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Mutual payments

In order to assure financial guarantees of performance of transactions concluded at the exchange trades, payment under transactions concluded at the exchange trades is made through the Exchange’s Clearing Chamber. Guaranteeing of the concluded transactions is carried out by placing guarantee funds to the personal accounts opened in Clearing Chamber by the buyer and the seller. In case of non-fulfillment of obligations under the concluded contracts by one of the parties, guarantee funds are transferred to other party as reparation of the caused damage.

For settlement of the guaranteed transactions the seller and the buyers pass a deposit amount to Clearing Chamber’s account at the rates stipulated by the rules of settlement and clearing service of Clearing Chamber approved by the Exchange.

The buyer is obliged to transfer the additional funds to the seller’s account at Clearing Chamber for complete covering of financial obligations under the registered sale contract within three banking days after registration of the exchange transaction.

Clearing Chamber is obliged to give the buyer a register of paid transactions concerning fulfillment of obligations by the buyer in full volume on date of receipt of funds from the client.

Giving a register of paid transactions is a basis for shipment of goods by seller to buyer.

The fact of shipment and receipt of goods are confirmed by waybill signed by the buyer and the seller.

In case of shipment of goods by the seller without confirmation of fact of fulfillment of obligations by the buyer from the direction of Clearing Chamber, the Exchange is not responsible for careless fulfillment of obligations by the buyer under the registered sale contract.

The client’s funds at Clearing Chamber are used:

a. at the direction of sellers and buyers - holders of an account at Clearing Chamber:

- for realization of mutual payments connected with fulfillment of obligations under the exchange transactions and contracts concluded between them.

- for refund to a settlement account in the authorized bank of the client – a holder of an account at Clearing Chamber in case the transaction has not been concluded or canceled.

b. in nonacceptance order for realization of mutual settlements for payment for services of the Exchange at the expense of deposited funds.