Russian regulator signs MoU with Swift

Russian regulator signs MoU with Swift

Russia's Federal Service for Financial Markets (FFMS) has signed a co-operation agreement with Swift to promote the use of ISO standards and establish a central securities depository in the country.

The FFMS is the federal executive body that controls and supervises activity in Russia's financial markets, including the activity of exchanges, and establishes relevant regulations.

The regulator says it has signed a memorandum of understanding (MoU) with Swift in a bid to increase automation and reduce risk in the Russian financial markets and attract further investment to the country.

Oleg Vyugin, head of the Russian regulator, says: "Electronic data transmission in a secure and safe environment to facilitate straight-through data processing is an imperative of online electronic trading and trading systems.

"FFMS' memorandum of understanding with Swift is intended to introduce to Russia the processes and technologies adopted in global markets."

Representing Swift, Francis Vanbever, CFO and member of the executive steering group, says: "With this MOU Russia's financial markets now move closer to compliance with the recommended communication protocol designed to eliminate Giovannini Barrier 1."

Swift says the agreement is one more step towards satisfying Russia's securities industry demands for enhanced risk management and mitigation.

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