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When entering funds into clearing fund from members the sums according to financial risk which their participation introduces in system have to be required. Risk degree usually is defined by the analysis of transactions and activity of the candidate.

At the organization of Clearing chamber in structure of the exchange management of it is completely controlled by the exchange. Such the pas - lat carries out clearing operations within one exchange, acting as the guarantor on each exchange transaction.

At the same time, some exchanges can be served by one clearing organization which unites in itself clearing all clearing chambers of these exchanges and is in fact the whole corporation. Such corporations can carry out various fun-ktion. In particular, the clearing corporation serving Chi-

In system of clearing the financial part of this process is important. It represents set of actions at which the clearing chamber counts the size of the money corresponding to number of the concluded bargains and the displaying size of risk of members of Clearing chamber falling on each of them when they have obligations to Clearing chamber. The financial part is characterized also by set of obligations of the most Clearing chamber when it acts as the guarantor in relation to participants of clearing. The financial part of process of clearing is in full carried out in the market of future operations.

firms and clients all operations following according to Provisional rules from actions of participants of future trade on MTB. The settlement firm bears responsibility for maintenance of necessary level of means on the sub-account. At the mutual settlements which are carried out by settlement bureau of the Exchange the concept of the client account is used. To each registered client (including each broker trading on the of means the client account is put in compliance of the. Client accounts are not sub-accounts on the account of Clearing house. They are necessary for informing settlement firms on trade activity of their clients at the Exchange and the following financial consequences. Client accounts are got also for settlement firms that provides them opportunity to trace financial consequences of own dealer operations at the Exchange.

After verification implementation the clearing chamber carries out clearing of open positions of each of bidders and informs them on his results. As a result, participating debtors of clearing chamber and participants to whom the clearing chamber has to are defined.