- Clearstream to open direct link to the National Settlement Depository (NSD) in February 2013
- Clearstream to offer competitive prices and deadlines, leveraging existing experience in settling Russian government bonds
- Clearstream to offer multi-channel access to new Russian CSD via both its central securities depository (CSD) and its internationalcentral securities depository (ICSD)
Clearstream will launch its direct settlement link to the Russian market following the opening of a main account at the National Settlement Depository (NSD), the new Russian CSD, in February 2013. The move follows months of progress through technical, legal and regulatory steps in close cooperation with the NSD. The new direct link to the Russian CSD will complement Clearstream’s existing settlement services by further opening up access to the Russian capital markets via an efficient channel and offering a single access point, the Russian CSD. Leveraging its extensive post-trade infrastructure, Clearstream will offer a robust multi-channel access to the new Russian CSD via both its central securities depository (CSD) and its international central securities depository (ICSD).
Through its local agent Deutsche Bank Moscow Ltd., Clearstream has already been providing a suite of settlement services in Russia since 2006. These services have included settlement in OFZ government bonds, since January 2012. Other services via Deutsche Bank Moscow Ltd. have included rouble clearing capability to support new issues in the international market and domestic rouble payments in line with local requirements and practices.
Its direct link to the Russian CSD now set to go live in February 2013, Clearstream intends to utilise its market experience to offer direct access to the Russian market at most competitive prices and deadlines. Deutsche Bank Moscow Ltd. will operate Clearstream’s direct account with the CSD, continuing to provide customers with optimal services through its well-established local expertise. To deliver the best market solution, Clearstream is also preparing to offer over-the-counter (OTC) delivery versus payment (DVP) settlement in the short term (whereby delivery occurs only if and when payment occurs) while offering free of payment (FOP) settlement in the meantime.
Mark Gem, Head of Business Management and Member of the Executive Board of Clearstream, said: “The opening of the new Russian CSD was a major landmark in the development of Russia’s capital markets. With our direct link to Russia, the market is reaching its next stage of evolution for the international investor community. Clearstream is delighted to confirm its direct link to the Russian CSD and will offer a superior service at a competitive price whilst covering a broad range of securities like OFZ bonds and other securities for the international investor community. Our link will help open the Russian capital markets up more readily to overseas investors and traders by allowing securities’ transactions to be settled more efficiently – in Russian roubles – and more securely within a single system.”
Eddie Astanin, Chief Executive Officer of Russia’s National Settlement Depository, commented: “2013 opens a new page in Russia's movement towards full scale integration into the global financial system. Less than a year ago the law on central securities depository was adopted, and now we see that such institutions as Clearstream recognize the effectiveness of our efforts and correctness of our strategy. This event opens new opportunities for international investors in Russia, and in future it will be able to change Russian issuers' positions in the global capital market.”
About Clearstream
As an ICSD headquartered in Luxembourg, Clearstream provides the post-trade infrastructure for the Eurobond market and services for securities from 53 domestic markets worldwide. Clearstream’s customers comprise approximately 2,500 financial institutions in more than 110 countries. Its services include the issuance, settlement and custody of securities, as well as investment fund services and global securities financing. With more than 11.3 trillion Euros in assets under custody, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities. As a CSD based in Frankfurt, Clearstream also provides the post-trade infrastructure for the German securities industry, offering access to a growing number of markets in Europe.
Further information: www.clearstream.com
Media contact
Jessica Sicre
Tel: +352-243-32238
Email:
About National Settlement Depository
National Settlement Depository (NSD) is the central securities depository of the Russian Federation, a part of the Moscow Exchange Group. NSD is Russia's national numbering agency and the substitute numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.
The status of central securities depository was assigned to NSD by the Russian Federal Financial Markets Service’s order on 6 November 2012.
NSD holds professional securities market participant license #177-12042-000100 for depository operations issued by the Russian Federal Financial Markets Service on 19 February 2009, and license #3294 for bank operations issued by the Central Bank of the Russian Federation on 26 July 2012.
Registered office: Building 8, 1/13, Sredny Kislovsky Pereulok, Moscow 125009, Russia.
Supplementary office "Krasnye Vorota": 12, Spartakovskaya St., Moscow 105066, Russia.
For more information, please visit http://www.nsd.ru/
Media contact
Tatiana Newcomb
+7 495 232-0910