MOSCOW, November 21 (RIA Novosti) - A clearing organization dealing with centralized settlements for the Russian financial market will be created on the Moscow Interbank Currency Exchange (MICEX) gradually and will by launched by 2008, the MICEX chief said Monday.
Alexander Potyomkin told a conference on financial markets that commercial bank National Clearing Center (NCC), founded by MICEX (98%) and the National Depository Center (2%), will be appointed as the clearing organization.
Potyomkin said that, from the moment of registration, the NCC's capital would hit 6 million euros ($7.04 million, 235 million rubles), to increase by mid-2006 to 18 million euros ($21.1 million) and further to 50 million euros ($58.6 million) due to contributions of founders and capitalization of revenues.
