MOSCOW – The Executive Board of National Settlement Depository (NSD), Russia’s central securities depository, has approved a resolution introducing a promotional period for NSD’s repository services to 31 October 2013. During the promotional period NSD will not charge commission for repository services. The resolution on the zero tariff for repository services covers settlements made from 6 February (the date of placement of information about NSD’s intention to maintain register of agreements on Russia’s Federal Financial Markets Service web site).
During the promotional period, the company’s Committee for Repository Activities will develop and present a new tariff model for repository services which will be based on current global trends in this market’s development, on real operating and financial costs for providing high quality services, and on market participants’ requirements.
Eddie Astanin, Chairman of the company’s Executive Board, commenting on the resolution of the Board, said: “Repository services are an absolutely new challenge for our market, and we decided to allow all participants to test the new technologies, solve operating and organizational issues in their companies, adapt their software and begin interacting with the repository in a comfortable regime without additional expenses. I am sure that the experience accumulated by the repository and its clients during the promotional period and the additional opportunity to discuss a mutually acceptable tariff model will let us to present by November the most reliable and comfortable services focused on the clients’ and regulators’ needs.”