) of Appendix No. 0 to the common part of the Clearing Rules 

in form of an electronic document: monthly reporting forms for the three most recent reporting 

dates, and quarterly reporting forms for the latest reporting date.

12) FATCA Form in form of an electronic document, as well as other documents and data which must 

be supplemented to the FATCA Form, provided for the purposes of the FATCA Law, including the 

consent for transfer of information to a foreign tax authority.

13) Other documents that may be requested by the Clearing Centre when necessary; also, the 

Clearing Centre may request clarification of the information contained in the previously provided 

documents.

Documents submitted by the International Organization shall be valid as of the date of their presentation to 

the Clearing Centre.

The submitted documents are supplemented with a cover letter containing the list of the documents 

submitted to the Clearing Centre.

IV. List of documents to be submitted by the Non-Resident

1) The Questionnaire of the Clearing Member (client) (Registration Card), constituting an attachment 

to the Procedure for Provision of Information and Reports and published on the Clearing Centre’s 

Website in form of an electronic document.

2) Questionnaire for a non-resident bank.

3) The free-form letter of confirmation of implementation by the legal entity of measures to combat 

legalization (money laundering) of criminal income and financing of terrorism, signed by an

authorized representative of the legal entity (for Non-Resident Non-Credit Institutions).

4) Valid versions of constituent documents of the legal entity and all amendments thereto.

5) Document confirming state registration of the legal entity.

6) Document on tax registration of the legal entity (if any).

7) Special permit (license), issued by the authorized body of the country of incorporation of the legal 

entity [sic] for the right to conduct the activities which, in accordance with the national law of the 

country of the legal entity [sic], are possible to conduct only in the presence of the relevant

special permit issued by the authorized body.

8) Document confirming tax registration of the legal entity in the Russian Federation (a notarized 

copy or a copy certified by the legal entity itself) (if any).

9) For the person authorized to act on behalf of the legal entity in accordance with constituent 

documents (hereinafter the Director):

 document confirming the approval of appointment of the Director of the legal entity by the 

authorized body of the country of registration of legal entity (if such approval is

contemplated by law of the country of registration of the legal entity);

 document of the authorized body of the legal entity, confirming election (appointment) of 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

107

the Director;

 copy of the personal identity document of the Director, or copies of other documents 

stipulated by the federal law or recognized in accordance with an international agreement 

of the Russian Federation as personal identity documents;

 copy of the tax registration (INN) certificate of the Director, certified with signature of an 

authorized representative and seal (if any) of the legal entity, or a free-form letter indicating 

the INN number (if any).

10) Powers of attorney for representatives of the legal entity authorized to act on behalf of the legal 

entity in relations with the Clearing Centre, including the right to sign the required documents. If 

the power of attorney provides powers for operations with cash or other assets, the following 

documents shall be additionally submitted:

 copy of the personal identity document of the representative, or copies of other documents 

stipulated by the federal law or recognized in accordance with an international agreement 

of the Russian Federation as personal identity documents;

 copy of the tax registration (INN) certificate of the representative of the legal entity, certified 

with signature of an authorized representative of the legal entity and seal (if any) of the 

legal entity, or a free-form letter indicating the INN number (if any).

11) Notarized card or other document with signature and seal (if any) specimen of the legal entity.

12) Comments on business reputation of the legal entity in accordance with paragraph 10.7 of the 

common part of the Clearing Rules.

13) Consent of the persons mentioned in the documents of the legal entity, submitted by the latter to

the Clearing Centre in accordance with the Clearing Rules, for processing of personal 

information, according to the form published on the Clearing Centre’s Website (if such documents 

contain any personal information on the subject of personal information pursuant to the Federal 

Law “On Personal Information”, and unless otherwise contemplated in the legislation).

14) If the private individual for whom it is required to submit a copy of the personal identification 

document is a foreign citizen (or a stateless person), staying in the Russian Federation, the 

following documents shall be additionally submitted:

 copy of the document confirming the right of such foreign citizen (stateless person) for stay 

(residence) in the Russian Federation (residence permit, temporary residence permit, visa, 

or other document which confirms, in accordance with the legislation of the Russian 

Federation, the right of such foreign citizen or stateless person for stay (residence) in the 

Russian Federation), certified with signature of an authorized representative and seal (if 

any) of the legal entity;

 copy of the migration card certified with signature of an authorized representative and seal 

(if any) of the legal entity;

 letter with the information on residence (registration) address or the place of stay (if such 

information is not contained in other documents submitted in accordance with this list).

