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Euroclear Bank Opens NSD Account

28.12.2012 09:42 / Finmarket

On 27 December, Euroclear Bank opened an account with National Settlement Depositary (NSD, Russia’s Central Depositary, part of Moscow Exchange Group), NSD CEO Eddie Astanin told Interfax.

Barclays debt market analysts had quoted Minfin representatives earlier as saying that Euroclear Bank could commence OFZ trading in January 2013.

In December, Stephan Pouyat, Director ar Euroclear Global Reach Product Management said that only two matters – taxation and disclosure – remained to be made clear prior to opening a nominee account at the Russian central depositary. Euroclear merely required an official confirmation, while de facto everything had been agreed with the regulators, he said.

NSD, in turn, announced that the depositary had performed all necessary tests and was ready to open the account for Euroclear.

Opening the NSD account allows Euroclear Bank clients almost instant access to the OTC OFZ market. Stock exchange trading may start a few weeks later, since clients need to open a broker account in Russia, Pouyat said earlier.

Euroclear Bank will use the NSD account only to trade in securities, the cash will be deposited in the VTB (Euroclear Bank’s partner) account at the central depositary. Euroclear Bank has had an account at ING Russia since 2006, used for Eurobonds trading.

Trading infrastructureProject Group №1Eddie Astanin