National Settlement Depository (NSD), the Russian central securities depository, has signed a memorandum of understanding with REGIS-TR, the European trade repository, for the mutual exchange of information and to set the stage for further cooperation between their respective trade repositories.
NSD and REGIS-TR have agreed to conduct regular communication to increase a common understanding of regional and business development related to repository services.
Since February 2013, NSD has been keeping a register of agreements concluded on the basis of general agreement in its function as a repository for repo agreements and currency swap agreements. REGIS-TR links the financial and regulatory community as the pan-European trade repository for derivatives in the region.
"REGIS-TR is delighted to jointly initiate this partnership, which we believe may pave the way for an interconnection of a trade repository within the European Economic Area to NSD's trade repository, allowing for exchange and reconciliation of data between both jurisdictions," says David Retana, managing director of REGIS-TR. "Not only will this facilitate interoperability between our respective customers, but it will be especially powerful in terms of visibility for the regulators of both regions in the case of a cooperative agreement for exchanging data."
Eddie Astanin, chairman of the Executive Board of NSD, adds: "The memorandum of understanding, signed today between National Settlement Depository and REGIS-TR, displays mutual intention between our companies to learn the best repository practices from each other and to focus on simplified reporting of cross-border OTC trading in derivatives concluded between European Union and Russian companies. Today's signing of the memorandum is a first step aiming to establish an interconnection with the leading European trade repository in 2013-14."