Joint-stock commercial bank The National Clearing Centre (NCC), a subsidiary of the Micex, has been admitted as a member of the European Association of Central Counterparty Clearing Houses (EACH).
The decision to admit the NCC as a member is based on the conclusion that, as a clearing organisation acting as a central counterparty, it satisfies the recommendations for central counterparties of the Technical Committee of the international organisation of Securities Commissions and the risk management standards developed by EACH for central counterparties.
The admission of the NCC, which performs the functions of the central counterparty in the on-exchange currency market of the Micex Group, as a member of EACH demonstrates the international recognition of the achievements of the Micex Group in developing the infrastructure of the Russian financial market and bringing it to international standards.
The NCC’s participation in the work of EACH will help the Russian financial market to adopt the advanced standards and principles of risk management, as well as the forms and methods of clearing services, thus ensuring the efficient use of participants’ funds and reliable fulfilment of their obligations in respect of transactions. Besides, the NCC’s involvement in the work of EACH will enable the NCC to maintain a direct dialogue with leading central counterparty clearing organisations of the EU on the issues of development of business co-operation for the purpose of expanding the range of clearing services provided to clients.
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