NSD offers clients opportunity to settle transactions via ICSDs
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NSD offers clients opportunity to settle transactions via ICSDs 14 February 2018Moscow Reporter: Jenna Lomax
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The National Settlement Depository (NSD), Russia's central securities depository, has launched a new service to open individual accounts with international clearing systems via an international central securities depository (ICSDs).
Individual accounts for settling via ICSDs will let NSD’s clients segregate their assets in accounts. The clients will have additional options to conduct settlements via ICSDs, including instruction prioritisation services and linked transactions.
According to NSD, a segregated account allows for the use of technical netting, setting off a client’s monetary claims against their monetary liabilities.
NSD’s decision to launch this new service comes shortly after NSD applied the application programming interface (API) to its online banking services in January and was also recently given local operating unit (LOU) status.
NSD is the first and only financial service in Russia that has received accredited LOU status after passing all stages of the accreditation process by The Global Legal Entity Identifier Foundation.
Commenting on NSD’s decision to open individual accounts, Denis Buryakov, managing director for depository operations at NSD, said: “NSD provides its clients with a wider range of services integrated within the global financial system.”
He added: “NSD has already become a model CSD with regard to the organisation of operational interactions with ISCDs via bridges. We are steadily implementing our strategy for forming NSD’s technological infrastructure, which will meet the highest international standard.”
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