CSD.Austria and NSD launch Russian securities link
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CSD.Austria and NSD launch Russian securities link 18 September 2013Moscow and Frankfurt Reporter: Jenna Jones
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CSD.Austria, the Austrian Central Securities Depository (CSD) operated by OeKB, and National Settlement Depository (NSD), Russia’s central securities depository, have launched an international direct link to the Russian securities market.
Austrian and international custodians holding securities accounts with CSD.Austria will now be able to conduct direct settlement of Russian securities and safekeep them using CSD.Austrias´s foreign nominee account opened with NSD.
The new link with NSD became possible after recent amendment of Russian legislation allowing foreign CSDs to open foreign nominee accounts with NSD.
CSDs with direct links with NSD will be able to provide their clients direct access to Russian on-exchange and OTC markets in respect to all types of Russian securities, as well as to information services and ruble settlements.
Georg Zinner, head of the OeKB Capital Market Services business unit, said: “We are proud to offer to our customers the direct settlement of all Russian securities. The original securities are held by the CSD.Austria directly with the Russian CSD. This effectively shortens the line of depositories involved and considerably increases custody quality.”
Eddie Astanin, chairman of the executive board of NSD, added: “CSD.Austria's decision to open an account with NSD reflects the progress made in integrating Russia’s financial market into the global post trading infrastructure and contributes to a reduction in investors’ costs for access to the Russian stock market, particularly for investments in shares of the Russian companies.”
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