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Euroclear Opens Russia Company, Muni Debt to Foreigners Jan. 30

22 January 2014

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Euroclear Bank SA will start direct settlement of Russian corporate and municipal bonds on Jan. 30, almost a year after opening the nation’s government bond market to foreigners.

Overseas investors will no longer need to use local brokers for transactions with municipal and corporate bonds issued in 2012 and later, according to a joint statement by Euroclear and Russia’s National Settlement Depository. Euroclear aims to start services for stocks in the second half of 2014, it said.

The liberalization is part of President Vladimir Putin’s plan to turn the capital of the world’s biggest energy exporter into a global financial hub. Foreigners increased their share of the government ruble-bond market last year as the debt was made available for settlement through Euroclear and Clearstream International SA.

Russia passed amendments to its tax code, securities market and joint stock company laws last year, making it possible to start corporate and municipal debt transactions.

Also published by Kommersant, Vedomosti, Reuters, Global Investor, Global Custodian, RIA Novosti and others.

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