National Settlement Depository (NSD), the Russian Federation central securities depository (CSD), and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), which operates CSD.Austria, have signed a memorandum of Understanding (MoU).
The MoU is designed to open communication channels and a cooperative relationship for the purpose of supporting and advancing the development of both organizations, according to a joint statement.
The CSDs will mutually exchange information, statistics, market updates and business operating models; exchange staff for cross-training programs; and any other areas of cooperation as both parties see fit, according to the statement.
I am happy to point out that European central depositories are very interested in the Russian securities market, says Eddie Astanin, chairman of the executive board of NSD, while also highlighting NSDs appointment in November as Russias official CSD. He says the move greatly expanded prospects and opportunities for further mutually beneficial cooperation.
Georg Zinner, senior director of Capital Market Services at OeKB, says the CSDs next step will be to open a foreign nominee holder account with NSD.
This will allow Austrian investors to get direct access to Russian exchange and OTC markets in respect of the full range of Russian securities, as well as to information services and ruble settlements, Zinner says. We think that opening a foreign nominee holder account with NSD will have a positive impact on the volume of operations with Russian securities and contribute to Russias integration into the European post-trade space.
(CG)