- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

MICEX to set up clearing house

Subscribe
MOSCOW, October 25 (RIA Novosti) - The Moscow Interbank Currency Exchange (MICEX) is setting up a clearing house to consolidate its business processes, the head of MICEX said Tuesday.

Alexander Potyomkin said the National Clearing Center would begin operating in April next year after obtaining a banking license from the Central Bank of Russia.

The National Clearing Center will settle transactions on the MICEX foreign exchange, government securities, and money markets. Eventually, the clearing house will service the bourse's stock and futures markets, and also deals on the over-the-counter market.

Deputy board chairman of the Bank of Russia Konstantin Korishchenko will be the chairman of the new credit institution's supervisory council.

Korishchenko said that clearing was related to high risks. Therefore, the new bank intended to raise its authorized capital from the current amount of about 7 million euros to about 50 million euros.

The shareholders of the National Clearing Center are MICEX (98% of the stock) and the National Depository Center (2%). Major Russian banks will eventually be invited to buy shares in the clearing bank.

Clearing operations will be effected via the MICEX's single technological platform, which will be completely modernized.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала