NSD shareholders conclude new shareholder agreement

21 November 2019
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On 21 November 2019, shareholders of National Settlement Depository (NSD), which is Russia’s central securities depository and part of the Moscow Exchange Group, entered into an amended shareholder agreement with respect to NSD, which has become a party to the agreement. MOEX has a 99.997% equity interest in NSD, while 34 leading financial market participants including banks, brokerages, registrars, the Republican Central Securities Depository (Belarus) and international central securities depositories such as Euroclear Bank SA/NV and Clearstream Banking S.A. each own one share of NSD. In view of this ownership structure, the amended agreement will help ensure the balance of interests between the shareholders and NSD clients.

Since the previous shareholder agreement was concluded in 2011, NSD has obtained the status of CSD and extended its functions in relation to the market infrastructure, was qualified as a systemically important repository and a nationally important payment system. Furthermore, the regulatory base for the oversight of the central securities depository has been amended substantially. These factors caused the agreement to be updated.

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