OREANDA-NEWS. Clearstream will launch its direct settlement link to the Russian market following the opening of a main account at the National Settlement Depository (NSD), the new Russian CSD, in February 2013. The move follows months of progress through technical, legal and regulatory steps in close cooperation with the NSD. The new direct link to the Russian CSD will complement Clearstream’s existing settlement services by further opening up access to the Russian capital markets via an efficient channel and offering a single access point, the Russian CSD. Leveraging its extensive post-trade infrastructure, Clearstream will offer a robust multi-channel access to the new Russian CSD via both its central securities depository (CSD) and its international central securities depository (ICSD).

Through its local agent Deutsche Bank Moscow Ltd., Clearstream has already been providing a suite of settlement services in Russia since 2006. These services have included settlement in OFZ government bonds, since January 2012. Other services via Deutsche Bank Moscow Ltd. have included rouble clearing capability to support new issues in the international market and domestic rouble payments in line with local requirements and practices.

Its direct link to the Russian CSD now set to go live in February 2013, Clearstream intends to utilise its market experience to offer direct access to the Russian market at most competitive prices and deadlines. Deutsche Bank Moscow Ltd. will operate Clearstream’s direct account with the CSD, continuing to provide customers with optimal services through its well-established local expertise. To deliver the best market solution, Clearstream is also preparing to offer over-the-counter (OTC) delivery versus payment (DVP) settlement in the short term (whereby delivery occurs only if and when payment occurs) while offering free of payment (FOP) settlement in the meantime.