Brussels and Moscow, 3 April 2007 - Euroclear SA/NV and The National Depository Center (NDC) of Russia have recently signed a Memorandum of Understanding (MoU) laying the foundation for information sharing and potential future co-operative initiatives.
Under the terms of the non-binding agreement, the NDC and Euroclear have agreed to explore opportunities for collaboration in the field of clearing and settlement in the Russian market.
In particular, both organisations agree to transfer market- and infrastructurebased knowledge through a series of technical workshops, to be scheduled later this year. The purpose of these educative sessions is to further the awareness of operational processes in Russia, and for the NDC to gain a better understanding of the post-trade processing methods employed in other European markets.
Although non-exclusive, the agreement formalises the intention for both the NDC and Euroclear to pursue common business objectives in furthering settlement efficiency and cost effectiveness.
Nikolay Egorov, Chief Executive Officer of the NDC, commented: “The Memorandum of Understanding between Euroclear and NDC is the basis for future co-operation in the field of clearing and securities settlement. This will enhance the efficiency of cross-border securities transactions and stimulate further development of the Russian capital market.”
Martine Dinne, Executive Director of Euroclear SA/NV, said: “Having recently accepted the Russian Rouble as a settlement currency in Euroclear Bank to support the issuance of eurobonds, we are prepared to explore, with the NDC, how we can work more closely to meet the needs of our respective clients. The MoU is an important initial step towards greater co-operation; further detailed consultation will continue during the course of the year.”
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About Euroclear:
Euroclear is the world's largest provider of domestic and cross-border settlement and related services for bond, equity and fund transactions. User owned and user governed, the Euroclear group comprises Euroclear Bank, based in Brussels, as well as Euroclear Belgium, Euroclear France, Euroclear Nederland and CRESTCo, the central securities depositories of Belgium, France, the Netherlands, and the UK and Ireland, respectively. Euroclear recently acquired EMXCo, the UK’s leading provider of investment-fund order routing. The total value of securities transactions settled by the Euroclear group is in excess of EUR 450 trillion per annum, while assets held for clients are valued at more than EUR 18 trillion. Euroclear Bank is rated AA+ by Standard & Poor's and Fitch Ratings.
For more information, please consult www.euroclear.com.
For further information, please contact:
Denis Peters +32 (0)2 326 2618
Bruno Douvry +33 (0)1 55 34 56 94
About NDC:
Not-for-profit Partnership “The National Depository Center” (NDC) was founded by the Bank of Russia and the Moscow Interbank Currency Exchange (MICEX Group) in 1997. The NDC is Russia’s largest settlement and safekeeping provider in terms of assets held, and the unique national securities settlement system handling the full range of Russian issue-grade securities. The NDC is an authorised depository for most issues of state, corporate, municipal and sub-federal bonds. It services 100% of deals conducted on the state-bond market and more than 95% of turnover in corporate shares and bonds, and subfederal and municipal bonds. The NDC’s 2006 turnover exceeded RUR 30.7 trillion ($1.2 trillion); the value of securities held in NDC accounts was RUR 3.3 trillion ($125 billion).
NDC is rated A+ by Thomas Murray. The members of Not-For-Profit Partnership “The National Depository Center” include Bank of Russia, MICEX CJSC, Sberbank, International Moscow Bank, JP Morgan Bank International LLC, Vneshtorgbank OJSC, Bank Rossiysky Credit OJSC, Evrofinans Mosnarbank OJSC, Rosbank, Gazprombank CJSC, ING Bank Eurasia CJSC and Deutsche Bank LLC.
For further information, please contact:
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