Russias National Settlement Depository (NSD) has signed a memorandum of understanding with PJSC National Depository of Ukraine (NDU) as part of an agreement to open and maintain NSDs correspondent account with NDU.
The MoU is designed to facilitate trans-border securities settlements between Russia and Ukraine.
The two depositories will exchange information on the clearance, settlement and recordkeeping systems in Russia and Ukraine; open mutual correspondent accounts; conduct mutual training sessions; form working groups to implement joint projects; converge recordkeeping systems; exchange statistics; provide consulting services to Ukrainian and Russian stock market participants; implement a standard numbering system based on ISO standards; consult each other on information storage and processing systems; and jointly participate in international projects aimed at integrating NSD and NDU into the international settlement system.
“Development of partner relations and technological interactions of NSD with National Depository of Ukraine are oriented toward joint development of the post-trading infrastructure of our financial markets, says Eddie Astanin, chairman of the executive board of NSD. This step reflects our vision and represents our reaction to global changes that encourage new strategic alliances and the consolidation of infrastructure in financial markets.”
Sergei Rumpa, chairman of the executive board of NDU adds: “The signing of the memorandum is an important strategic step toward the convergence of Russian and Ukrainian recordkeeping systems; it will give additional opportunities to both countries’ market participants. Moreover, our mutually beneficial cooperation, combined with the integration of our efforts focused on participation in international programs and our information exchange and joint consulting, will guarantee the successful integration of NSD and NDU into the international securities recordkeeping system.
NDU realizes the importance of cooperation with NSD, an organization with vast experience in the depository services sector. This is a crucial issue for NDU that will have a positive effect on our national depository system. We plan to cooperate in all aspects of depository activities and this cooperation will surely have positive results, which in turn can be a basis for further expansion of interactions.”
(CG)