The credit rating of Central Counterparty “SPB Clearing” (Joint-Stock Company) (hereinafter, SPB Clearing or the Organization) is based on its moderate business profile assessment, adequate assessments of capital adequacy and the risk profile, as well as a strong liquidity position.
The Developing outlook reflects the fact that the Organization is currently in an operational transformation phase, which involves developing new areas of business. ACRA assumes the possibility of the rating moving in various directions on the 12–18-month horizon. If the positive scenario materializes, the business profile assessment may improve due to the development of new business segments and increased diversification of operating income. In the negative scenario, the Agency assumes the potential downgrade of the business profile assessment amid the absence of a successful development strategy.
Since October 1, 2020, SPB Clearing has held the status of a non-banking financial institution — a central counterparty — on the basis of a banking license from the Bank of Russia, and carries out clearing functions as part of the group of PJSC “SPB Exchange” (hereinafter, the Group).
KEY ASSESSMENT FACTORS
The business profile assessment has been downgraded to moderate (bb+) due to lower diversification of sources of operating income, the overwhelming majority of which comes from interest income from repo transactions. At the same time, the share of commission income has declined significantly due to the Organization losing its exclusive capability to maintain transactions in foreign securities on the trading platform of PJSC “SPB Exchange”, as well as due to the presence of external restrictions on the stock exchange. At the same time, ACRA notes the positive dynamics of commission income in Q1 2025, which is due to the significant growth of the volume trading of Russian securities, as well as plans to further grow this metric.
The Agency continues to note the uncertainty of the Group’s further strategic development due to the lack of the possibility of approving the strategy until the stabilization of the volatile situation in the financial market associated with restrictive measures. At the same time, the Group’s plans provide for several new business lines — development of the derivatives market, IPOs of companies that are under external restrictions, as well as transactions in digital financial assets.
The adequate assessment of capital adequacy is based on the Organization satisfying the capital adequacy ratio of the central counterparty with a significant reserve (N1cc was 423.9% as of April 1, 2025). The restraining factor in assessing capital adequacy is the operational efficiency of the Organization — the heightened level of the average cost-to-income (CTI) indicator for 2023–2024. In ACRA’s opinion, creation of any additional provisions on the 12–18-month horizon may become a negative factor for the capital adequacy assessment.
The risk profile assessment has been improved to adequate due to the lower concentration of the size of receivables from one group of counterparties.
The Organization’s counterparty risk is minimized by eligibility requirements for clearing members, and flexible risk parameters and requirements for depositing funds for individual and collective clearing collateral. The Organization uses a cascading mechanism of the central counterparty’s protection levels in the event of default of clearing members.
The risk profile assessment is limited by exposure to operational risks inherent to this type of activity.
The liquidity position is assessed as strong due to the specifics of the Organization’s activities. Over the past six months, the averaged value of the liquidity ratio of the central counterparty (N4cc), which reflects the ability to cover potential losses due to high-liquid resources of the central counterparty in the event of default by the two largest clearing participants in terms of net obligations, was significantly lower than the maximum allowable level of 100%.
KEY ASSUMPTIONS
- SPB Clearing retaining its status as a central counterparty clearing organization.
potential outlook or rating change factors
The Developing outlook assumes a variety of trends: the rating may stay unchanged, be upgraded or downgraded.
A positive rating action may be prompted by:
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Successful expansion of key areas of activity that generate a positive financial result;
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Higher diversification of operating income sources;
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Better operating efficiency — lower CTI and higher profitability.
A negative rating action may be prompted by:
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A business model that is unable to ensure the coverage of operating expenses;
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Significantly lower capital adequacy;
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Significant deterioration in liquidity position due to a reduction in the size of the comfortable margin of liquidity or deterioration in the credit quality of highly liquidity assets on the Organization’s balance sheet;
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Major losses due to materialization of operational risks.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): bbb+.
Adjustments: none.
Support: none.
issue ratings
No outstanding issues have been rated.
regulatory disclosure
The credit rating was assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Banks and Bank Groups under the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The credit rating of Central Counterparty “SPB Clearing” (Joint-Stock Company) was published by ACRA for the first time on November 16, 2021. The credit rating and its outlook are expected to be revised within one year following the publication date of this press release.
The credit rating was assigned based on data provided by Central Counterparty “SPB Clearing” (Joint-Stock Company), information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of Central Counterparty “SPB Clearing” (Joint-Stock Company) and the financial statements of Central Counterparty “SPB Clearing” (Joint-Stock Company) drawn up in compliance with the requirements of the Bank of Russia. The credit rating is solicited and Central Counterparty “SPB Clearing” (Joint-Stock Company) participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to Central Counterparty “SPB Clearing” (Joint-Stock Company). No conflicts of interest were discovered in the course of credit rating assignment.
