NSD offers DVP settlements through correspondent accounts held by clearing participants or clearing participants' clients with the Bank of Russia (a "correspondent account with the Bank of Russia"). Settlements on a DVP-1 basis have been available at NSD since 2015, and settlements on a DVP-2/DVP-3 basis have been available to NSD's clients since 10 January 2020. The new service widens the range of settlement options available to NSD’s clients and combines the advantages and reliability of DVP settlements with money management flexibility.
- Clients may still enjoy the key advantages of DVP settlements:
- convenient time schedules;
- reduced risk of default by both counterparties;
- a single clearing instruction for cash and securities;
- the opportunity of quickly transferring securities to trading accounts for on-exchange trading;
- full straight-through processing of settlement instructions (Full STP);
- competitive fixed fees that do not depend on the trade amount.
- In addition, the following new advantages are now available to clients:
- the opportunity to make DVP settlements in Central Bank money in line with global practices;
- no requirement for both counterparties to have trading bank accounts with NSD;
- settlements are possible both between counterparties whose bank accounts are held with the Bank of Russia, and between counterparties, one of whose bank accounts is held with the Bank of Russia and the other with NSD.