The decision to establish a new clearing organization was made in August 2005. The general meeting of founders, held 24 October 2005, established the National Clearing Center as a closed-end joint-stock business bank with the capital of 235 million rubles. The bank’s stated capital is 1.5 billion rubles. In future, it is intended to sell the NCC’s stakes to large Russian banks, which are expected to act as clearing brokers providing certain clearing services to other participants in the clearing system.
The general meeting appointed Viktor Agafonov Chairperson of the NCC Board. At present, V.Agafonov is Director of the Bank of Russia’s Department for Control of Operations in Financial Markets. The general meeting appointed Yekaterina Demushkina (now Deputy General Director of Moscow Mortgage Agency) and Stepan Tomlyanovich (now Director of Rosbank’s Depository) Deputy Chairpersons of the NCC Board. Olga Babkina, who is now Deputy Chief Accountant of the MICEX Settlement House, was appointed Chief Accountant of the NCC.
The general meeting also appointed 9 members of the Supervisory Council of the NCC: Konstantin Korishchenko (Deputy Chairperson of the Bank of Russia), Tatiana Chugunova (Deputy Chairperson of the Bank of Russia), Vassili Kirpichev (Senior Vice-President of Vneshtorgbank), Yuri Dubinin (Director of Sberbank’s Depository), Andrei Yumatov (General Manager and Head of Financial Markets Department of MMB Company), Alexander Potemkin (President of the MICEX), Vadim Subbotin (Vice-President and Member of the Board of the MICEX), Nikolai Yegorov (Director of the NDC) and Viktor Agafonov. Konstantin Korishchenko was elected Chairperson of the Supervisory Council of the NCC and Alexander Potemkin was elected its Deputy Chairperson. The Supervisory Council formed the Board of the Bank composed of Chairperson and 2 deputies.
The NCC will perform clearing in exchange and over-the-counter markets, including determining and clearing participants’ obligations, offsetting these obligations and organizing the execution of obligations for transactions in compliance with the RF law.
The NCC is expected to form the system of risk management within the settlement and clearing infrastructure of the Russian financial market after the abolishment of 100% preliminary deposition of funds by participants. The NCC is also expected to promote interaction of participants in the Russian market with international financial institutions and foreign investors. These tasks will be performed on the basis of a unified technological platform of the MICEX, which is to be upgraded in future.
The National Clearing Center will be Russia’s first specialized clearing credit institution performing centralized clearing in the orderly capital market. In 2006, it is intended to launch the clearing service of the foreign exchange market, the market of government securities and the money market. Later, the NCC will perform clearing services for the MICEX stock and derivatives markets and organize clearing of over-the-counter transactions.
