OREANDA-NEWS. October 30, 2007. the Derivatives Market Committee of RTS took the decision to increase the number of general clearing members above the limit of 100 organizations.

According to the Committee decision, organizations can receive a status of a general clearing member above the limit if they meet the following requirements:
it should be a Russian organization belonging to a foreign banking or investment group;
parent organization of this group should me a member of no less than three international exchanges;
own assets of the parent organization should value no less than 100 million US dollars;
parent organization should own no less than 50% of shares in the capital of the Russian subsidiary.

The cost of the status of a clearing member for the organizations, which meet these requirements, is 5 mln rubles.

Besides, the Derivatives Market Committee introduced alterations to the Appendix № 1 to the Derivatives rules “REGULATION ON THE REGISTRATION OF CLEARING MEMBERS (Conditions for rendering trading organization services in the derivatives section), by which the Committee will have a right to withdraw the status of a clearing member, if the organization has not traded on FORTS for the last 6 months. In case of a status withdrawal, the sum of money paid as a registration fee, will be refunded to the organization.

By words of Roman Goryunov, CEO of OJSC RTS, these changes will allow to activate the work of trading participants and also attract new clearing firms to the Russian derivatives market. “The process of global banks entering the Russian market will not be fast, but in the long view the trading volumes on FORTS will considerably increase. Global banks will allow to raise the competitive power of the Russian derivatives market, because on the world markets it is the global banks that form the liquidity”, says Roman Goryunov.