On 29 October 2002, the National Depository Centеr conducted a presentation of its service for DVP securities transactions with the cash side in foreign currency to be settled through the international settlement bank.
Under this scheme, NDC will handle the clearing and depository function in the settlement of OTC securities trades on a DVP basis. Settlements of the cash leg will be performed abroad using the accounts opened by settlement participants in JPMorgan Chase Bank, New York.
Prospective users of this system are brokers, banks, custodians, and
managing companies delivering services to their customers participating in
the cross-border cash side settlements of securities transactions.
Using the foreign currency DVP service will make it possible to carry out
the effective settlement of securities transactions, to enhance their
profitability through reducing the cost of securities re-registration, and
to perform counterparty obligations within 1 day.
The presentation was focused on the functioning of the DVP system on offer, the procedure for opening cash accounts with JPMorgan Chase Bank, regulatory issues, and other aspects of foreign currency DVP.
You can find detailed information on this offering in the DVP Service - The Foreign Currency DVP Service section on our website: www.ndc.ru