The Moscow Exchange Group’s (MOEX) National Settlement Depository (NSD), a central securities depository, has received a license for repository operations issued by the Bank of Russia. In addition, the Bank of Russia approved the Regulations on the Repository Services Customer Committee of NSD’s Executive Board.
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According to the Russian securities law, all repositories which register OTC transactions must receive the appropriate license by the end of 2016. The non-bank financial institution became the first entity in Russia to receive this type of license.
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The NSD Repository is the first and the largest repository on the Russian financial market with more than 1,100 clients. The Bank of Russia assigned it the status of a systemically important repository. For the first 11 months of 2016, the NSD Repository registered reports on more than 2.5 million transactions with an aggregate value in excess of RUB 363 trillion.
The Bank of Russia also approved numerous documents regulating NSD Repository’s activities: Rules of Providing Repository Services; Rules of the Repository’s Internal Audit; Rules of Internal Control over the Repository; The Repository’s Risk Management Rules.
Last week it was reported that the NSD has begun the testing phase of a new collateral management service for over-the-counter (OTC) repos together with Bloomberg, exploring interactions with the informational and tri-party services.