CCP Safeguard Structure
While developing the framework for managing all types of risk, NCC continued to improve the structure of CCP safeguard levels aimed at ensuring the reliable and transparent interaction with clearing members and guaranteed maintenance of the Company’s financial stability in connection with its performance of CCP’s functions.
The Figure below reflects the safeguard structure as of 01.01.2021:
To provide additional protection for non-defaulting clearing members, their contributions to the Default Fund are used only when the amount of total debt of the defaulting clearing members to NCC exceeds the maximum acceptable value. Currently, in all serviced markets of Moscow Exchange Group, the Default Fund may be used to cover losses upon default of a clearing member.
The size of the default funds as of 1 January 2021 is shown in Tables 4,5 below:
|Size of the Default Funds on Moscow Exchange Markets as of 01.01.2021|
|Market||Size of the Default Fund,|
|Amount of a clearing member’s contribution, RUB mln|
|FX Market||2 900||10|
|Securities, Deposit and Credit market|
|Composition of the Default Funds as of 01.01.2021, RUB mln|
|3 314||1 021||1 262||3 355|