Rus News Journal

As will trade by new rules

From Federal Commission on Securities position About requirements to the operations connected with fulfilment of urgent transactions on a securities market
the Operations connected with fulfilment of urgent transactions on a securities market, can be carried out only through organizers of trade on a securities market.
the financial tool (a basic active) urgent transactions can be only issue securities which are admitted to the reference at least through one organizer of trade on a securities market and are included in the list of issue securities established by the Federal commission, options, and also summary indexes.
the operations connected with realisation of urgent transactions, can be carried out only in the isolated department (section) of the organizer of trade, except a case when the organizer of trade renders the services directly promoting to realisation only of such operations.
Rendering of the services directly promoting realisation of operations, the urgent transactions connected with fulfilment, is made by the organizer of trade under condition of the statement and the coordination it with the Federal commission on a securities market of Rules of realisation of the operations connected with fulfilment of urgent transactions and specifications of corresponding future contracts and options, including all changes and additions to them.
In case of change of current market price (current value) the financial tool or the price of the future contract (option) more than on 7,5 % during trading session of the Rule of realisation of the operations connected with fulfilment of urgent transactions, should provide procedure of a suspension of the auctions and an order of definition of the sizes of the initial and variation margin which is subject to entering by participants of the auctions. At renewal of the auctions the organizer of trade has not the right to suppose to the auctions of participants of the auctions which have not fulfilled duties on transfer initial and (or) a variation margin, except for cases when such admission is carried out for fulfilment by participants of the auctions of the transactions directed on closing of positions under earlier perfect transactions.
the participant of the auctions, intended to become the buyer on postavochnomu to the future contract, the party of the settlement future contract or the person obliged on an option for sale, should bring an initial margin exclusively money resources. The participant of the auctions, intended to become the seller on postavochnomu to the future contract or the obliged person on postavochnomu to an option for purchase, should bring an initial margin money resources and if it is provided by the specification of the corresponding future contract (option), - money resources and the issue securities which are the financial tool of the given future contract (option). The size of an initial margin, including in the form of issue securities at their current market price, should make not less than 15 % of current market price (current value) financial tool of the corresponding future contract (option) (price of the corresponding future contract or option).
the Clearing organisation which is carrying out clearing under future contracts and options, has the right to use exclusively centralised clearing with full or partial maintenance. The organizer of the auctions has not the right to act as the party of future contracts (upravomochennym and the obliged person on options).
the Clearing organisation which is carrying out clearing under future contracts and options, has not the right to combine it with clearing under other transactions with securities.
the clearing organisation which is carrying out clearing under future contracts and options, should generate special fund for decrease in risks of default of obligations under future contracts and options (guarantee fund), and also has the right to create other funds for the purpose of decrease in the system risk caused by interaction with the organizer of trade, with the settlement organisation and settlement depozitariem.
the Clearing organisation should provide closing of all positions of the participant of clearing at excess of cumulative open positions under urgent transactions of maximum permissible size of a total open position for the given participant of the auctions.