Ordinary General Meeting of European Central Securities Depositories Association (ECSDA) will be held on 14 September, 2007 in St. Petersburg. NDC being a member of ECSDA since January 2006 will host the meeting. This decision was made during the ECSDA Board of Directors Meeting held in Dubrovnik (Croatia) on 26 May, 2006.
The main topics being discussed at the moment within the Association are harmonization of legal framework and standardisation of operational cooperation between CSDs as well as between CSDs and their participants. Those issues became even more important considering intention of European Commission to move to single depository standards before 2008.
According to NDC Deputy CEO Denis Solovyov NDC participation in discussions regarding cooperation between European CSDs is of priority to NDC considering an opportunity for the Russian CSD to open interdepository accounts for other CSDs, which is included in the draft law on the Central Depository. “In particular issues of harmonizing interdepository interaction with other CSDs in relation to tariff regulation and messages standartisation for operations and corporate actions is of great interest to NDC”, stressed D.Solovyov.
Full membership of NDC in the Association and inclusion NDC representative on the Board of Directors of the Association, as well as a decision to hold ECSDA Ordinary General Meeting in Russia shows an acknowledgement of NDC as an equal partner by the European CSDs and appreciation of the high level of development of the domestic infrastructure which is approaching international standards for the financial markets.
European Central Securities Depositories Association ( ECSDA) was formed in 1997 in Madrid in order to provide a forum for CSDs to exchange views and take forward projects of mutual interest. ECSDA’s primary objective is to promote harmonisation of market practices in Europe to support the creation of a single European capital market. ECSDA offers solutions and provides advice on economic, financial, legal and regulatory matters to reduce risk and increase efficiency in pre-settlement, settlement and custody for securities and related payments across Europe.
ECSDA currently has 19 members in the geographical area of Europe, made up by 16 CSDs and three ICSDs (International CSDs), including Clearstream Banking, Euroclear, CRESTCo Ltd. In 2006 ECSDA merged with the Central and Eastern European Securities and Clearing Houses Association (CEECSDA) with its 13 full members and 5 associated members including the Depository Clearing Company. All of the CEECSDA members joined the new association.
Currently ECSDA promotes common standards to remove existing cross-border barriers identified in Giovannini and Group of 30 reports.