Русский RU

Repo with Central Counterparty (CCP)

FEATURES:

  • Key segment of the Money Market
  • The CCP (National Clearing Centre) acts as the trading participant's counterparty
  • The CCP guarantees settlement of obligation to all non-defaulting parties regardless of whether obligations to the CCP have been met or not
Interdealer repo
Repo with the CCP

1-day repo wih the ccp – top-10 order book orders

BENEFITS

Trading outside limits imposed on the market participants
Minimization of required cash and securities for settlement
Both cash and securities are accepted as collateral
Boosting market liquidity
Standard discounts applied
Netting
Reduced load on the market participant's capital
Safe and reliable risk management
Market repo rates for cash and securities
Single counterparty
Quick and convenient execution of trades
Anonymous trading

MAIN PARAMETERS

The Central Counterparty (the National Clearing Center) is the counterparty to all trades
OFF-ORDER BOOK (DIRECT) TRADES ORDER BOOK TRADES
Settlement currency:
Р, $, €
Eligible securities:
  • Stocks, ETF, DRs
  • Bonds: OFZ, Eurobonds, corporate and other bonds
Settlement codes:
Y0 (T0; Y1)/Yi,
where i is an amount of settlement days related to repo term from 1 day till 3 calendar months
  • Y0/Y1
  • Y0/Y1W - 7 calendar days
Max order volume limit:
  • For trades settled in RUB – RUB 5 bln
  • For trades settled in USD: USD 100 mln
  • For trades settled in EUR: EUR 100 mln
Min order volume limit:
-

Settlements in RUB:

  • for stocks - 1 million RUB
    (exception: 27 stocks – 100,000 RUB);
  • for OFZ – 1 million RUB or 1,000 security papers
  • (exception: SU46014RMFS5 – 2,000).

Settlements in USD/EUR:

  • for OFZ and Eurobonds – 50,000 USD/EUR or 1,000 for OFZ (exception: SU46014RMFS5 – 2,000);
  • for stocks and bonds – 10,000 USD/EUR
Trading:
9:30 – 19:00 10:00 – 19:00
Clearing and settlement:
  • 17:00 – 18:00 for the first clearing pool
  • 19:00 – 20:00 for the second clearing pool
Securities available from:
  • after 17:00 for the first clearing pool
  • 20:00 – 20:30 for the second clearing pool
All times are Moscow time

Settlement instructions are not obligatory for repo with the CCP off-order book orders to be settled. If the settlement instruction has not been submitted by the start of the intra-day clearing session, the transaction status is automatically changed to Settled with the transaction included in the first clearing pool. This is optional facility as existing positions are changed after regular and special settlement instructions submitted by participants, are exercised (transactions are settled online in case of the urgent settlement instruction).

ADMISSION TO REPO WITH THE CPP

 

To execute REPO with the CCP:

    1. Contribute RUB 10 mln to the Guarantee Fund?
  1. Open subaccount "Blocked for clearing with NCC. Collateral for trades" (subaccount code: 36) with NSD
  2. Post collateral for trades (in RUB and/or USD and/or securities admitted to trading without full collateral required).

ADDITIONAL MATERIALS:

CONTACT DETAILS:

Money Market Department team

Telephone: +7 (495) 363-3232, ext. 5424, 5398, 5396, 5455

e-mail: repo@moex.com