OREANDA-NEWS. January 15, 2013. By the beginning of 2013 the Moscow Exchange Group has completed the project on bringing its activity into compliance with the clearing law.

The Federal law No 7-FZ “On clearing and clearing activities” dated 07.02.2011 came into effect on January 01, 2012 providing a transitional period until January 2013. The project implementation has implied introduction of major changes into the internal systems of the Group"s subsidiaries, National Settlement Depository (NSD), National Clearing Center (NCC) and the Moscow Exchange.

In particular, trading banking accounts opened with NSD have come to be used as trading cash accounts replacing internal banking accounts of the Regulated Securities Market.

In total, 2,806 new trading banking accounts for clients were opened with NSD; NCC re-registered 4,973 trading and clearing accounts for the Main Market sector of the Securities market and registered 1,429 new trading and clearing accounts. NCC"s employees linked the new trading banking accounts to clearing registers to ensure fulfillment of obligations under trades executed in the Standard sector of the Securities market and on the Derivatives market. 1,788 trading account codes for trading in stocks of Gazprom in Saint Petersburg Exchange were re-registered. In addition, procedure for interaction between NCC and NSD has been modified substantially to facilitate the migration to trading banking accounts and maintain all existing services for clients (trades with the settlement code Z0, immediate settlement reports and opportunity to withdraw cash in the amount of planned position in the process of trading).

Considerable number of the changes that had occurred required that additional verifications should take place on the first trading day. Therefore, on January 8 some participants of the Securities market received late reports.