OOO Raiffeisen Capital Asset Management Company has become the first company in the Russian market to connect to the centralized system for record keeping and distributing Unit Investment Trust (UIT) units launched by National Settlement Depository (NSD), Russia’s central securities depository. In addition to this, the first nominee holder – REGION Broker Company LLC – has also joined the new platform; three asset management companies and one brokerage firm are using the trial version of the new system.
The new system allows users to get access to operations with the UIT units of all asset management companies connected to it and to automate interactions between brokers and asset management companies. NSD has a wide correspondent network: it has opened nominee accounts with 650 registers of UIT unit holders; 460 nominees-depositories are NSD clients. After the launch of the centralized scheme, brokers and nominees can provide end investors with access to the operations with any UIT units of any asset management company connected to the system. In turn, asset management companies can place their UIT units by using the new system’s open architecture for sales without making agreements with brokers. Thus, the technological platform introduced by NSD allows brokers and asset management companies to unify their client bases and offer their clients’ new services.