NDC and DCC Cancel Zeroing of Correspondent Accounts Balances; NDC Changes NDC-DCC Bridge Tariffs

28 January 2009
Print version

The National Depository Center (NDC), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, and Depository Clearing Company CJSC (DCC) announced today that staring in February 2009 they will relax the the need to zero out balances for mutual correspondent accounts on a monthly basis for interdepository transfers through the NDC-DCC Bridge netween them. The Bridge, a system linking Russia’s two leading trading systems, MICEX and RTS, is a means of facilitating securities transfers between NDC, services MICEX-listed securities, and DCC which services RTS securities. From February, balances will be permitted to reach a US$50 million limit at either of the depositories.

Cancellation of monthly re-setting of balances will allow lower NDC and DCC customer payments for operations through the Bridge as a result of fewer operations between registers.

NDC is also changing tariffs applicable to NDC-DCC Bridge operations staring 1 Feb., 2009. The new tariffs will be:

  • For receiving securities from a depository using interdepository operations through the NDC-DCC Bridge – RUR250;
  • For the release of securities using interdepository operations through the Bridge – RUR400.

Reimbursement by NDC customers of actual expenses incurred by NDC in connection with the receipt or release of securities for or from a depository using interdepository operations through the NDC-DCC Bridge will not be required.

NDC tariffs are available here: «NDC tariffs».

DCC plans to introduce fixed tariffs for operations through NDC-DCC Bridge in the first quarter of 2009.

About NDC:

Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of debt and equity securities of Russian issuers. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, sub-federal and municipal bond issues. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 99% of transactions conducted in the corporate and regional bond markets, and more than 99% of stock exchange transactions with equities and OTC trades. The international rating agency Thomas Murray has assigned NDC an АА- rating as a central depository. NDC is Russia's national numbering agency, and the substituting numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.

Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property of NDC are 46.67% and 39.35% respectively, and in the votes 50.16% and 42.3% respectively). Members include GPB OJSC (Gazprombank), Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vnesheconombank, ING Bank Eurasia, JP Morgan Bank International LLC, UniCredit, Deutsche Bank, and Sberbank. The Partnership also has stakes in Depository Clearing Company CJSC (37.29%), in Settlement Depository Company CJSC (28.54%) and in Bank "National Clearing Centre" CJSC (0.27%).

For further information about NDC: www.ndc.ru, or NDC Public Affairs Department: +7 495 232 0910, .

About DCC:

Depository Clearing Company CJSC (DCC) is the leading Russian settlement depository for corporate shares. DCC provides a full range of settlement and depository services in Russian securities market in compliance with the global industry standards.

For further information about DCC: www.dcc.ru

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