On recognising infrastructure organisations of financial market as systematically important

The Bank of Russia has recognized NPO CJSC National Settlement Depository (registration number is 3294) and CJSC JSCB National Clearing Centre (registration number 3466) as systematically important infrastructure organisations of the financial market based on Bank of Russia Ordinance No. 3341-U, dated 25 July 2014, ‘On Recognising Infrastructure Organisations of the Financial Market as Systematically Important.’

This Ordinance contains criteria used to define a systematically important central depository, central counterparty, settlement depository, and repository on the national level. On the international level, for systematically important organisations of the financial market there exist standards for regulation and supervision contained in the report ‘Principles for Financial Market Infrastructures’.

According to the Ordinance, an infrastructure organisation of the financial market can be recognized as systematically important in the event it is the only organisation which fulfills the functions (uniqueness criteria) stipulated by Russian legislation; serves Bank of Russia operations (criteria of importance for the single state monetary policy); serves more than a half of financial market participants and their operations (criteria of importance in the financial market).

Based on the results of analysis of the activity of all infrastructure organisations operating in Russia, the Bank of Russia recognised NPO CJSC National Settlement Depositoryas systematically important central depository, systematically important settlement depository, and systematically important repository. JSCB National Clearing Centre is recognized as systematically important central counterparty.

Compliance of infrastructure organisations of the financial market with systematically importance criteria is assessed by the Bank of Russia on a quarterly basis. Information on systematically important infrastructure organisations of the financial market is available on the Bank of Russia website, in the section ‘Financial Markets Participants’ of the section ‘Financial Markets.’

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