Source: Moscow Exchange
The Central Bank of the Russian Federation has recognized National Settlement Depository (NSD), Russia’s central securities depository, and National Clearing Centre (NCC) as systemically important infrastructure for Russia’s financial market.
NSD has been recognized by the Bank of Russia as a systemically important central securities depository, a systemically important settlement depository and a systemically important repository.
NCC has been recognized as a systemically important central counterparty.
Alexander Afanasiev, CEO of Moscow Exchange, said:
“The assignment of a status of systemically important infrastructure for the financial market to two companies of the Moscow Exchange Group - National Settlement Depository and National Clearing Center - emphasizes the special role that they play in ensuring the stability of Russia’s financial system. Both organizations already have special statuses and require special regulation: in 2013, the regulator assigned the status of a central securities depository to NSD, and the status of a qualified counterparty to NCC.
The aggregate value of securities on deposit with NSD amounts to RUB22.9 trillion; the NCC’s asset value exceeds RUB860 billion, and the average daily value of clearing operations stands at approximately RUB1.2 trillion. We realize the high degree of responsibility placed on the Moscow Exchange Group to ensure domestic financial market infrastructure functioning and to provide for the newest and high quality services to Russian and international investors. The assigned special status also means that the regulator will pay even closer attention to our activities; this provides an additional guarantee on the reliability and transparency of our companies’ operations in the interests of all market participants.”
Eddie Astanin, Chairman of the Executive Board, NSD, pointed out:
“The assigned status of systemically important infrastructure means the highest level of NSD’s responsibility to both the regulator and the market. I can say with certainty that NSD will comply with this status in respect to reliable functioning, risk management, financial stability and a competitive product and service range.”
Alexey Khavin, Chairman of the Executive Board, NCC, added:
“The status granted to NCC as systemically important infrastructure for the financial market will require from us more effort towards improving the risk management system. This news for market participants is one more guarantee of the reliability and financial stability of NCC as a partner functioning as a central counterparty.”