National Clearing Center, Moscow Exchange

What National Clearing Center, Moscow Exchange does

National Clearing Center (CCP NCC) is a Russian central counterparty clearing house and wholly-owned subsidiary of Moscow Exchange Group, established in 2005 (incorporated 26 May 2006) and operating from Moscow. It functions as the sole qualifying central counterparty in the Russian Federation and a systemically important CCP, with both designations granted by the Bank of Russia (2013 and 2014 respectively). NCC acts as intermediary between buyers and sellers across all Moscow Exchange segments — FX, securities, derivatives, precious metals, commodities, and standardized OTC derivatives — guaranteeing performance of obligations by inserting itself as counterparty to every trade and replacing bilateral contractual relations with central contracts.

The company's technical architecture centers on a proprietary clearing platform accessed via a web-based clearing terminal, supporting a unified collateral pool across asset classes, segregated client accounts, and direct access channels for non-resident members. Partial collateral posting and multilateral netting reduce members' transaction costs and optimize capital deployment; members' bank-level risk weights on NCC exposures are reduced to 5% under post-2013 Bank of Russia rules, effectively making membership economically compulsory for Russian credit institutions. Capital adequacy stood at 134% with equity capital of RUB 74.38 billion as of late 2021, and NCC carries an AAA (RU) Stable rating from ACRA plus ISO 37301:2020 compliance certification.

NCC generates revenue through transaction-based clearing fees on the volumes processed across its covered asset classes and serves a member base that grew from 207 banks on its first working day (10 December 2007) to 499 market participants who have signed access documentation. Its strategic objective, per company material, is to provide integrated clearing across all exchange-based and OTC markets of Moscow Exchange Group with single-position management and unified collateral — positioning NCC as the singular risk-management and settlement utility for the Russian financial market.

Name

National Clearing Center, Moscow Exchange

Legal name

Non-banking credit institution - Central Counterparty National Clearing Centre (abridged-CCP NCC)

Website

https://nationalclearingcentre.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

National Clearing Center (CCP NCC) is the sole qualifying central counterparty for the Russian financial market, providing clearing, netting, and risk management services across FX, securities, derivatives, precious metals, commodities, and OTC derivatives to Russian banks and non-resident financial institutions within the Moscow Exchange Group ecosystem.

Ownership category

akta.pro rank

Product category

Central Counterparty Clearing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Securities CCPs (Equities & ETFs) (FSAFAFAC)

akta.pro secondary industries

Listed Derivatives CCPs (Futures & Options) (FSAFAFAA), FX Clearing CCPs (FSAFAFAE), Commodities / Energy Clearing CCPs (FSAFAFAF), CCP Settlement & Payment Infrastructure Services (FSAFAFAL), Clearing Houses / Central Counterparties (CCPs) (FSACAHAC)

Keywords

• Central counterparty clearing
• Clearing house services
• OTC derivatives clearing
• Financial market infrastructure
• Risk management services

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Others

Revenue model

1. Clearing fees: NCC generates revenue through clearing fees charged to members for processing transactions in FX, securities, derivatives, precious metals, commodities, and OTC derivatives markets. The CCP assumes counterparty risk and provides guarantee of performance.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Non-banking credit institution Central Counterparty National Clearing Centre (CCP NCC) provides central counterparty clearing and settlement services for trades executed on Moscow Exchange Group's markets, including the FX and precious metals market, securities market, derivatives market, deposit and credit market, and standardized OTC derivatives segment. As a CCP, NCC interposes itself between buyers and sellers to guarantee trade performance, while offering integrated risk management, margin, netting, and unified collateral functionality to its clearing member banks and non-resident participants.

