MOSCOW (RNWire) - The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, and REESTR OJSC, a specialized registrar, announced today they have converted to an electronic data interchange (EDI) system in their information interactions, following a trial. Their adoption of EDI took effect June 5. EDI implementation helps to improve service quality and increase operational efficiency.
Nikolay Egorov, Director, NDC, said: “The switch to EDI which we successfully held jointly with REESTR OJSC is an important part of our activities aimed at unification and harmonization of standards. NDC, being an active supporter of formation of a national EDI system in the Russian financial market, confirms its attitude towards standardization of interactions settlement among the depository and registrars. We hope that the new partnership will develop as a part of the unified process covering domestic infrastructure.”
Yuri Taranovsky, General Director, REESTR OJSC, added: “Conducting transactions through the EDI system will allow an acceleration of operations, preparation of a register for corporate events, unification of interactions between participants in the securities market’s infrastructure and provision for confidentiality within information exchange. We are confident that implementation of the EDI system with such large market participants as NDC will help increase the liquidity of securities of the issuers serviced.”
REESTR OJSC will enter records of transactions made in NDC accounts, provide information on NDC accounts, and cooperate with NDC, which is its nominal shareholder, on the basis of electronic data. Paper copies of electronic data will only be provided where envisaged by current Russian Federation legislation, on terms determined by corresponding agreements of the parties.
About REESTR OJSC:
REESTR OJSC was founded in 1993. The company has 24 branches connected through a unified information system. The branches are located in 20 Russian regions.
REESTR OJSC (license #10-000-1-00254 issued by Russia’s Federal Commission for the Securities Market on Sept. 13, 2002) provides a full range of services to joint stock companies. The services include maintenance and storage of share registers including implementation of all types of share register operations, information services and arrangement of dividend payments.
The company’s equity capital exceeds RUR130 million. Since 1997 REESTR OJSC has been included in the list of leading Russian registrars published by PARTAD.
To date the number of issuers serviced by REESTR OJSC is more than 1,650.
About NDC:
Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of equity securities of Russian issuers. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 95% of transactions conducted in the corporate and regional bond markets, and stock exchange share transactions. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, and 95% of sub-federal and municipal bond issues. The international rating agency Thomas Murray has assigned NDC an A+ rating as a central depository. For 1Q 2008 the value of assets in storage was more than RUR4.2 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numbering agency, the substituting numbering agency for the CIS, authorized to assign the international ISIN and CFI codes. It is also a member of the international accounting infrastructure, providing settlements on the global financial markets using direct accounts at Clearstream Banking S.A. and Euroclear Bank. It also holds accounts at the Central Depository of the Republic of Kazakhstan and the NDC of the Republic of Azerbaijan.
Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property of NDC are 46.7% and 39.3% respectively, and in the votes 50.2% and 42.3% respectively). Members include GPB OJSC (Gazprombank), Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, UniCredit, Deutsche Bank, and Sberbank. The Partnership also has a stake in Depository Clearing Company CJSC (36.96 %) and in Settlement Depository Company CJSC (28.54%).
For further information about NDC: www.ndc.ru, or NDC Public Affairs Department: +7 495 232 0910, .