15) Reporting specified in paragraph 6) of Appendix No. 0 to the common part of the Clearing Rules 

in form of an electronic document:, and quarterly reporting forms for the 2 latest reporting dates.

16) FATCA Form in form of an electronic document, as well as other documents and data which must 

be supplemented to the FATCA Form, provided for the purposes of the FATCA Law, including the 

consent for transfer of information to a foreign tax authority.

17) The document confirming a permanent location in the state with which Russian Federation has 

international Treaty (Agreement) regulating the tax matters (as applicable/if available). The 

document must be certified by a competent authority of a foreign state.

The provision of the specified document is not required in the case of payment of incomes on 

operations with Bank-non-resident / Bank EurAsEC/EAEC, if the fact of residence of the legal 

entity in the state with which Russian Federation has international Treaty (agreement) governing 

taxation issues, supported by information public information directories.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

108

18) Confirmation of the actual rights of a legal entity to an income (revenue), specified in the Clearing 

Rules (as applicable/if available).

If the legal entity does not have actual right to receive such income, the entity is information about 

the entity that the legal entity recognize the actual recipient of income (if applicable/if available).

19) Other documents that may be requested by the Clearing Centre when necessary; also, the 

Clearing Centre may request clarification of the information contained in the previously provided 

documents.

Any documents (except for copies of personal identification documents) issued in foreign countries shall be 

legalized or apostilled, unless otherwise stipulated in the international treaties of the Russian Federation.

Any documents (except for copies of personal identification documents and signature specimens issued by 

the competent authorities of foreign countries in several languages, including the Russian language) issued 

in full or in any part in foreign language shall be translated into Russian language. The accuracy of the 

translation or authenticity of the translator’s signature shall be notarized.

Documents submitted by a legal entity shall be valid as of the date of their presentation to the Clearing 

Centre.

The submitted documents are supplemented with a cover letter containing the list of the documents 

submitted to the Clearing Centre.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

109

Appendix No. 5

Приложение No 9. to the NCC Clearing Rules

Приложение No 10. (Part I “Common Part”)

Reports Submitted by Clearing Members to Clearing Centre

1) The Credit Organizations shall submit to the Clearing Centre:

 turnover balance sheet for accounts of the credit organization (form 0409101) - monthly;

 information on mandatory ratios and other performance indicators of the credit organization 

(form 0409135) - monthly;

 calculation of equity (capital) (Basel III) (form 0409123) - monthly;

 statement of financial performance results of the credit organization (form 0409102) -

quarterly;

 reference certificate on numerical value of the standard of maximum risk per borrower or a 

group of related borrowers (N6) (under the form 0409118) - monthly; and

 list of affiliated persons (form 0409051)1– quarterly.

2) State Corporations and International Organizations shall submit to the Clearing Centre:

 turnover balance sheet for accounts (form 0409101) - monthly;

 statement of financial performance results (form 0409102) - quarterly; and

 calculation of equity (capital) (Basel III) (form 0409123) – monthly.

3) Non-Credit Institutions being the professional securities market participants submit to the Clearing 

Centre:

 balance sheet items (form 0420410), items from the statement of financial performance 

results (form 0420411), information about the largest debtors and creditors of the 

professional participant (form 0420412), information about investments in securities issued 

by non-residents (portfolio investments) (form 0420416)2, statement of movement of 

foreign assets and liabilities of the professional participant in relation to non-residents, in 

case of relations between the former and the non-residents in form of direct investments

(form 0420421)3, information about the affiliated persons and entities of the professional 

participant and structure of the property (form 0420402)4,– quarterly;

 calculation of equity (form 0420413), information about participation in legal proceedings 

where the professional participant acted as the defendant (form 0420408)5, report on 

securities (form 0420415), report on OTC trades (form 0420417)6, information about 

brokerage, depositary and securities management activities (form 0420418) – monthly.

 

1 As of the date of submission of the Report, the information contained therein shall reflect the most recent 

information about the affiliated persons and entities submitted to the Bank of Russia.

2

For the professional securities market participants included in the list of professional securities market 

participants submitting the reports under form 0420416, drawn by the Bank of Russia in accordance with the 

regulatory document of the Bank of Russia.

