BCS Bank has signed up for the Reporting Agent service provided by National Settlement Depository (NSD), Russia’s central securities depository. The service allows NSD’s clients to submit information about OTC trades subject to reporting to the repository in accordance with Russian laws without incurring additional expenses for automation.
Users can interact with NSD’s repository in convenient formats using NSD as an intermediary. Interacting with NSD as part of using the Reporting Agent service let clients operate without creating additional infrastructure to report OTC transactions, as NSD fully adapts its processes to client requests and technical capabilities.
BCS Bank has become the first professional financial market participant to connect to this service. Previously, the service was mainly used by major corporations.
“Presenting this service is one of the most important steps towards developing digital communications between banks and the regulator. It allows the bank’s internal processes to be automated without using external programs and without developing its own software. I hope that very soon the use of NSD’s advanced IT solutions will become best standard in the industry,” said Ilya Zorin, CFO, member of the Management Board, BCS Bank.
“Our Reporting Agent service has become a response to major corporations’ and professional financial market participants’ demand for a service that would minimize information and transaction-related expenses and mitigate financial risks that emerge when a company reports trades in derivatives to a repository,” added Anastasiya Kiseleva, Managing Director for Repository Operations, NSD. “The service allows clients to report trades in accordance with the regulator’s requirements and to do so conveniently. This service is very popular on the global markets as it optimizes the costs associated with report preparation as well as operating expenses. We expect that our service will be in demand on the Russian market too. NSD has great experience in working with repository data. We are eager to share our competence and help market participants.”