Advantages

  • Convenient time schedules: settlements are available after the close of trading at Moscow Exchange
  • Reduced risk of default by both parties to the trade
  • A variety of settlement models: DVP-1, DVP-2, DVP-3
  • Single clearing instruction for cash and securities
  • Settlement is available for all types of securities in custody at NSD
  • Possibility to make securities available for trading quickly
  • Full straight-through processing of instructions (Full STP)
  • Competitive fixed fees that do not depend on the trade amount
  • DVP settlements offered by NSD is similar to DVP settlements offered by Depository Clearing Company (DCC)

Signing up for the service

To sign up for the service, the following steps are required:

DVP settlements through trading bank accounts in RUB/foreign currency held with NSD DVP settlements through cash accounts held with foreign banks
1. Enter into a Clearing Services Agreement with NSD.
2. Open an owner trading securities accounts / nominee trading securities account / trustee trading securities account / foreign nominee trading securities account with NSD, with NSD being designated as a clearing house, by giving a Form GF085 instruction.
3. Submit a Form D03 notice to NSD.
4. Open a trading bank account in RUB/foreign currency with NSD for the 'NSD clearing' sector. 4. Authorize NSD to operate the bank account held with a foreign bank.
5. Have the bank account details registered by giving an Instruction for Registration of Bank Account Details (Form AF005) accompanied by a Notice of Bank Account Details (Form GF088) (transaction code – 07, code of the purpose of bank account details – 14 “For clearing settlements”). The transaction will be completed subject to submission to the Clearing House of the following documents:
  • a notice (Form D03); and
  • documents establishing legal relationships between the Clearing Participant and its clients (such documents are to be submitted only if they are necessary to enable the Clearing House to act as foreign exchange control agent in accordance with the laws of the Russian Federation).

How to use?

After making a trade, the Clearing Participant who delivers the securities and the Clearing Participant who receives the securities are required to give matching clearing instructions (in the required form) to NSD.

Dear Clients,

As the U.S. reverts to standard time for the winter season, there may be delays in clearing sessions with DVP settlements. This is mainly the case for a clearing session that starts at 10:00.

We, therefore, recommend that, during the standard time, you settle your trades during the clearing session that starts at 13:00, or use trading bank accounts with NSD.

The calendar of holidays observed in the U.S. is available here.

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