RTS Technical Center Clearing Activities On FORTS Is Insured For The Amount Of $ 1 Million

Insurance Company Ltd. "Ingosstrakh" insured RTS Technical Center clearing operations on FORTS (Futures & Options Market on RTS) for the amount of $ 1 million.

"Risks insurance in "Ingosstrakh", in addition to already created Guarantee, Insurance and Reserve funds on FORTS, is aimed to increase the level of trust of FORTS participants in our risk management system", said President of the RTS Stock Exchange Ivan Tyryshkin.

Insurance of risks of RTS Technical Center (which is acting as a Clearing center on FORTS) was approved by RTS Risk Management Committee and Board of Directors.

According to the policy, property of RTS Technical Center connected with plotting to the Technical Center of a direct damage as a result of the following events:

Intentional unlawful acts of the employees aimed at receiving of illegal personal financial benefit or aggrieving;
Losses caused by transfer of assets according to false payment orders;
Losses suffered in connection with unauthorized access to software or as a result of input of fraudulent electronic commands;
Losses connected with failure/destruction of electronic data and their recording mediums, including those caused by computer viruses.

Besides, according to the policy, the facts of establishment of responsibility of RTS Technical Center, in correspondence with civil law of Russian Federation, to pay damages, caused to property of the third persons owing to the mistakes, carelessness or omission of the chiefs and/or the employees of RTS Technical Center at accomplishment of the insured activity are recognized as insured accidents.

The insurance company compensates RTS Technical Center the court expenses and other legal expenses suffered by it at protection of its interests judicially on the claims connected with insured accidence approach.

Insurance protection is applied to all possible losses, which RTS Technical Center can bear in connection with events, which have happened after May 20, 2002. Insurance policy expires on May 19, 2003.