Not-for-Profit Partnership “The National Depository Center” (NDC), Russia's only settlement depository servicing the full range of Russian securities, announced today that its Board of Directors, meeting June 17, approved amendments to the income and expenditures budget and investment budget for 2008. The Board also took into consideration the report on fulfillment of the income and expenditures budget for 1Q 2008 and recommended review of the document by the general meeting of NDC members.
The Board also approved implementation of a new tariff for the deposit and/or the recording of rights for United Investment Trust units. It was established that payment for these services shall be equal to the payment for similar operations involving shares (excluding Gazprom OJSC shares on long term depositary accounts and shares deposited in the central depositories of CIS countries). Since January 1, new tariffs on operations involving UIT units were implemented by NDC under the company's marketing plan.
NDC Board recommended that the general meeting of NDC members support the acquisition of additional common registered non-documentary shares in Depository Clearing Company CJSC (DCC).
The Board approved Deloitte & Touche CJSC as the company's auditor and the amount of the auditor's fee. The Board received information on the course of NDC's reorganization from not-for-profit partnership to joint stock company into consideration.
NDC directors have approved Provisions for a Committee on Innovations, Technologies and Products and decided to consider the matter membership of the Committee at the next Board meeting.
The committee will be a consultative body of NDC. It is being formed for the purpose of participation in the formation of NDC strategy relating to new services and products based on the DVP principle, and also with crediting with securities, tripartite repo transactions, management of the securing of obligations and other standard services rendered by leading central depositories.
NDC tariffs are available at http://www.ndc.ru/en/fees/general/
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, .