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Deposits with the Central counterparty (CCP)

 

 

 

DIRECT DEPOSITS WITH THE CCP

for companies not authorised to make transaction as a professional
securities market participant

 

 

 

BBB

CCP NCC's rating is above
the Russian sovereign rating

Qualified CCP

NCC is a qualifying and systemically
important central counterparty

RUB 1.0 trillion

Daily volume transacted with the CCP
on the Money Market

 
 
PRODUCT ADVANTAGES

 

   Benefits
  • Favourable deposit rates
  • Wide range of participants
  • Single central counterparty limit; no need to set and review limits for other counterparties
 
   Safety
  • Deposits with banking institution CCP NCC 
  • Settlement guarantees from the central counterparty
  • Reliable risk management processes approved by the Bank of Russia
 
  Transparency
  • Moscow Exchange is the price discovery center of the money market
  • Direct access to a competitive trading environment
  • Provision of benchmarks for money market rates
 
   Efficiency
  • Online trading; "one-click" trade execution
  • Convenient document interchange
  • An option to withdraw funds from 10:00 MSK on the repayment date
 
   Availability
  • Trading hours: 10:00-19:00
  • Competitive market making

 

 
 
PRODUCT FEATURES

 

  • Deposit currency: RUB
  • Maturity: D1-Y1
  • Deposit transactions are made with either the CCP or the market
  • Deposit orders entered by corporates are matched with cash-driven GCC repo orders
  • Corporates enter deposit orders via MICEX Trade SE terminal
  1. Matching between a GCC repo order and a deposit order
 
 
ADMISSION CRITERIA

 

  • Capital (Section 3 of the balance sheet): > RUB 1 billion
  • No signs of bankruptcy
  • Reported profit from operations (applied by the decision of the Exchange)
  • Minimum of two employees with experience in financial market operations

   Further criteria for admission to trading without the requirement for full collateral:

  • Capital (Section 3 of the balance sheet): > RUB 10 billion
  • Balance sheet total: > RUB 50 billion
  • Contribution to the Guarantee Fund: RUB 1 million
  • Quarterly reporting (monitoring of the financial position on a quarterly basis)

 

 
 
ELIGIBILITY CRITERIA

 

The following entities are eligible to trade deposits with the CCP:

  • Russian companies
  • Credit organisations
  • Licensed participants: insurance companies, mutual funds, joint stock investment funds, non-government pension funds

Participants seeking admission to trading with 100% collateral required must:

  • Show no signs of insolvency;
  • Demonstrate a positive P&L (applicable as decided by the Exchange)

Russian companies:

  • Capital (as per Section 3 of the balance sheet) of no less than RUB 1 bn;
  • At least two employees with a professional background in financial market operations;

Further requirements for admission to trading without 100% collateral required:

  • A RUB 1 million contribution to the Guarantee Fund;
  • Providing quarterly financial statements (financial position monitoring on a quarterly basis)

Russian companies:

  • Capital (as per Section 3 of the balance sheet) is more than RUB 10 bn;
  • The balance sheet total is more than RUB 50 bn;

*not a trading member of the Equity & Bond Market

 

 
 
FEES

 

Russian companies and other licensed participants

Flat rate       +              Volume-based fee  
Fee schedule Fee Fee rate for RUB deposits, % per annum Fee rate for deposits in foreign currency, % per annum
DEPO_0 - 0,16 0,16
DEPO_400 RUB 400 000 0,11 0,11

Trading members can switch between fee schedules every month

 
 
MATERIALS

 

 
 
CONTACTS

 

money market department team
telephone: +7-495-363-3232, ext. 5424, 5398, 5396, 5455
email: repo@moex.com