NDC and MICEX SH Conduct First DVP Transaction Using Accounts Opened with Clearstream Banking S.A.
Russia's National Depository Center and MICEX Settlement House successfully held the first Delivery Versus Payment settlement transaction in foreign currency using NDC's and MICEX SH's accounts opened with Clearstream Banking S.A.
- (1888PressRelease) September 30, 2010 - MOSCOW - NDC and MICEX SH successfully held the first Delivery Versus Payment (DVP) settlement transaction in foreign currency using NDC's and MICEX SH's accounts opened with Clearstream Banking S.A., an international settlement and clearing organization.
Grand Invest Bank OJSC was the first NDC's and MICEX SH's client used the new service.
It is worth reminding that according to the new service scheme NDC is responsible for the securities record, and MICEX SН controls the flow of funds. Currently the settlements are conducted in foreign currencies involving transactions with Eurobonds and depository receipts.
About NDC
National Depository Center (Closed Joint Stock Company) is the largest settlement depository in Russia, servicing on-exchange and OTC transactions with all types of debt and equity securities of Russian issuers. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, sub-federal and municipal bond issues. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 99% of transactions conducted in the corporate and regional bond markets, the majority of transactions with equities and also services UIT units and Eurobonds. The international rating agency Thomas Murray has assigned NDC an АА- rating as a central depository. NDC is Russia's national numbering agency, and the substitute numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.
About the MICEX SH
The MICEX Settlement House (MICEX SH) is Russia's largest non-banking credit institution specializing in providing settlement services to participants in financial markets of the Russian Federation. MICEX SH provides settlement services that meet present-day requirements for efficiency, continuity and operational reliability. In accordance with agreements concluded between MICEX SH and the Bank of Russia, MICEX SH acts as a settlement center for the organized securities market. Services provided by the MICEX SH are in high demand. Its clients number more than 890 major banks and financial companies from various regions of Russia, such as Sberbank, GPB (OJSC), Vnesheconombank, JSC VTB Bank, financial companies Troika Dialog and BCS Ltd., major foreign financial institutions subsidiaries, including CB "J.P. Morgan Chase Bank"(LLC), ZAO Citibank, Deutsche Bank Ltd., ZAO UniCredit Bank, ZAO Raiffeisenbank, Russian and foreign exchanges, the largest international brokerage company subsidiary "Cargill Yug. Ltd." and other organizations.
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