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United Risk Management System

Russian securities SROs and stock exchanges consolidate efforts to create a national risk management system

Moscow, 17 December 2009

National Association of Securities Market Participant (NAUFOR), National Stock Market Association (NSMA), MICEX Stock Exchange and RTS Stock Exchange have signed today a Memorandum of Cooperation establishing framework for the united risk management system for Russian exchange and OTC markets.

SROs and stock exchanges plan working together to harmonize their rulebooks, consolidate reporting analysis and member-firms assessment, jointly monitor markets and arrange inspections.

NAUFOR Blueprint of the system



NAUFOR is Russia's largest non-governmental securities regulator with about 400 broker-dealers, securities managers and investment banks in the membership. Our mission is to improve securities regulation and promote fair and efficient market that benefits investors and intermediaries alike. NAUFOR develops rules and standards for securities industry that support market confidence and integrity. Through headquarters in Moscow and 14 regional offices across the country NAUFOR protects investors and controls members' compliance with federal laws, regulations and own rules. http://www.naufor.ru.

NSMA is a self-regulatory organization uniting 250 companies, mainly credit organizations, and has all functions of SRO (in licensing, reporting, control, attestation, etc., and publishes ratings of professional activities), carries out a number of important projects on market development, in the first place in improving the system of refinance and REPO, is an associated member and represents Russian participants in the most authoritative International Capital Market Association and European Financial Markets Federation. http://www.nfa.ru.

The MICEX Group is an integrated exchange which provides services related to electronic trading, clearing, settlements as well as depository and information services on the basis of a single technological platform. The Group is comprised of the MICEX, the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, not-for-profit partnership The National Depository Centre, commercial bank National Clearing Centre (closed joint-stock company), The MICEX - Information Technologies Company, regional exchange and settlement centers. The Group serves over 1700 participants in the on-exchange market - leading Russian banks and broker companies from Moscow and other large financial and industrial centers of Russia. At present, the MICEX Group operates a number of key financial markets: the currency market, the government bonds market, the share market, the market for corporate and regional bonds, the derivatives market and the money market. http://www.micex.com.

The RTS Group is an integrated trading and settlement complex consisting of Open Joint Stock Company "Russian Trading System Stock Exchange", Not-for-profit partnership "Russian Trading System Stock Exchange", "RTS Clearing Center", " RTS Settlement Chamber", “Depository Clearing Company” “Ukrainian Exchange”, “ETS Commodities Exchange” and "St. Petersburg Stock Exchange". "SKRIN" information disclosure agency, providing a full scope of information on issuers and professional market participants, also belongs to the Group. RTS equity market is represented by RTS Classica and RTS Standard segments. FORTS, the derivatives market of RTS, is the leading trading venue for futures and options in Russia. RTS Index calculated since 1995 is the main benchmark of the Russian stock market. http://www.rts.ru.

Publication date
17.12.2009
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