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