Russias National Settlement Depository (NSD) has appointed Andrei Shlyappo as vice president and operations director.
Shlyappos role is to manage the Department of Depository Operations, the Department of Cash Settlements, the Client Relations Department, the Clearing Department and the Service for the Provision of Non-Interruptible Business.
NSD is expected to become Russias official CSD following a presidential mandate last November that called for the creation of a CSD. The lack of a CSD in Russia has long been seen as a hurdle for foreign investors, since in many cases, for regulatory reasons, custodians must hold investors securities at registrars, which is most costly and less efficient than a depository.
Shlyappo is a graduate of the Moscow State Steel and Alloys Institute with a specialty in foundry production. In 1995-98 he worked at Russian exchange MICEX, starting as an economist in the Depository Services Department and rising to head of the Operations Department in the Depository Services Division. In 1998 he headed NDC’s Operations Division. In 2009 he was appointed deputy director general and operations director of NDC. In November 2010 he headed the Department of Depository Operations at NSD.
(CG)