The National Depository Center (NDC), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, and Vedeniye Reyestrov Kompaniy CJSC (VRK), a specialist registrar, announced today their adoption of an electronic data interchange (EDI) system in their information interactions, following a trial.
The switch to a unified standard in information exchange will allow accelerated operations and settlements, reduced risks of error and fraud, increased operational efficiency and enhanced confidentiality.
Sergei Lappo, General Director, VRK, said: "This is one more step from discussions and tests of EDI to practical actions in the functioning stock market. The adoption of EDI by a regional market participant is a very important fact too."
Nikolay Egorov, Director, NDC, added: "The switch to EDI in interactions with one more regional registrar confirms that NDC was right in the selection of the direction aimed at improved quality and increased availability of its services."
VRK will enter records of transactions made in customer accounts of NDC acting as a nominal holder and provide information on NDC’s customer accounts opened in registers, on the basis of electronic data. Paper copies of electronic data will only be provided where required by current Russian Federation legislation, on terms determined by corresponding agreements of the parties.
About VRK:
Vedeniye Reyestrov Kompaniy CJSC (VRK) has specialized in the maintenance of registers on behalf of registered securities owners since 1994 (license #10-000-1-00303 issued by Russia’s Federal Commission for the Securities Market on 12 March, 2004).
VRK is a member of Professional Association of Registrars, Transfer Agents and Depositories (PARTAD) since 1996.
The company's professional risks are insured by OJSC IC ROSNO to RUR40 million.
VRK is one of the biggest specialist registrars in Russia providing services to over 400 issuers. The company is headquartered in Yekaterinburg; it has branches in Tyumen, Kurgan, Chelyabinsk, Kemerovo, Moscow and St. Petersburg.
VRK uses SVR VERECOM software for the maintenance of registers. The software was developed by VRK and is certified by PARTAD.
More information about the company is available at www.vrk.ru.
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 (OJSC JSCB), JSC VTB Bank (Vneshtorgbank), Bank of Moscow, JSC Rossiyskiy Kredit Bank, Vnesheconombank, ING Bank (Eurasia) ZAO, JP Morgan Bank International LLC, ZAO UniCredit Bank, 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 Division: +7 495 232 0910, .