The General Meeting of the members of the Not-for-Profit Partnership "The National Depository Center" (NDC) was held on 7 July 2005. The Meeting Attendees adopted the new fees for securities safekeeping, approved the choice of the software provider and business-integrator for NDC's technological platform modernization project; they also took a decision on NDC's participation in the Clearing organization to be established by MICEX and considered other issues related to the Partnership's activity.
Taking into account the growing need of the market in effective and of high quality depository services, the Meeting approved reduction of the tariff burden on NDC Clients. The fees for safekeeping of the government, municipal and corporate bonds have been reduced by 5% in all lines of the regressive fee scale, while for big portfolios (over RUB 50 billion) the fees were reduced by 7%.
The fees for the NDC Clients, - settlement depositories, - were reduced to the maximal level of the regressive fee scale currently in force for the clients that are not settlement depositories.
Such change in the tariff rates will allow the NDC's Clients to reduce their expenses significantly and to use the quality services which meet all the requirements of today’s market.
The new fees will be effective from 01 October 2005.
Besides, the Meeting approved a decision allowing the organizations, which are not NDC's Clients, to conclude agreements with NDC on electronic documents transit services via NDC's electronic document interchange (EDI) system, previously used only for interaction with the NDC's Clients.