Time of Achievements

4.Results of Development in the Key (Priority) Business Areas

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:

Figure 2.

Figure 2. 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:

Table 4.

Size of the Default Funds on Moscow Exchange Markets as of 01.01.2021
MarketSize of the Default Fund,
RUB mln
Amount of a clearing member’s contribution, RUB mln
FX Market2 90010
Securities, Deposit and Credit market

2,273

10
Deposit Market1
Derivatives Market94010
SFD Market52010
Commodity Market121

Table 5.

Composition of the Default Funds as of 01.01.2021, RUB mln
RUBUSDEURPublic Securities
3 3141 0211 2623 355