OREANDA-NEWS. On 13 May 2008 was announced, that the National Depository Center (NDC) of Russia has successfully completed technological preparations to enable NDC clients to use its direct account opened with Euroclear Bank. With effect from 19 May 2008, qualified members of NDC will be able to settle transactions and safekeep international securities via NDC’s account in Euroclear Bank, the Brussels-based international central securities depository (ICSD).

Building on a Memorandum of Understanding signed with Euroclear Bank in April 2007 to explore information-sharing initiatives and potential future co-operative activities, this first landmark enables NDC to increase its service offering by facilitating access for its clients to a wide range of international securities, such as Russian-issued eurobonds, sovereign and corporate bonds from over 30 international markets, and equities from over 27 markets.

Nikolay Egorov, Chief Executive of the NDC, said:

“The beginning of direct operations with Euroclear Bank is an important step in our continued cooperation with this leading global provider of securities settlement and related services. Euroclear Bank’s ICSD status provides our clients with a full range of depository services in accordance with accepted international standards. This account opening exemplifies the dynamic development of Russia as a capital market – a market that firmly believes in future integration with other capital market infrastructure providers.”

Philippe Laurensy, Director and Head of Relationship Management for Eastern Europe, Benelux and Northern Europe, stated:

“Having NDC as part of our international client base is testament to the forward-thinking direction that the Russian capital markets are taking as a whole. We are confident that the service we will offer to NDC’s qualified members will fully satisfy their settlement and asset-servicing requirements. Moreover, we look forward to other initiatives in the region that further strengthen the financial capital markets.”