OREANDA-NEWS. April 16, 2008. The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, and St. Petersburg Central Registration Company (PCRC) CJSC announced today they have switched to an electronic data interchange (EDI) system in their information interactions, following a trial. Their adoption of EDI took effect Monday (April 14). EDI implementation helps to improve service quality and increase operational efficiency.

Nikolai Egorov, Director, NDC, said, “Usage of EDI in our interactions with PCRC affirms the validity of the companies’ goal of standardization in interactions between depositories and registrars. The switch to a unified standard in information exchange will create conditions for a comprehensive decrease in the risks which can arise in the processing of large information volumes, it will also allow acceleration of operations and settlements, and finally will help increase transparency and attractiveness of the market for investors.” 

Nadezhda Lazunina, General Director, PCRC CJSC, added: “Usage of EDI is the main trend in PCRC’s development. We strive to conform to the highest standards in our clients’ servicing.  NDC is one of PCRC’s key partners among professional market participants, and we are happy to announce the implementation of EDI in our interactions with NDC.”

PCRC will enter records of transactions made in NDC accounts, provide information on NDC accounts, and cooperate with NDC, which is its nominal shareholder, on the basis of electronic data. Paper copies of electronic data will only be provided where envisaged by current Russian Federation legislation, on terms determined by corresponding agreements of the parties.

An information cooperation contract was signed by NDC and PCRC on October 26, 2007. An agreement for completion of testing of the EDI system is dated December 14, 2007, and envisaged that the parties would transition to full paperless interaction after a period of experimental use.