MICEX: CJSC JSCB National Clearing Centre admitted to Global Association of Central Counterparties – CCP12

MICEX: CJSC JSCB National Clearing Centre admitted to Global Association of Central Counterparties – CCP12

28/09/2011

CJSC JSCB National Clearing Centre (NCC), a subsidiary of CJSC MICEX, has been admitted to the Global Association of Central Counterparties – CCP12.
 
The decision on NCC’s membership in CCP12 was made at the special meeting of members of this international organization held at the end of last week in Toronto, and based on the conclusion that CJSC JSCB National Clearing Centre, as a clearing organization 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 Organization of Security Commissions (IOSCO) and the Committee for Payment and Settlement Systems of the Bank for International Settlements (CPSS).

The Chairman of the Executive Committee of CCP12 Mr. Luis Jorge Pelayo Camacho stated that he “welcomes  NCC’s  accession  to the Global Association of Central Counterparties”. He emphasized, that  “this is important for the Association and its fulfillment of the role it plays at the times of the continuing global financial crisis”, because NCC’s membership in CCP12 “enables us to follow the latest developments even more closely and take into account the opinions of central counterparties in all markets subject to the relevant national regulation and being affected by the recommendations for financial infrastructure issued by various international organizations.”

 According to Mr. Alexey Khavin, Chairman of the Board of CJSC JSCB National Clearing Centre, the NCC’s admission to CCP12 “is an 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 popularization in the Russian financial market of the global expertise in clearing services, risk management, and increasing efficiency of exchange-based trading.”

The Global Association of Central Counterparties - CCP12 – was founded in 2001 and combines 29 members representing 35 central counterparties operating in the financial markets of Americas, Europe, Asia, and Africa.
CCP12 focuses on discussion of such issues as formulation of clearing standards, risk management, harmonization of regulation; it also approves the best practices in these fields to popularize the same.