Moscow Exchange FX Market allows clients of market participants to maintain segregated settlement codes, which facilitates the opportunity to transfer obligations and collateral from one clearing firm to another.
Such segregated clients are permitted to submit a transfer form to NCC Clearing Bank on their own (as set out in the Clearing Rules). Segregated clients' obligations and collateral are transferred from one clearing firm to another with regard to trades recorded on the settlement code tied to the segregated client. This protects good faith clients in the event of a broker's default.
To protect the funds of segregated clients, a record is made upon the client's registration to allow withdrawals from the settlement code only to accounts for which the segregated client is a beneficiary.
Further information on segregated client registration and transfer of their obligations and collateral is available on the NCC Clearing Bank's website.