Risk Management in Standardized OTC Derivatives Market

The National Clearing Centre (NCC), a wholly owned subsidiary of the Moscow Exchange Group (MOEX), is responsible for clearing and central counterparty activities related to all the exchange markets of the MOEX group, excluding specific trading modes without centralized clearing (clearing is nor performed due to technical reasons). NCC has a full banking license and is supervised by the Central Bank of the Russian Federation (CBR), which granted it the status of Qualifying CCP. NCC"s comprehensive risk management framework encompasses all relevant aspects associated to its clearing and central counterparty functions, being in line with international standards and best practices, particularly the CPSS-IOSCO "Principles for Financial Market Infrastructures".