OREANDA-NEWS. The Bank for International Settlements (BIS) performed monitoring of building the regulatory basis for activities of repositories and central counterparties and gave Russia the highest mark of compliance with the Principles for Financial Market Infrastructures. This information is published in the Report of the BIS Committee for Payments and Market Infrastructures of 28 June 2016 ‘Implementation monitoring of the PFMI: Third update to Level 1 assessment report.’

The central counterparty is destined to minimise the risks of market participants when trading financial assets. In the Russian Federation, this activity is regulated by the Bank of Russia on the basis of the law ‘On Clearing, Clearing Activities and Central Counterparty.’ Currently, the largest Russian central counterparty (NCC Bank) renders services to some 700 clearing participants with a daily financial instrument turnover worth over 5 trillion rubles.

The repository is responsible for the collection and storage of data on OTC-transactions (in particular, on repo transactions and transactions with derivatives) thus providing transparency of this market segment. Amendments to the Law ‘On the Securities Market’ and other acts which came into effect late last year strengthened the repository status on the federal level. By now, the largest repository in Russia (Non-bank Credit Organisation Closed Joint-stock Company National Settlement Depository or NCO CJSC NSD) provides repository registration of ONC-derivatives of all types, as well as repo transactions.