Clearing activity – activity on determination of obligations to be executed for securities transactions and other financial instruments, preparation of documents (information) for conducting settlements, as well as creation of a system of guarantees for fulfillment of obligations on securities transactions and other financial tools

Clearing activities are cleared by clearing houses and the Clearing Center for servicing contracts in financial markets. The Central Securities Depository and the National Bank of Ukraine may conduct clearing activities in accordance with the requirements established by law.

Clearing activity is an exclusive type of professional activity on the securities market, except for its combination in the established case law, provided that such activities are carried out by separate structural units.

A license for conducting professional activities in the stock market – clearing activities may be obtained by the Central Depository, the Clearing Center and persons having the organizational and legal form of a joint-stock company, the constituent documents of which provide for clearing activities.

A person acquires the status of a clearing institution from the date of obtaining a license from the Commission for the conduct of clearing activities and a license of the National Bank of Ukraine for the performance of certain banking operations.

Central Securities Depository, clearing institution or Settlement Center for servicing contracts on financial markets prior to the commencement of clearing activities shall, in accordance with the established procedure, register with the Commission Rules for the conduct of clearing activities.

Clearing activities under securities contracts concluded on a particular stock exchange may be carried out only by one person who has a license to conduct clearing activities.

The clearing institution is obliged to conclude within three months from the date of receipt of the license for the conduct of the clearing activity:

  • an agreement on settlement of securities in accordance with the results of clearing with the Central Securities Depository or the National Bank of Ukraine in accordance with the competence specified by law;
  • agreement on conducting cash settlements on the basis of clearing with the Clearing Center for servicing contracts in financial markets;
  • an agreement on the provision of clearing services with at least one stock exchange.

By the time of conclusion of the said agreements, the clearing institution has no right to conduct clearing activities regarding securities.

The following indicators are used to measure and assess the risks of a person who carries out clearing activities (other than a Clearing Center):

SIZE OF REGULATORY CAPITAL. The minimum regulatory capital of a person conducting clearing activities should be not less than the minimum size of the statutory capital established by law for the person who received the license for the conduct of clearing activities.

COEFFICIENT OF COVERING OBLIGATIONS OF CLIENT PARTICIPANTS. It is calculated as the ratio of the amount of liabilities in cash to the clients of the person who carries out the clearing activity, based on the clearing about the contracts of sale and purchase of securities, the term of fulfillment of which obligations has come, to the amount of the cost of pre-reserved participants cash clearing (provision of liabilities (s) and the size of the guarantee (or other similar purpose) fund. Normative value of the coefficient – no more than 1.

FINANCIAL STABILITY COEFFICIENT (for institutions operating as central counterparty only). Calculated as the ratio of the amount of equity capital of the institution to the value of its assets. Normative value of the coefficient – not less than 0,5.

COEFFICIENT OF GENERAL LIQUIDITY. Calculated as the ratio of the value of the current assets of the institution to the value of its current liabilities. Normative value of the coefficient – not less than 1.

COEFFICIENT OF ABSOLUTE LIQUIDITY. It is calculated as the ratio of the cost of highly liquid assets of the institution, which includes cash, their equivalents and current financial investments, to the amount of its current liabilities. Normative value of the coefficient – not less than 0,2.

Clearing institutions shall report to the NSSMC in accordance with the requirements of the Regulation on the procedure for reporting clearing activity to the National Securities and Stock Market Commission, approved by the Resolution of the National Securities and Stock Market Commission dated December 27, 2013 No. 2994, registered with the Ministry of Justice Of Ukraine on January 23, 2014 under No. 144/24921.

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