Layout of position registers opened for Clearing Members and their portfolios

1. Position Registers

Position registers are used to register obligations undertaken under trades in the futures contracts (open positions). Position registers are consolidated into ‘portfolios’. Each Clearing Member forms its portfolios at its discretion. The only mandatory rule is the obligation to hold separate proprietary and customer portfolios. A Clearing Member may set any number of proprietary and customer portfolios. The number of position registered included into each portfolio is not limited.

2. Trading Registers

Each position register is opposed by a trading register which reflects monies (initial margins) deposited to secure obligations under open positions posted at the relevant position register.

3. Delivery Position Registers

Each position register is also opposed by a delivery position register which fixes obligations under the relevant Physical Contract.

4. Delivery Margin Registers

In its turn, each portfolio is opposed by a delivery margin register with monies (delivery margin) deposited to secure obligations under delivery position registers of the relevant portfolio.

5. Guarantee Fund Contributions Register

A Guarantee Fund Contributions Register is opened for each Clearing Member and is used for registering its contribution to the Guarantee Fund.

Money transfers from / to the National Settlement Depository (NSD)

Money transfers between the SPIMEX Derivatives Market and the Moscow Exchange (MoEx) are effected via the National Settlement Depository (NSD), one of the largest domestic credit institutions.

Money transfers from / to the SPIMEX spot market

Such money transfers may be effected if:

  • the relevant Clearing Member at the SPIMEX Derivatives Market is also a Clearing Member at the SPIMEX spot market; or
  • a customer of the relevant Clearing Member at the SPIMEX Derivatives Market is a Clearing Member at the SPIMEX spot market.

To effect a money transfer from the trading register (opened for trades effected at the SPIMEX Derivatives Market) to any register opened at the SPIMEX spot market (cash position register, freight security register or clearing register) the following opposite instructions shall be forwarded to SDCO:

1. An Instruction for Repayment of the Excess Initial Margin (see sub-clause 13.17 of the Operational Regulations).

2. An instruction to credit monetary funds transferred from the registers opened at the SPIMEX Derivatives Market.

Money transfers between cash registers

Rouble money transfers may be effected among the following types of registers:

  • trading registers;
  • delivery margin registers;
  • Guarantee Fund contributions register opened for a Clearing member.

Non-Rouble money transfers may be effected among the following types of registers:

  • trading registers;
  • delivery margin registers.

To effect such money transfer the relevant Clearing Member shall submit in an electronic form to SDCO clearing house an Instruction to transfer monetary funds between the registers (see sub-clause 13.8 b) the Operational Regulations).

For more information on money transfers between registers please turn to the SDCO Web-site.

Transfer of positions in derivatives contracts

Transfer of postions is possible either between the position registers opened for positions held by one and the same Clearing Member or between the position registers opened for positions held by one and the same customer of a Clearing Member.

To effect transfer of positions a Clearing Member shall submit an Instruction to transfer positions between position registers:

  • either an instruction in electronic form via its Clearing System workstation or via a gateway; or
  • a hard copy instruction.

For more information on transfers of positions please turn to the SDCO Web-site.


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