On including RF securities in the guarantee funds of the Moscow Exchange

The Bank of Russia has enabled financial market agents trading via a qualified central counterparty to contribute Russian Federation government securities to collective guarantee funds in the MOEX Group markets. At present, these securities are required to possess investment-grade ratings assigned by international rating agencies.

To improve the conditions for setting guarantee funds, the Bank of Russia Board of Directors amended its decision of 30 December 2014 on freezing credit ratings when applying Bank of Russia regulation by fixing the Bank of Russia’s rating as of 1 March 2014 similar to fixing credit institutions’ ratings.

In line with the overall strategy to minimise the ratings’ impact on the financial sector performance, the Bank of Russia intends to amend regulations so as to cancel till end-2015 the rating requirements for Russian Federation government securities used for setting guarantee funds, as these securities constitute the most reliable debt instrument in the domestic market.

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