KDPW and NSD sign Memorandum of Understanding

16 May 2013
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The Central Securities Depository of Poland (KDPW) has signed a Memorandum of Understanding with the National Settlement Depository of Russia (NSD). It is the first step towards a future operational link. 

The Memorandum of Understanding sets out the terms of co-operation between the CSDs in their operations including exchange of information, cooperation in securities depository and settlement related matters to help foster the prosperity of their financial markets and promote cross border investment.  Planned initiatives are also aimed at opening an operational link between KDPW and NSD which in the future could enable dual-listing of companies on the Warsaw Stock Exchange and the Moscow Exchange.

“The Central Securities Depository of Poland has for years been active in developing relations with and promoting the Polish capital market on Eastern markets. We signed a Memorandum of Understanding with the Azerbaijan CSD in 2012 and with the Belarusian CSD in 2009. I do hope that the signed MoU will make it possible in the future to create a joint operational link,” said Iwona Sroka, President and CEO of the Central Securities Depository of Poland. 

Eddie Astanin, Chairman of the Executive Board, NSD, commented: The Russian market, as it develops, is becoming more and more international. This process reflects the Russian economy’s place and role in the world. As a central securities depository, NSD is one of the conductors of foreign investors’ capital flow to the domestic market and Russian investments to external markets. This model is at the core of the new relationship between Russia’s and Poland’s central securities depositories, which is being strengthened by the Memorandum of Understanding we are signing.”

KDPW currently maintains 19 operational links with foreign CSDs, including 10 direct links between KDPW and a foreign CSD and 9 indirect links via one of two international depositories (Clearstream Banking Luxembourg or Euroclear Bank) or a custodian bank (with Bulgaria).

Initiatives of the Central Securities Depository of Poland aiming to develop new international operational links to improve the profitability of existing links are part of KDPW’s Strategy which provides for co-operation with the Exchange and market participants in the listing of foreign companies on the WSE.

Furthermore, KDPW is working to simplify the procedures of registration, participation and corporate actions processing for foreign issuers from countries with which KDPW has or will have an operational link.

NSD has links with CSDs/ICSDs in seven countries including 5 bilateral links with – Euroclear Bank S.A./N.V., Clearstream Banking S.A., KACD (Republic of Kazakhstan), RCSD (Republic of Belarus), CJSC National Depository Center (Republic of Azerbaijan), and 2 links opened by NSD with NDU (Ukraine) and "Central Depository of Armenia" OJSC.

NSD strives to develop harmoniously in order to attract foreign investors to the Russian market, on the one hand, and to provide direct access to foreign markets for Russian investors, on the other hand. NSD is interested in mutually beneficial bilateral relations with the central securities depositories of other countries. This will allow the creation of favorable conditions for trading in foreign issuers’ securities on the Moscow Exchange, including IPOs.

About NSD

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, license #3294 for bank operations issued by the Central Bank of the Russian Federation on 26 July 2012 and license #077-00004-000010 for the clearing activity issued by the Russian Federal Financial Markets Service on 20 December 2012.

Registered office: Building 8, 1/13, Sredny Kislovsky Pereulok, Moscow 125009, Russia.

Supplementary office "Krasnye Vorota": 12, Spartakovskaya St., Moscow 105066, Russia.

For further information about NSD: http://www.nsd.ru/

Media contact

Tatiana Newcomb

+7 495 232-0910

About KDPW

KDPW was established as a stand-alone company in 1994. Previously, from 1991, it was part of the Warsaw Stock Exchange (WSE). KDPW shareholders holding equal stakes in the company are: the Warsaw Stock Exchange, the National Bank of Poland, and the State Treasury.

KDPW is responsible for the settlement of transactions concluded on the regulated market, on the ATS and the OTC market, and for the operation of the central securities depository.

In addition, KDPW provides many services to issuers including dividend payments to shareholders, assimilations, exchanges, conversions and share splits, and the execution of subscription rights.

An important function of KDPW in the capital market is to establish operational links, which enable the settlement of transactions in foreign shares dual-listed on the WSE. KDPW has the highest number of active direct operational links among all central securities depositories in Central and Eastern Europe.

The links established by KDPW enable the listing on the WSE of several dozen foreign companies from countries including Austria, Bulgaria, Canada, the Czech Republic, Estonia, France, Germany, Hungary, Italy, Lithuania, Slovakia, Sweden, UK, USA.

More information is available at www.kdpw.pl/en/

More information:

Dariusz Marszaіek 

T+48 22 537 91 29

K+48 605 96 96 26



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