NSD to aid Russian repo market
17 April 2013 Moscow
Image: Shutterstock
The National Settlement Depository (NSD), Russia’s central securities depository launched a new service that will aid the Bank of Russia’s off-exchange tri-party repo transactions and includes collateral management, clearing and settlement services.
During the first day of the new system’s operations, the Bank of Russia concluded 11 transactions with ING Commercial Banking, JSCB N.A.B., CB RIAL-CREDIT and JSCB DERZHAVA. 

The collateral management system developed by NSD hopes to contribute to the improved liquidity of the market and reduced expenses of the market participants during concluding repo transactions with the Bank of Russia.
The new technology will allow to select the optimal collateral for repo transactions, to replace securities, to automatically replace collaterals prior to corporate actions, and to hold margining on the pool of all transactions.
Previously NSD’s supervisory board has established tariffs for clearing operations and collateral management. The management board of the company has set a promotional period for these operations until 1 June 2013; during the period, the tariffs are reduced by 50 percent. 

The settlements are to be held in three clearing sessions and to allow partial execution of the first part of the repo transaction.
During the first day of the new system’s operations, the Bank of Russia concluded 11 transactions with ING Commercial Banking, JSCB N.A.B., CB RIAL-CREDIT and JSCB DERZHAVA. 

The collateral management system developed by NSD hopes to contribute to the improved liquidity of the market and reduced expenses of the market participants during concluding repo transactions with the Bank of Russia.
The new technology will allow to select the optimal collateral for repo transactions, to replace securities, to automatically replace collaterals prior to corporate actions, and to hold margining on the pool of all transactions.
Previously NSD’s supervisory board has established tariffs for clearing operations and collateral management. The management board of the company has set a promotional period for these operations until 1 June 2013; during the period, the tariffs are reduced by 50 percent. 

The settlements are to be held in three clearing sessions and to allow partial execution of the first part of the repo transaction.
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