The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of debt and equity securities of Russian issuers, announces the events from general meeting of NDC members that took place on 27 November.
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, and more than 99% of stock exchange transactions with equities and OTC trades.
The general meeting of the partnership members reviewed NDCs financial results for January-September 2008 and termed them satisfactory. Also the Bank of Russia analysed its position regarding share distribution among future shareholders in a joint stock company formed on the basis of NDC.
The NDC Director was authorized to prepare a proposal on the terms of NDCs reorganisation and related events for the 1Q 2009. These will then be considered by the Board of Directors and the general meeting of NDC members in December 2008.
A proposed option involving maintenance of the current structure of votes in the general meeting was supported by the Board of Directors at its meeting held November 25 and today at a general meeting of NDC members, says Nikolay Egorov, director, NDC.
L.D.