the European Trade Repository owned by Clearstream (Deutsche Bцrse Group) and Iberclear (BME), and National Settlement Depository (NSD), the Russian Central Securities Depository, have signed a Memorandum of Understanding (MOU) to intensify their cooperation on the mutual exchange of information. The MOU addresses the development of communication channels and a cooperative relationship for the purpose of supporting and advancing the development of both organisations’ repository systems.
Both parties have also agreed to establish the foundation for regular communication to increase a common understanding of regional and business development related to repository services.
David Retana, Managing Director of REGIS-TR welcomed the decision: “REGIS-TR is delighted to jointly initiate this partnership which we believe may pave the way for an interconnection of a trade repository within the European Economic Area to NSD’s trade repository, allowing for exchange and reconciliation of data between both jurisdictions. Not only will this facilitate interoperability between our respective customers but it will be especially powerful in terms of visibility for the regulators of both regions in the case of a cooperative agreement for exchanging data.”
Eddie Astanin, Chairman of the Executive Board, NSD, commented: “The Memorandum of Understanding, signed today between National Settlement Depository and REGIS-TR, displays mutual intention between our companies to learn the best repository practices from each other and to focus on simplified reporting of cross-border OTC trading in derivatives concluded between European Union and Russian companies. Today’s signing of the Memorandum is a first step aiming to establish an interconnection with the leading European trade repository in 2013 – 2014.”
Starting from February 2013, NSD keeps a register of agreements concluded on the basis of the general agreement (integrated contract) and functions as a repository in respect of repo agreements and currency swap agreements. This project was initiated in response to a general trend of reorganization of the global derivatives market discussed and adopted at the G-20 meeting in September 2009.
REGIS-TR is being widely followed and studied by the European derivatives community and beyond. Its focus on European regulation, flexibility and the close support to all current participants and potential customers has ensured it is regarded as an essential link between the financial industry and the regulators' community.
REGIS-TR is a central trade repository for the reporting all derivatives transactions across multiple product classes and jurisdictions. REGIS-TR facilitates administrative tasks and helps improve the operational management of these transactions. For the contracts entered, REGIS-TR offers services including data management, certification, electronic matching and confirmation, as well as positions reconciliation.
REGIS-TR collects and administers details of the transactions reported by users, giving market participants and regulators access to a consolidated global view of these derivative positions, an overview that was not available until now. REGIS-TR complies with all new regulatory proposals that have been made public to date and serves both financial and non-financial institutions. The trade repository aims to deliver flexible participation levels that adapt to the diverse profiles and needs of all stakeholders and actors in the derivatives market.
For further information on REGIS-TR: http://www.regis-tr.com/
Telephone: +352 243 36115
National Settlement Depository (NSD) is the central securities depository of the Russian Federation, a part of the Moscow Exchange Group. NSD is Russia's national numbering agency and the substitute numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.
The status of central securities depository was assigned to NSD by the Russian Federal Financial Markets Service’s order on 6 November 2012.
NSD holds professional securities market participant license #177-12042-000100 for depository operations issued by the Russian Federal Financial Markets Service on 19 February 2009, license #3294 for bank operations issued by the Central Bank of the Russian Federation on 26 July 2012 and license #077-00004-000010 for the clearing activities issued by the Russian Federal Financial Markets Service on 20 December 2012.
For further information about NSD: http://www.nsd.ru/
NSD Public Affairs Division
Telephone: +7 495 232 0910