NSD Takes Part in 6th Exchange Forum in Moscow

06 April 2015
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On 2 April 2015, the sixth annual Exchange Forum, the biggest discussion platform for the financial community in Russia, took part in Moscow in the Ritz Carlton Hotel. More than 1,000 guests attended the event; among them were leading representatives of the banking sector, broker companies, Russian and international investment funds, independent experts and analysis, representatives of regulators. The participants of the plenary session included Igor Shuvalov, First Deputy Prime Minister of the Russian Federation, Elvira Nabiullina, Governor of the Bank of Russia, Herman Gref, CEO and Chairman of the Board of Sberbank of Russia, Anatoly Chubais, Chairman of the Executive Board of RUSNANO, Alexei Moiseev, Deputy Finance Minister, and Sergey Shvetsov, First Deputy Governor of the Bank of Russia.

Among the key topics of the forum were issues of Russian financial sector’s position and development in a volatile market environment and amid geopolitical tension, and opportunities for stimulating Russian economic growth and increasing investment activities.

NSD as the Moscow Exchange Group’s company traditionally takes an active part in the Exchange Forum. At the sixth forum NSD organized two panel discussions:

  • Corporate Action Reform: Recent Developments, Challenges and Advantages
  • Information Infrastructure of the Russian Capital Market: Communication Efficiency, Data Reliability, Usability of Services

The first session was dedicated to one of NSD’s priority projects of 2015 – to the corporate action reform. Maria Krasnova, Deputy Chairperson of the Executive Board, NSD, moderated the discussion. Representatives of major financial institutions, including Tatiana Medvedeva, Senior Legal Adviser, Centre for Capital Market Development, Nadezhda Ushakova, Senior Vice President - Head of Depository, VTB Bank, Alexei Fedotov, Chief of Securities Department, Citibank, Igor Repin, Deputy Executive Director, Professional Investors Association, Vadim Protasenko, General Director and member of the Board of Directors, CJSC Computershare Registrar, and Alexander Kamenskiy, Head of Corporate Governance Department, Moscow Exchange, took part in the session. The delegates discussed the advantages that will be brought by the reform to issuers, registrars, investors and professional market participants, and this large scale reform’s challenges that they all will face. The participants of the session agreed that the corporate action reform was a right direction for development, and pointed out that this way would not be easy, and all market participants should make efforts to overcome future difficulties on the basis of a close coordination and a positive dialog. They also stated that a pricing policy in respect of corporate actions should be discussed separately to provide not just a high level of technology but also an economic efficiency of the innovations. The representative of NSD confirmed that the company had been already involved in a dialog about fees with market participants. The results of these discussions will be summed up by the middle of the year.

Participants of the second discussion moderated by Alexander Diakovsky, Vice President, Information Director, NSD, discussed the Russian market’s information infrastructure. Among them were Elvira Borzunova, Head of the financial market infrastructure organizations and instruments development, Bank of Russia, Matvei Gering, Director for Russia, CIS and Mongolia, SWIFT, Alexei Fedotov, Chief of Securities Department, Citibank, Vladimir Gerasimov, First Deputy General Director, Interfax, and Georgy Uryutov, Director of General Economic Department, NSD. The session let the delegates talk about risks, opportunities and limitations of the existing infrastructure; its key topics were an opportunity to create a unified, reliable source of corporate data and prospects of development of a price center institution in Russia. The panel discussion’s participants agreed that the creation of price centers was an important business direction allowing to solve a problem of illiquid assets assessment. The representative of the regulator stated that requirements for price centers would be developed in the near future. A verification of price centers’ working methods by independent auditors should be a strict requirement to the centers.

Alina Akchurina, Managing Director responsible for developing the collateral management systems, NSD, took part in the Money Market Instruments session that covered the money market outlook. The participants of the session discussed issues of currency funding and security, development of services associated with repo transactions, a need to use and to develop the NSD collateral management system, as well as new indicators of the money market.

Following these discussions, within the framework of the Exchange Forum NSD and Interfax signed an agreement for creation of the unified center of information about all financial instruments in the Russian capital market. Under this new partnership, the central securities depository and one of the top news agencies in Russia will create a reference corporate data source.

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