3

For the professional securities market participants included in the list of professional securities market 

participants submitting the reports under form 0420421, drawn by the Bank of Russia in accordance with the 

regulatory document of the Bank of Russia.

4 As of the date of submission of the Report, the information contained therein shall reflect the most recent 

information about the affiliated persons and entities submitted to the Bank of Russia. 

5 As of the date of submission of the Report, the information contained therein shall reflect the most recent 

information about the participation in legal proceedings where the professional participant acted as the defendant, 

submitted to the Bank of Russia.

6

For the professional participants included in the List of Professional Securities Market Participants, drawn by 

the Bank of Russia in accordance with the regulatory document of the Bank of Russia, the Report is provided for the 

week which includes the last calendar day of the reporting month.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

110

4) Non-Credit Institutions not being the professional securities market participants being the 

Clearing Members of the Category ‘C’ submit to the Clearing Centre:

 balance sheet (Form No.0710001) – annually (quarterly in case of preparation); and

 statement of financial performance results (form 0710002) – annually (quarterly in case of 

preparation).

5) Non-credit Institutions not being the professional securities market participants being the Clearing 

Members of the Category ‘A’ and ‘O’ submit to the Clearing Centre:

 quarterly balance sheet (Form No.0710001) – quarterly;

 quarterly report on financial results (Form No.0710002) – quarterly;

 report of the Issuer (if any) – quarterly;

 annual balance sheet (Form No.0710001) – annually;

 annual repot on financial results (Form No.0710002) – annually.

6) The Clearing Members shall submit the reports specified in paragraphs 1) - 4) of this Appendix to 

the common part of the Clearing Rules in accordance with the following timelines:

 calculation of equity (capital) (Basel III) (form 0409123), turnover balance sheet for 

accounts (form 0409101), information on mandatory ratios and other performance 

indicators of the credit organization (form 0409135), reference certificate on numerical 

value of the standard of maximum risk per borrower or a group of related borrowers (N6) 

(under the form 0409118) – not later than on the 15th business day of the month following 

the reporting month;

 statement of financial performance results (form 0409102), list of affiliated persons (form 

0409051) - not later than on the 15th business day of the month following the reporting 

quarter;

 calculation of equity (Form No.0420413), information about participation in legal 

proceedings where the professional participant acted as the defendant (form 0420408), 

report on securities (form 0420415), report on OTC trades (form 0420417), information 

about brokerage, depositary and securities management activities (form 0420418) – within 

one calendar month after the reporting month;

 information about affiliated persons of the professional participant and structure of property 

(form 0420402), balance sheet items (form 0420410), items from the statement of financial 

performance results (form 0420411), information about the largest debtors and creditors of 

the professional participant (form 0420412), information about investments in securities 

issued by non-residents (portfolio investments) (form 0420416), statement of movement of 

foreign assets and liabilities of the professional participant in relation to non-residents, in 

case of relations between the former and the non-residents in form of direct investments 

(form 0420421) - within one calendar month after the reporting quarter;

 quarterly balance sheet of the Non-Credit Institution (Form No.0710001), quarterly report 

on the financial performance of the Non-Credit Institution (Form No.0710002) – within one 

calendar month after the reporting quarter; 

 annual balance sheet of the Non-Credit Institution (form 0710001), annual statement of 

financial performance results of the Non-Credit Institution (form 0710002) – not later than 

on April 15 of the year following the reporting year.

7) The Non-Resident Banks and the Non-Credit Institutions – Non-Residents, as well as the 

EurAsEC/EAEU Banks (hereinafter the Non-Residents) shall, within 15 (fifteen) business days 

from the date of submission of quarterly reports, respectively [sic], or from the date set by the 

competent authority of the Non-Resident’s country of registration for submission of quarterly 

reports, respectively [sic], (in case if the time period for submission of reports is set by the 

competent authority of the Non-Resident’s country of registration), submit to the Clearing Centre 

the following documents in Russian or English languages:

 financial statements under IFRS in Russian or English languages, and in absence thereof –

the balance sheet (turnover balance sheet for accounts), profit and loss statement and 

calculation of equity (capital) (if any) under the established national accounting and 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

111

reporting standards – quarterly;

 key performance indicators of the Non-Resident (according the forms of Appendix No. 3 

(for the EurAsEC/EAEU Banks) and Appendix No. 4 (for the Non-Resident Banks and the 

Non-Credit Institutions – Non-Residents) to the Procedure for Provision of Information and 

Reports) – quarterly;

 a document confirming the information about the actual and acceptable values of 

mandatory performance standards adopted by the competent authority in case if such 

mandatory standards must be adopted in accordance with the national legislation of the 

Non-Resident’s country of registration – quarterly.

