OREANDA-NEWS. June 16, 2008. Depository Clearing Company (hereinafter referred to as DCC) started settlement of transactions on DVP (delivery versus payment) basis in Russian rubles. The first transaction was settled on the aforementioned terms on June 06, 2008. Thus DCC switched to the single system of DVP settlement for Russian rubles and US dollars.

The new service makes it possible for Participants to settle transactions on DVP basis in Rubles via their main depo accounts at DCC. Ruble settlement is made within the same clearing sessions as DVP settlement in dollars. DVP settlement in rubles via DCC's Participants has become available for a number of end investors, including management and insurance companies and foreign institutional investors.

Introduction of the new service will significantly increase the share of DVP settlements and diminish risks related to crediting the counterparty.

The new service is available for Participants who have entered into a Clearing Services Agreement with DCC and have opened a new cash account at RTS Settlement Chamber. To provide cash settlement DCC operates the cash account, being the company which checks execution of transactions on DVP basis.

At present 14 companies make use of DCC's new service. By June 30 the number of such companies is expected to reach 50.