Requirements for Clearing Members

General requirements to CMs in all markets:

  • License issued by a competent body
  • CM's form filled-in
  • Contribution to the Guarantee Fund of the corresponding market
  • Collateral for stress (for Participants admitted to trading without full prefunding)
  • Positive financial balance as of the last reporting date
  • No grounds to take bankruptcy-prevention measures

Additional Requirements:

  Banking institutions Non-banking
institutions
Non-Residents Category 'O'
Clearing Members
*
Securities
Market
Compliance with
the statutory ratios
set by the Bank of Russia
Minimum equity
180 mln RUB
• Standard & Poor's
'BBB'
• Moody's Investors
Service 'Bаа2'
• Fitch Ratings 'ВВВ'
or above
 
     
FX Market     Minimum equity
capital 50 bln RUB 
Minimum equity capital
20 bln
RUB.
and  international credit
rating 1 grade lower
than the sovereign
credit rating
of the Russian Federation
Minimum equity capital
20 bln RUB.
and  international credit
rating 1 grade lower
than the sovereign
credit rating
of the Russian Federation
       
Derivatives
Market
     
       
Standardized
OTCD
derivatives
Market
Minimum equity
300 mln RUB
Minimum equity 50 bln RUB  
Minimum equity capital 20 bln RUB
and  international credit
rating 1 grade lower than
the sovereign credit rating
of the Russian Federation

(*) Non-Residents, banking and non-banking institutions