Implementing the new plan, the NDC transferred the eurobonds of participants in exchange trading to its account with the depositary of the MICEX Settlement House. The MICEX Settlement House, in its turn, carries out both depositary operations and money settlements, connected with the redemption of securities and the payment of income on them, through its account with Clearstream Banking.
The new scheme enables to use new, reduced rates, charged by the NDC for the keeping of eurobonds. This enables the NDC and the MICEX to serve investors, trading in eurobonds for the MICEX for rubles, with maximum effectiveness.
The availability of the direct access of the MICEX Group to the international settlement organization will help to maximize the possibilities of the Russian investors, given by the new version of the Federal Law «On currency regulation and currency control» (in particular, this law deals with residents’ operations in external securities). It will provide the NDC depositors considerable reduction of costs and time of effecting settlements.
On 7 June, 2004, representatives of Clearstream Banking held at the NDC a seminar for the employees of the NDC, the MICEX Settlement House and Russian banks on the issues of interaction with Clearstream Banking.
The NDC is the largest Settlement depositary serving all types of issue securities and leading Russian exchanges. It is engaged in depositary and clearing activity on the basis of licenses of the RF Federal Securities Commission #177-03437-000010 and #177-03431-000100 of 4 December, 2000.
The MICEX Settlement House is a credit institution which specializes in providing banking settlement services, including money settlements for the transactions of financial market participants. It holds the depositary license and the license of the Bank of Russia #3294 of 6 November, 2002, for the performance of banking operations. Find more information at: www.ndc.ru.
