OREANDA-NEWS. January 11, 2010. The service “Netting Based on the United Trading System(UTS) Clearing Results” enables the clearing participants to simultaneously perform UTS clearing obligations without remitting cash for the amount of obligations in relevant currency under each of the UTS Trading Sessions (EUR/RUB, USD/RUB, and EUR/USD) (hereinafter – “based on UTS clearing results”) or any combination thereof. At the same time, clearing participants retain their right to perform obligations to NCC (accordingly, NCC will perform obligations to the clearing participant) based on the clearing results of each separate UTS Trading Session in the EUR/RUB, USD/RUB and EUR/USD segments.

This service may be rendered by NCC upon the latter’s receipt of either single or standing order for performance of the “Netting Based on UTS Clearing Results”.

The new service enables each clearing participant to submit to NCC, via NCC EDT, within one trading day, two single orders for performance of the “Netting Based on UTS Clearing Results” within the time period specified in the Provisional Regulations for Trades and Performance of Obligations under UTS Transactions in USD/RUB (EUR/RUB, EUR/USD) by Clearing Participants. In addition, there are different deadlines for submission of orders set for the clearing participants performing settlements with the Clearing Centre via CJSC RP MICEX and for the clearing participants performing settlements with the Clearing Centre via the Regional Settlement Centre.

Upon receipt from the clearing participant of the order for performance of netting based on the UTS clearing results, NCC determines whether the clearing participant is able to perform its clearing obligations under the transactions concluded at the three Trading Sessions (EUR/RUB, USD/RUB, and EUR/USD) (hereinafter – “based on UTS clearing results”) or any combination thereof, out of cash due to the clearing participant in accordance with the UTS clearing results and posted by such participant, by way of their set-off and calculation of the final amount of UTS clearing obligations in the same currency, i.e. USD and/or EUR and/or RUB. The final amounts of obligations incurred by the clearing participant in USD (EUR, RUB) will be calculated as the balance of obligations to the Clearing Centre denominated in USD (EUR, RUB) (with negative sign), claims to the Clearing Centre denominated in USD (EUR, RUB) (with positive sign), and monies denominated in USD (EUR, RUB) pre-posted by such clearing participant and not used to establish trading limits as of the moment of calculation of final obligations (with positive sign).