MOSCOW – The Board of Directors of the National Depository Center (NDC), Russia’s only settlement depository servicing the full range of securities issued by Russian governments and corporations, announced today a reduction in tariffs applicable to the servicing of rouble-denominated bonds and approved the date of the general meeting of the Partnership’s members. The meeting is to be held on 12 Dec., 2006. The members of the Partnership will discuss the strategy and prospects of NDC’s development for 2007 and other issues.
Nikolay Egorov, Director, NDC, said: “Based NDC management’s plans for step-by-step tariff reform for the deposit and registration of rouble bonds, our Partnership continues to revise the tariffs in order to decrease Russian stock market participants’ expenses for depository services. NDC’s Board of Directors decided to decrease deposit and registration tariffs on rouble bonds by 15% from 1 Jan., 2007. We also expect to see new financial instruments in the market. In anticipation of the introduction of new securities such as exchange-traded commercial paper and mortgage-backed bonds, the board approved tariffs for the servicing of exchange-traded commercial paper. We also discussed details surrounding the servicing of several specific bond issues.”
About NDC
Not-for-Profit Partnership “The National Depository Center” (NDC) is a settlement depository of MICEX Group, and is Russia’s largest settlement and safekeeping provider in terms of assets held and the only national securities settlement system handling the full range of Russian issue-grade securities. NDC is an authorized depository for most issues of state, corporate, municipal and sub-federal bonds. It services 100% of deals conducted in the state bonds market and, during the most recent three months, more than 95% of turnover in corporate shares and bonds, and sub-federal and municipal bonds.
Among NDC’s founders are Bank of Russia and MICEX CJSC. The members of Not-for-Profit Partnership National Depository Center include Bank of Russia, MICEX CJSC, Sberbank, International Moscow Bank, JP Morgan Bank International LLC, Vneshtorgbank OJSC, Bank Rossiysky Credit OJSC, Evrofinans Mosnarbank OJSC, Rosbank, Gazprombank CJSC, ING Bank Eurasia CJSC and Deutsche Bank LLC.
You can receive the additional information in Press-service NDC by phone (495) 232-09-10 or e-mail: .