NSD to launch Ruble settlements through Euroclear and Clearstream
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NSD to launch Ruble settlements through Euroclear and Clearstream 28 April 2011Moscow Reporter: Justin Lawson
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National Settlement Depository (NSD), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, will from 3 May launch a new service allowing its customers to hold ruble settlements through international settlement and clearing organizations - Euroclear Bank S.A./N.V. (Euroclear) and Clearstream Banking S.A. (Clearstream). This service is to be quite demanded due to a debut issue of governmental Eurobonds nominated in rubles as well to Russian corporate issuers' settlements on ruble Eurobonds.
Eddie Astanin, Chairman of the Management Board, NSD, added "This technology's implementation goes in line with NSD's development strategy approved in general by the company's Supervisory Board in December 2010. This new service will contribute to increase in attractiveness of Russian ruble as a settlement currency."
Except ruble settlements NSD's customers will be able to conduct settlements on transactions in dollars, euro, Swiss francs and British pounds. Within the framework of further development of DVP settlements services the company plans to offer EDI technologies for the foreign currency control procedures; it will allow NSD to improve the quality of servicing and to simplify settlements.
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