MOSCOW (RNWire) - The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, and Closed Joint Stock Company Surgutinvestneft announced today the full launch of electronic data interchange (EDI) between them following a trial period.
Deployment of EDI technology will help reduce operational times and the risk of errors, accelerate the compilation of stockholders registers, and to enhance confidentiality.
Nikolai Egorov, Dirctor, NDC, said: "This year serious progress on the switch to paperless data interchange has been undertaken. Four major Russian registrars have switched to this technology. We are happy to state that Surgutinvestneft agreed with NDC's suggestion to reduce the time of experimental use of EDI to three months, and this allowed us to improve the quality and to increase the speed of service provision to clients."
Galina Cheskidova, Director, Surgutinvestneft CJSC, said: "At the moment the sphere of EDI implementation is being expanded. EDI is being used in many sectors of Russian business including the stock market. Wide implementation of electronic documents in the stock market has already been legalized, and this opens major opportunities for technical improvement of the market infrastructure. The legal base regulating the implementation of electronic documentation is also being expanded. The electronic interaction of market participants is step by step becoming practical. Requirements of participants with regard to the software are being toughened – obviously we are switching to new digital technologies. We are happy to be able to meet these challenges in both the technical and moral senses."
The new system covers Surgutinvestneft’s records on operations involving NDC personal accounts, information on the status of NDC personal accounts, and also interaction between the two companies in electronic form. Paper copies of electronic documents will be submitted only in cases required under current legislation of the Russian Federation on terms provided by appropriate agreements concluded by the parties.
About Surgutinvestneft:
Closed Joint-Stock Company Surgutinvestneft is a professional player in the securities market. The company offers register administration services for securities owners (such as fixation, processing, storing, and provision of data comprising a system of register administration for securities owners). This activity is performed by the company under License №10-000-1-00324 with unrestricted duration.
Clients which have entrusted the administration of their registers to Surgutinvestneft include the following joint stock companies: Surgutneftegaz, Surgutneftegazbank, Ob-Irtyshskoye River Steamship Lines, Khantymansiyskgeofizika, Zavodoukovsky Machine Works, Tyumen River Port, UTair Airlines, Tyumenenergobank and Lennefteprodukt.
The chartered capital is 5,500,000 rubles.
The insurer is Insurance Company Surgutneftegaz, and the insurance cover is 15,000,000 rubles.
Surgutinvestneft has a branch network with offices in Moscow, Tyumen and Kirishi.
For more information on the activities of Surgutinvestneft CJSC visit: www.sineft.ru
Contact telephone numbers:
Surgut +7 3462 421174, Moscow +7 495 624 8256, Tyumen +7 3452 463557, Kirishi +7 81368 54246
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, 95% conducted in the corporate and regional bond markets, and 90% of 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 the first nine months of 2007 the value of assets in storage was more than RUR4 trillion, securities turnover was more than RUR40 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 indexes. 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 are 46,7% and 39,3% respectively, and in the votes 50,2% and 42,3% respectively). Members include Gazprombank, Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, International Moscow Bank, Deutsche Bank, and Sberbank of Russia. The Partnership also has a stake in Depositary 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, .