Financial risk has been strengthened by the increase in insurance coverage to USD 25 million in August 2006 and the increase in capital to RUB 916 million as at the end of 2006. Profits have also continued to increase with safekeeping fees representing an important portion of the total revenue. As a result of these factors the Financial Risk rating has improved from A+ to AA-.
Operational Risk rating has also improved from A to A+ due to changes to the components, particularly in respect of the improved audit arrangements.
Other positive developments during the last year include the possibility to move cash and securities not used for trading from the trading sub-account at any time of the day (the process takes about three minutes to complete) and the introduction of electronic links with the largest registrars.
“The increase in the ratings for Financial and Operational Risks reflect the progress that NDC has made in particular by strengthening its resources in the form of capital and insurance as well as their audit capabilities,” says Simon Thomas, CEO and Chief Ratings Officer of Thomas Murray.
Nikolay Egoroy, Director of The National Depository Center adds: “The work with Thomas Murray has helped us identify areas on which to focus our future risk development efforts.”