NSD and Egypt’s CSD Sign Memorandum of Understanding
OREANDA-NEWS. National Settlement Depository (NSD), Russia’s central securities depository, and Misr for Central Clearing, Depository and Registry (MCDR), Egypt’s central securities depository, have signed a memorandum of understanding at the Moscow Exchange Forum.
The CSDs agreed to develop their cooperation in order to provide investors with the access to the markets of both countries, to exchange information and experience in the sphere of depository and settlement operations and interactions via correspondent accounts, corporate actions processing and information services. In addition, the parties agreed to cooperate within the framework of the World Forum of CSDs.
Misr for Central Clearing, Depository and Registry was founded in 1994 and commenced operations in 1996. MCDR shares are distributed among participants of the Egyptian market: custodians own 50% stake, 45% of shares are owned by brokerage companies, and 5% stake belongs to the Egyptian Exchange (EGX). MCDR is the sole organization authorized to conduct clearing and settlement operations with all types of securities traded on the Egyptian Exchange. MCDR is headquartered in Cairo.