1Q 2018 Business Overview
Update on the strategic UCP project
Unified Collateral Pool (UCP) phase-in schedule
Completed
Dec'17
Start of phase 1:
Single account,
On track
2Q'18
unification of
collateral management
Start of phase 2:
Cross-margining bridge
between spot and
derivatives
Aug'18
1st tariff revision:
End of 2018
Fully-functioning UCP
Nov'18
2nd tariff revision:
-
Repo with CCP
- Repo with CCP
-
FX swaps
- FX swaps
- Derivatives
■ In effect since 4 December 2017:
✓
✓
Netting of settlements
Unified collateral requirements
Single account for all markets
■ 21 May 2018: launch of cross-margining
across markets
Schedule for fee revisions:
✓
August and November 2018 - in effect
July and October 2018 - previous view
Phase 1: current progress
Number of market participants
with UCP accounts
18
28
Share of F&C from UCP accounts
as % of total trading F&C
2.4
4.4
<0.5
4Q'17
1Q'18
1 July 2018
4Q'17
1Q'18
12W MA¹
☑
MOSCOW
EXCHANGE
1
12-week moving average as of 1 July 2018
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