Product overview

National Clearing Centre (NCC) operates as a centralized clearing house and central counterparty (CCP) within the Moscow Exchange Group. The company provides integrated clearing services across multiple market segments including FX, precious metals, securities, derivatives, deposit, and credit markets. The core offering is CCP services where NCC becomes the buyer to every seller and seller to every buyer, guaranteeing transaction performance. Supporting modules include the Unified Collateral Pool for cross-market collateral optimization, Segregated Client Accounts for client asset protection, and Direct Access services for non-resident participants. Members access services via the Clearing Terminal platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Central Counterparty (CCP) Clearing Services Core offering in which NCC interposes itself as intermediary between buyers and sellers, guaranteeing performance of obligations by becoming counterparty to every trade and replacing bilateral contractual relations with central contracts.
• FX Market and Precious Metals Clearing Clearing services for the Moscow Exchange FX market and precious metals market transactions, providing CCP guarantee of trade performance to clearing member banks.
• Securities Market Clearing
• Derivatives Market Clearing
• Standardised OTC Derivatives Clearing
• Deposit and Credit Market Clearing

Quantifiable outcome

• Capital adequacy ratio maintained at 134%
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and flagship.

• EACH (European Association of Central Counterparty Clearing Houses)coreOthers · 26 November 2009NCC was admitted as a member of EACH in November 2009. The decision was based on EACH's conclusion that NCC as a clearing organization acting as central counterparty satisfies CPMI-IOSCO recommendations and risk management standards developed by EACH. Membership demonstrates international recognition of MICEX Group's achievements in developing Russian financial market infrastructure.
• CCP12 (Global Association of Central Counterparties)coreOthersNCC joined CCP12 (Global Association of Central Counterparties) in September 2011. Membership in both EACH and CCP12 demonstrates compliance of NCC's performance with international standards.
• Moscow Exchange GroupflagshipStrategic or Co-development PartnerNCC is a subsidiary of Moscow Exchange Group (previously MICEX Group). NCC performs functions of clearing organization and central counterparty within the Group's market infrastructure. Sole shareholder decision in November 2017 assigned new qualifying CCP status to NCC.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Nasdaq Clearing: Nordic-based CCP clearing derivatives, commodities, and securities. Comparable to NCC as a multi-asset clearing house operating within a single exchange group's ecosystem.
• LCH (London Clearing House): Multi-asset CCP clearing OTC derivatives, securities, and commodities for global markets, part of LSEG. Highly comparable to NCC as a systemically important multi-asset clearing house serving institutional members.
• Eurex Clearing: One of Europe's largest CCPs for derivatives and securities clearing, operated by Deutsche Börse. Directly comparable to NCC on multi-asset CCP services, risk management frameworks, and membership-based clearing economics.
• ICE Clear Credit: Intercontinental Exchange's CCP for credit derivatives clearing. Directly comparable to NCC's standardized OTC derivatives clearing service in providing central counterparty risk mitigation for institutional trades.
• CME Clearing: Clearing arm of CME Group, the world's largest derivatives marketplace. Comparable to NCC as a derivatives-focused CCP serving institutional clearing members with sophisticated risk and collateral management.

Regional players

• KDPW_CCP: Polish central counterparty clearing securities and derivatives. Comparable as a regional CCP with a similar single-country monopoly position in its domestic market, analogous to NCC's role in Russia.
• Japan Securities Clearing Corporation (JSCC): Japanese CCP clearing equities, bonds, and derivatives under JPX group. Comparable to NCC as a regional multi-asset CCP serving a single national market within a parent exchange group structure.
• ASX Clear: Australian Securities Exchange's CCP clearing cash equities and derivatives. Comparable to NCC as a vertically integrated clearing house within a national exchange group, providing multi-asset clearing services.
• BME Clearing: Spanish CCP clearing equities, derivatives, and fixed income. Comparable to NCC as a regional multi-asset clearing house, though operating in a different geographic jurisdiction with different member base.

Broad incumbents

• DTCC (Depository Trust & Clearing Corporation): US-based post-trade infrastructure provider offering clearing, settlement, and trade repository services. Comparable to NCC in providing clearing and CCP services, though operating at much larger scale across multiple asset classes and geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/national-clearing-centre

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Clearing Center, Moscow Exchange