MICEX clearing subsidiary approved by CCP12 28 September 2011Moscow Reporter: Anna Reitman
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The MICEX subsidiary, National Clearing Centre (NCC), has been admitted to the Global Association of Central Counterparties (CCP12).
The decision on NCC’s membership in CCP12 was made at a special meeting of members of CCP12 held at the end of last week in Toronto, and affirms that NCC, as a clearing organisation performing functions of a central counterparty (CCP) in the exchange-based FX market of MICEX Group, complies with the Recommendations for Central Counterparties issued by the International Organisation of Security Commissions (IOSCO) and the Committee for Payment and Settlement Systems of the Bank for International Settlements (CPSS).
According to Alexey Khavin, chairman of NCC, the clearer's admission to CCP12 “is evidence of international recognition of the tangible results achieved by MICEX Group in developing the infrastructure of the Russian financial market and ensuring its conformity to global standards. NCC’s participation in CCP12, just as its membership in the European Association of Clearing Houses – Central Counterparties (EACH), will enable active popularisation in the Russian financial market of the global expertise in clearing services, risk management, and increasing efficiency of exchange-based trading.”
CCP12 was founded in 2001 and combines 29 members representing 35 central counterparties operating in the financial markets of Americas, Europe, Asia, and Africa.
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