MOSCOW (RNWire) - The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, and St. Petersburg Central Registration Company (PCRC) CJSC announced today they have switched to an electronic data interchange (EDI) system in their information interactions, following a trial. Their adoption of EDI took effect Monday (April 14). EDI implementation helps to improve service quality and increase operational efficiency.
Nikolai Egorov, Director, NDC, said, “Usage of EDI in our interactions with PCRC affirms the validity of the companies’ goal of standardization in interactions between depositories and registrars. The switch to a unified standard in information exchange will create conditions for a comprehensive decrease in the risks which can arise in the processing of large information volumes, it will also allow acceleration of operations and settlements, and finally will help increase transparency and attractiveness of the market for investors.”
Nadezhda Lazunina, General Director, PCRC CJSC, added: “Usage of EDI is the main trend in PCRC’s development. We strive to conform to the highest standards in our clients’ servicing. NDC is one of PCRC’s key partners among professional market participants, and we are happy to announce the implementation of EDI in our interactions with NDC.”
PCRC 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.
An information cooperation contract was signed by NDC and PCRC on October 26, 2007. An agreement for completion of testing of the EDI system is dated December 14, 2007, and envisaged that the parties would transition to full paperless interaction after a period of experimental use.
About PCRC CJSC:
PCRC CJSC is a professional player in the securities market. The company has offered register administration services for securities owners since 1994. This activity is performed by the company under License №10-000-1-00262 dated Dec. 2, 2002 issued by the Federal Commission for the Securities Market of the Russian Federation with unrestricted duration. PCRC is authorized as a registrar by Russia's Property Ministry (license #8 dated April 10, 2001). PCRC CJSC is a member of Professional Association of Registrars, Transfer Agents and Depositories (PARTAD), a member of Leningrad Regional Trade and Industry Chamber. The company is headquartered in St, Petersburg. PCRC CJSC has a branch network with offices in Moscow, Novgorod, Pskov, Smolensk.
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 2007 the value of assets in storage was more than RUR4.3 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numerating agency, the substituting numerating 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 (29%).
For further information about NDC: www.ndc.ru, or NDC Public Affaires Department: +7 495 232 0910, .