NDC Director Nikolay Egorov, on the photo, announced elaboration of the new method to directly transfer securities and funds of investors from custodial depositories to NDC.
Photo: Grigory Tambulov
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National Depository Center Nears Central Depository
Despite that the Central Depository Bill will be thoroughly considered only in the fall, the frontrunner for winning this status, National Depository Center (NDC), is accelerating the system of inter-depository settlement for securities already today. Thanks to this service, the analysts speculate, the odds will be in NDC’s favor in fight with the rivals.
It was NDC Director Nikolay Egorov that announced elaboration of the new method to directly transfer securities and funds of investors from custodial depositories to NDC. The transfer will be arranged by opening inter-depository accounts and will enable NDC to materially speed up the process of adding/withdrawing securities to/from accounts of potential investors.
To begin with, the service will be offered to clients of biggest custodial depository, ING Bank, Egorov pointed out, specifying, however, that it could be extended to other depositories afterwards. Gazprombank and Sberbank, for instance, have expressed their interest in creating such system.
NDC is Russia’s biggest clearing depository servicing deals made on MICEX. It covers 100 deals on the markets of GKO-OFZ bonds and bonds of the Central Bank of Russia (CBR), 95 percent of the deals involving corporate and regional bonds and over 90 percent of exchange transactions with stocks. The aggregate worth of securities at NDC depo accounts exceeds 3.3 trillion rubles.
The purpose of NDC’s novelty is apparently to gain competitive advantage over its rival, Depository & Clearing Company. Under the Central Depository Bill that has been submitted to the State Duma, this body will enjoy an exclusive status. It will be authorized to open nominal holders’ accounts in registers, open mutual correspondent accounts with foreign depositories and supply securities to stock exchanges. Once emerged, the Central Depository will control all exchange transactions and deals with securities in Russia.
www.kommersant.com
All the Article in Russian as of June 27, 2007
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