On 31 July 2018, the Supervisory Board of National Settlement Depository (NSD), Russia’s central securities depository, formed a new Central Securities Depository Customer Committee.
The Committee was formed based on a new approach which includes a methodology that has been developed by NSD to provide fair representation of various categories of clients on the Committee. This methodology, along with the possibility of improving other mechanisms that take into account NSD client interests, was discussed by NSD with stakeholders, including representatives of the Federal Anti-Monopoly Service and the Bank of Russia.
The Committee was elected for a 1-year term. It includes representatives from a wide circle of financial market participants who have various scales of transaction volumes and assets under custody, different business types, and varied strategic goals. These representatives include NSD clients (who make up approximately three-quarters of Committee members), trade organizers, clearing organizations, and registrars.
Maria Krasnova, Deputy Chairman of NSD’s Executive Board, said: “Since the initial formation of the central securities depository, NSD has worked consistently to develop a mechanism that allows it to represent the interests of various categories of NSD clients on its management and consulting committees. As the law provides all professional securities market participants with equal access to CSD services, we believe that it is important to know our clients’ opinions and to develop our services in line with these interests. The market’s involvement in CSD development, including the detailed discussion of fee-related issues, is a great achievement for Russia’s infrastructure. The current representation model has been developed in accordance with regulatory requirements and market participant needs, which evolve in response to the depository’s development and changes in NSD products and services.”
More information about NSD’s customer committees and their members is available on NSD’s website. The full list of the Central Securities Depository Customer Committee’s members is available at https://www.nsd.ru/ru/about/structure/commit/comm_user/.