National Settlements Depository (NSD), Russia’s central securities depository, reports that for the first eight months since the start of its receipt of mandatory repository reports, the total value of liabilities on off-exchange repos and derivative transactions registered by the NSD repository exceeded RUB300 trillion. In July 2014, the repository concluded an agreement with its thousandth client.
Eddie Astanin, Chairman of the Executive Board, NSD, said: “This result reflects the success of the NSD repository project. This is an effect of NSD’s hard work with market participants within the framework of the Repository Activities Committee of NSD and NSMA, and with the Bank of Russia as the project’s initiator and regulator. Our plans include further development of repository services that will help to reduce the costs and risks borne by participants in fulfilling their responsibilities on providing information about OTC derivative transactions.”
The NSD repository was launched in February 2013. On 1 October 2013, NSD announced its preparedness to receive reports on all types of contracts concluded on the basis of general agreements beyond the organized market. Since then, NSD has processed and registered over 26,000 reports on currency swaps and repos in the register of contracts. Starting 1 January 2015 all types of OTC transactions will need to be reported; until then mandatory reports on only two types of transaction (currency swaps and repos) should be submitted to the repository.