NSD settles OTC securities transactions on a free of payment or delivery versus payment basis, with payments made in Russian Rubles or foreign currency.

DVP settlement enables NSD participants and their customers to:

• together with the counterparty independently set the trade settlement date (T+0 etc.);
• track the trade settlement process throughout the settlement lifecycle;
• save costs on settlement of large trades due to flat processing fee which does not depend on the transaction amount.

In order to deliver DVP settlement, NSD has entered into agreements with the MICEX Settlement House, International Moscow Bank and Vneshtorgbank. The cash side of trade settlement on a DVP basis is processed through participants' bank accounts maintained for the payer and payee with the same settlement bank.

NSD transfers securities internally (across accounts within NSD) or externally (to counterparties' accounts with other settlement institutions, i.e. securities depositories or registrars).

External operations include securities transfers via the so-called «NSD-DCC Bridge», which helps promptly transfer securities between the MICEX Stock Exchange and RTS Stock Exchange.

NSD uses EDI to communicate with registrars, which helps reduce the registration turnaround time and perform daily reconciliation of securities balances in accounts with registrars.

Our customers are offered access to international accounts opened with Clearstream Banking.

Instruction deadlines

Participant’s instructions are accepted from 09:30 till 17:00. All internal transactions are settled in real time. For internal transfers receipts and deliveries instructions must be send to NSD within the set deadlines through SWIFT channels or NSD EDI system. Instructions received after 17:00 will be processed on the following business day.

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