Russias National Settlement Depository will utilize SWIFT services for OTC derivatives trade reporting in Russia following the signing of a memorandum of understanding between the two organizations.
SWIFT and NSD initially will exchange data in NSDs format over SWIFT between NSD and reporting participants, and later possibly implement other SWIFT-based solutions for OTC derivatives trade reporting, the institutions say.
The partnership is part of NSD’s plan to develop a trade repository for the Russian OTC derivatives market.
SWIFT is delighted to work with NSD to help the Russian financial community to meet its regulatory obligations around OTC derivatives trade reporting, says Alain Raes, EMEA chief executive at SWIFT.
Raes notes that SWIFT also partners with the Depository Trust & Clearing Corporation (DTCC) and Regis-TR, the European trade repository, on OTC derivatives trade reporting services.
“Collaboration with SWIFT, which has extensive experience in similar initiatives, will be useful to us and our clients in the further development and implementation of repository services, says Eddie Astanin, chairman of the board of NSD. We regard signing the memorandum as a key milestone that will allow us to explore various data channels.”
(CG)