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Clearing and settlement

Trades executed on the FX and Precious Metals Market are cleared by the National Clearing Centre (NCC), a subsidiary company established within the MOEX Group specifically for the purpose of providing clearing services and central counterparty guarantees for all trades. Clearing is performed in accordance with the Rules of clearing for FX and Precious Metals Market.

Members already admitted to the FX Market trading should do the following to be admitted to clearing on the Precious Metals Market:

Credit organizations:

  • Sign an Unallocated Precious Metals Account Agreement (for banks);
    File an unallocated account application (for collateral in precious metals);
  • File an unallocated "Loro" account application (for other operations: deposits/withdrawals, transfers, etc.).

Non-credit organizations:

Sign an Unallocated Precious Metals Account Agreement;

File an unallocated account application (for collateral in precious metals).

Both new and existing registration codes may be used for settlement of precious metals trades.

Standard agreement forms and the list of documents required to open unallocated accounts are available on the NCC's website.

Unallocated "Loro" accounts operations

An unallocated "Loro" account with the NCC allows banks to conduct the following operations:

  • Buying/selling of precious metals (under the General Agreement);
  • Deposits/withdrawal of bullion bars (under the Unallocated Precious Metals Account Agreement);
  • Precious metal transfers within the NCC (under the Unallocated Precious Metals Account Agreement).

The General Agreement allows banks to execute location swaps — an over the counter (OTC) deal between NCC and bank where two parties agree to exchange precious metals they have in different locations (locos) with each other. Settlement of deal occurs by withdrawal of precious metal from bank's loco London unallocated account opened with one of London bullion clearing banks and deposit of same amount of precious metal to bank's loco Moscow unallocated "Loro" account opened with NCC, and vice versa. The terms of the location swaps are negotiated by the bank and the NCC.

Bullion bars may be deposited/withdrawn to/from the bank's unallocated "Loro" account under the Unallocated Precious Metals Account Agreement. Actual bars delivery/collection operation is subject to prior negotiation and agreement between parties. The NCC charges fees for deposit/withdrawal of bars in accordance with its fee schedule (tariffs).

Precious metal can be transferred between unallocated "Loro" accounts opened with the NCC. Such transfers are conducted under the Unallocated Precious Metals Account Agreement and are subject to fees charged by NCC.

See the links below for more information:

 

 

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