The Non-Residents, not later than on the 15th (fifteenth) business day from the date of signing of 

the reports by the organization conducting audit of the Non-Resident, shall submit the following:

 audited financial statements under IFRS in Russian or English languages for the most 

recent reporting year, and in absence thereof - audited financial statements drawn in 

accordance with the requirements of the national legislation of the Non-Resident’s country 

of registration – annually.

8) The formats of presentation of the reports set forth in this Appendix to the common part of the 

Clearing Rules are determined by the Procedure for Provision of Information and Reports.

9) The documents specified in the paragraph 7) of this Appendix to the common part of the Clearing 

Rules shall be apostilled or legalized in accordance with the established procedure and translated 

into Russian language. The accuracy of the translation or authenticity of the translator’s signature 

shall be notarized.
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

112

Appendix No. 6

Приложение No 11. to the NCC Clearing Rules

Приложение No 12. (Part I “Common Part”)

Time Regulations

No. Description of operation Moscow time

1. Submission by the Clearing Centre to the Clearing Members 

of the Guarantee Fund Reports and Collateral-for-Stress 

Reports.

before 10:15

2. Fulfilment of Margin Calls for Funds and Margin Calls for 

Collateral for Stress.

before 17:30 on the day of issuance of 

the relevant Margin Call

3. Submission by the Clearing Member to the Clearing Centre of 

the orders for Transfer of Cash in order to post / to refund 

amount to/from Guarantee Funds / Collateral for Stress (using 

the Clearing System).

from 09:30 till 20:00

of the Settlement Day

4. Submission by the Clearing Member to the Clearing Centre of 

the Requests for Refund of Cash in order to refund money 

from Guarantee Funds / Collateral for Stress.

from 09:30 till 20:00

of the Settlement Day

in the relevant currency

5. Submission by the Clearing Member to the Clearing Centre of 

the Orders for Transfer of Securities in order to post / to 

refund amount to/from Guarantee Funds / Collateral for Stress 

(using the Clearing System).

from 09:30 till 20:30

of the Settlement Day

6. Submission by the Segregated Client to the Clearing Centre of

the Application for Transfer of Obligations and Collateral.

before 16:00 of the day following the 

day of commencement of the procedure 

of Transfer of Obligations and 

Collateral, provided that the procedure 

of Transfer of Obligations and Collateral 

is conducted on the grounds stipulated 

by law;

from 9:00 till 18:00 of the business day 

in case if the procedure of Transfer of 

Obligations and Collateral is conducted 

on other grounds

7.. Submission by the Clearing Centre to the Recipient Clearing 

Member of the message on the size of obligations / claims of 

the Main Clearing Member in cash / securities / precious 

metals in respect of the obligations admitted to clearing, under 

the trades executed for the account of the Segregated Client, 

as well as on the size of the Main Clearing Member’s 

Collateral in cash / securities / precious metals, recorded 

under the Settlement Code of the Main Clearing Member 

whereto has been assigned the Segregated Client submitting 

the Application for Transfer of Obligations and Collateral.

not later than at 17:45 of the day 

following the day of commencement of 

the procedure of Transfer of Obligations 

and Collateral, provided that the 

procedure of Transfer of Obligations 

and Collateral is conducted on the

grounds stipulated by law;

not later than at 17:45 of the Settlement 

Day following the day of 

commencement of the procedure of 

Transfer of Obligations and Collateral, 

in case if the procedure of Transfer of 

Obligations and Collateral is conducted 

on other grounds

8. Submission by the Recipient Clearing Member to the Clearing 

Centre of the Consent for Acceptance.

not later than at 18:30 of the day 

following the day of commencement of 

the procedure of Transfer of Obligations 

and Collateral, provided that the 

procedure of Transfer of Obligations 

and Collateral is conducted on the 

grounds stipulated by law;

not later than at 18:30 of the Settlement 

Day following the day of 

commencement of the procedure of 
Clearing Rules of Bank National Clearing Centre (Joint-Stock Company).Part I.

Common Part

113

Transfer of Obligations and Collateral, 

in case if the procedure of Transfer of 

Obligations and Collateral is conducted 

on other grounds