Economics, Econometrics and Finance
2 years ago

Legal framework in Russia revolutionizes banking system clearing and settlement process.

Actual Problems of Russian Law
Legal Framework for Clearing and Settlement in the Banking System of Russia
Е. Г. Хоменко

Paper Summary

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The article discusses how clearing and settlement work in the Russian banking system. Clearing is a process where mutual obligations between parties are calculated, not a contract. Different stages of clearing and settlement lead to money being transferred between bank accounts. Clearing helps minimize risks in payments by involving central counterparties.