REGIS-TR, the European trade repository owned by Clearstream, Iberclear, and National Settlement Depository (NSD), the Russian central securities depository, have all signed a Memorandum of Understanding (MoU) to intensify their cooperation on the mutual exchange of information.
Parties have also agreed to establish the foundation for regular communication to increase a common understanding of regional and business development related to repository services.
David Retana, managing director of REGIS-TR, said: “Not only will this facilitate interoperability between our respective customers but it will be especially powerful in terms of visibility for the regulators of both regions in the case of a cooperative agreement for exchanging data.”
Eddie Astanin, chairman of the executive board at NSD said: “The MoU displays mutual intention between our companies to learn the best repository practices from each other and to focus on simplified reporting of cross-border OTC trading in derivatives concluded between European Union and Russian companies. [It] is a first step aiming to establish an interconnection with the leading European trade repository in 2013–2014.”
Starting from February 2013, NSD has kept a register of agreements concluded on the basis of the general agreement (integrated contract), and has functioned as a repository in respect of repo agreements and currency swap agreements.
This project was initiated in response to a general trend of reorganisation of the global derivatives market discussed and adopted at the G-20 meeting in September 2009.
