NDC carries out a policy aimed at market development in the interests of its participants. As NDC Deputy CEO Denis Solovyov said on the plenary session at the Back Office 2005 conference, held in Moscow on 27-28 October.
Denis Solovyov mentioned several important steps taken by NDC towards consolidation of Russian recordkeeping and settlement infrastructure.
As a part of integration of Russian and international stock markets NDC opened an account with Clearstream Banking and is in the process of opening an account with Euroclear. NDC also established inter-depository link with Central Securities Depository of the Republic of Kazakhstan and is in the process of establishing inter-depository links with Ukrainian depositories.
NDC has begun a project of updating its technological platform with the aim to satisfy all requirements set to CSD technology. The functional model, which will be applied within the new technological platform will unable real time gross settlement (RTGS), corporate actions, accumulated interests repayment, provision of market and securities information.
The other key technological issue is an introduction of electronic document interchange (EDI) which will make possible to establish straight through processing (STP) on the equities' market of Russia. In 2005 NDC introduced new line of services to the Russian market participants based on the STP of electronic documents between registrars and registered shareholders – users of NDC EDI. Under the auspices of PARTAD the proposal for litigation of EDI between market participants and their clients has been prepaired.
Aiming to standardize EDI for the collective investment market NDC triggered formation of a working group consisting of representatives from leading asset management companies, specialized depositories, registrars, League of Management Companies, PARTAD and NAUFOR.
NDC projects are aimed at Russian stock market infrastructure development and reduction of costs for its users. Actually NDC is taking steps in a way of a central security depository rather than a private institution - settlement depository of one of the trading systems. "Hence we are showing willingness and capability to accept additional responsibilities" concluded Denis Solovyov.