Authorized Capital Of The National Clearing Center Is Increased To 700 Million Rubles

The Moscow Office of the RF Federal Tax Service has registered amendments to the Charter of the National Clearing Center, approved by the Bank of Russia, concerning the authorized capital of the NCC. The size of the NCC’s authorized capital has been increased from 235 to 700 million rubles.

According to Viktor Utkin, Chairman of the Board of the NCC, the authorized capital of the NCC and the coverage that the MICEX undertakes to provide in case the NCC fails to perform its obligations enable the NCC to provide reliable and effective centralized clearing on the exchange-based financial markets of the MICEX. The size of the MICEX’s liability is 2.6 billion rubles.

As a result of the additional emission of shares, the shares of the NCC – Moscow Interbank Currency Exchange and not-for-profit partnership The National Depository Center are 99.329% and 0.671% correspondingly.

In accordance with amendments to its Charter, the NCC can place, in addition to 700 000 common registered shares with the face value of 1000 rubles each already placed, 1 035 000 common registered shares with the same face value.

The NCC is preparing the launch of centralized clearing on the MICEX currency market in the fourth quarter this year.

The National Clearing Center (NCC) was established on 24 October 2005 with the authorized capital of 235 million rubles and stated capital of 1.5 billion rubles. The NCC’s founders are the Moscow Interbank Currency Exchange and non-profit partnership The National Depository Center. The NCC holds the Bank of Russia’s license to carry out banking operations in Russian rubles and foreign currency (without attracting individuals’ deposits). The NCC specializes in clearing in exchange-based and OTC markets, which includes determining the obligations of participants in clearing, offsetting these obligations and organizing the execution of obligations for transactions in compliance with the RF law.