ACRA assigns SPB Exchange’s clearing center a credit rating of A+(RU)

On November 16, 2021, the Analytical Credit Rating Agency (ACRA) assigned MFB Clearing Center a credit rating of A+(RU) with a stable outlook. This outlook suggests that it is highly unlikely the rating will change in the next 12–18 months.

In a press release, ACRA stated that MFB Clearing Center’s credit rating was based on its sound business profile, strong liquidity and capital adequacy, as well as its satisfactory risk profile. Since October 1, 2020, MFB Clearing Center has had the status of a nonbank financial institution and central counterparty on the basis of a license from the Bank of Russia to carry out banking operations, and it performs clearing functions as part of SPB Exchange Group.

ACRA noted MFB Clearing Center’s extremely high capital adequacy ratio, which has been above 402% on average over the past 12 months—the lowest permissible level is 100%. This gives the Clearing Center plenty of room to cover risks associated with its operations as well as the risk of potential impairment of assets on its own balance sheet.

The credit rating was assigned according to the national scale for the Russian Federation and the basic terms used by ACRA in its rating activities.

MFB Clearing Center was assigned a credit rating for the first time. The rating and outlook are expected to be revised within one year from the date of this press release.

Roman Goryunov, CEO of SPB Exchange, said:

“Obtaining an ACRA rating is an important step in the implementation of our strategy to improve the reliability of our settlement and clearing infrastructure and to reduce the costs for market participants when working on SPB Exchange. Obtaining a rating allows clearing members to place funds in MFB Clearing Center with less capital pressure and to minimize provisions to meet the Clearing Center’s requirements, and for SPB Exchange Group it opens up greater possibilities to create new and develop existing exchange and clearing products in the interests of market participants. We will continue our long-term cooperation with rating agencies, which reflects our comprehensive efforts to improve the reliability of our exchange group.”

About PJSC «SPB Exchange»

SPB Exchange is the leading exchange for international securities in the Russian financial market. SPB Exchange operates according to a B2B2C model, simultaneously focussing on retail investors and financial intermediaries as direct customers. SPB Exchange provides investment opportunities for Russian and international investors by offering a wide range of investment products, following best-execution principles and using smart order routing. Opening at 7 a.m. Moscow time, SPB Exchange’s proprietary technology platform provides 19-hour access to an expansive pool of investment products of international financial markets, tight spreads, and unique liquidity.

SPB Exchange’s trading hours cover trading sessions on international exchanges, including regular as well as pre-market and a significant part of post-market trading in the United States and Europe.

SPB Exchange Group includes the subsidiary operating companies MFB Clearing Center (JSC), which provides clearing services, and PJSC Best Efforts Bank, which acts as a settlement depository.

About the Analytical Credit Rating Agency

The Analytical Credit Rating Agency (ACRA) was established in 2015. ACRA’s shareholders are the 27 largest Russian companies in the financial and corporate sectors. Its charter capital exceeds RUB 3 billion. ACRA’s main objective is to provide a high-quality rating product for users of the Russian rating market. The agency’s methodologies and internal documents are developed in accordance with the requirements of Russian law and take into account best global practices in rating activities.

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