Moscow
06 February 2013
Reporter: Jenna Jones
Securities Lending default image

Euroclear Bank offers post-trade services for Russian OFZs


Euroclear Bank’s post-trade services for Russian OFZs will commence on 7 February.

The services will be available via Euroclear Bank’s account with Russia’s central securities depository, National Settlement Depository (NSD), enabling all major international firms trading OFZs to settle trades and deposit their OFZ positions with Euroclear Bank.

The services will begin with OTC-traded transactions, followed by stock exchange-traded transactions in March. The Euroclear Bank/NSD link will also enable clients to settle cross border transactions easily.

Frederic Hannequart, chairman of Euroclear Bank, said: “The 7 February milestone will mark a new era in the ability of Russia to fund its growth and development through the international capital markets.”

“Industry experts are predicting new foreign capital inflows to Russia in the region of $20 billion (RUB 615 billion). Euroclear Bank is proud to become part of the new Russian financial centre by making OFZs eligible for Euroclear services.”

Eddie Astanin, CEO of NSD, said: “We have worked with colleagues at the Bank of Russia, Russia’s Federal Financial Markets Service and the Russian Ministry of Finance to make the necessary legislative changes that will greatly enhance the appeal of Russian Federal bonds.”

“Together with Euroclear Bank, NSD is offering the government of Russia a broader, cheaper and more efficient way to fund the country’s growth through the bond markets. A tremendous amount of work has been done to accelerate the process of fulfilling the necessary requirements for an effective cross-border service for OFZs.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Merrill Lynch first to fall foul of UK’s EMIR reporting rules
23 October 2017 | London | Reporter: Drew Nicol
The bank accepted a £34.52 million penalty relating to 68.5 million unreported transactions between February 2014 and February 2016
Wolters Kluwer chosen for risk and reg by Polish bank
23 October 2017 | Warsaw | Reporter: Theo Andrew
Bank BPS will use the OneSumX solutions for static and dynamic projection analysis, liquidity reporting, interest-rate and foreign-exchange risk, as well as value-at-risk analysis
Iberclear bank on Citi to provide global custody
20 October 2017 | Madrid | Reporter: Jenna Lomax
The agreement, signed at this years Sibos conference in Toronto, will enable Spanish clearing houses to settle international securities via local CSDs
Clearstream promises post-Brexit services continuity
20 October 2017 | London | Reporter: Jenna Lomax
Despite the uncertainty that came after the referendum results last year, Clearstream said its main objective through Brexit was to minimise risk of cross-border settlement
AI will be transformative, but is still in early stages
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Artificial intelligence is a “transformational technology” that will improve productivity and security, and provide a competitive advantage, according to a live poll at Sibos 2017
Security and standards key in blockchain solutions
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Distributed ledger technology (DLT) solutions should embed security measures at their very core, especially in the financial services space, according to Sibos panellists
LCH promotes Daniel Maguire to CEO
19 October 2017 | London | Reporter: Jenna Lomax
Maguire, who has been COO of the same department since April this year, was previously senior vice president for commodity exotics and hybrids at J.P. Morgan
More news