MOSCOW – Nikolay Egorov, Director, the National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, announced today an order raising the valuation limit of securities transferable by NDC-DCC bridge from US$15 million to US$50 million.
The bridge links Russia’s two leading trading systems – MICEX and RTS - and represents a means of facilitating securities transfers between NDC, which services MICEX-listed securities, and Depository Clearing Corporation (DCC), which services RTS securities.
The increased limit, which took effect this week, was authorized on the recommendation of NDC's Risk Management Committee following a move by DCC to raise its liability insurance cover to US$50 million.
The limit on securities transferable by NDC-DCC bridge was last set on 1 July, 2006 and reflected DCC insurance cover and Shareholders capital in effect at that time. The new limit will allow a reduction in the number of re-registrations and thus will further decrease NDC and DCC depositors' costs for servicing of their securities.
About NDC
Not-for-Profit Partnership “The National Depository Center” (NDC) is a settlement depository of MICEX Group, and is Russia’s largest settlement and safekeeping provider in terms of assets held and the only national securities settlement system handling the full range of Russian issue-grade securities. NDC is an authorized depository for most issues of state, corporate, municipal and sub-federal bonds. It services 100% of deals conducted in the state bonds market and, during the most recent three months, more than 95% of turnover in corporate shares and bonds, and sub-federal and municipal bonds.
Among NDC’s founders are Bank of Russia and MICEX CJSC. The members of Non-Commercial Partnership 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.
You can receive the additional information in Press-service NDC by phone (495) 232-09-10 or e-mail: .