OREANDA-NEWS. National Settlement Depository (NSD), the central securities depository of the Russian Federation and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), which operates the Central Securities Depository of Austria (CSD.Austria) has signed a Memorandum of Understanding (MOU).

OeKB and NSD will foster, under the terms of the MOU, the development of communication channels and a co-operative relationship for the purpose of supporting and advancing the development of both organizations.

The parties have agreed to put their best efforts into co-operating in the following securities clearing/settlement related matters:
Mutual exchange of information, statistics, market updates and business operating models;
Exchange staff for cross-training programs;
Any other areas of co-operation as both parties see fit.

Eddie Astanin, Chairman of the Executive Board, NSD, said: “I am happy to point out that European central depositories are very interested in the Russian securities market. On 6 November 2012, NSD became Russia’s central securities depository, and it greatly expanded prospects and opportunities for further mutually beneficial cooperation. The memorandum signing will be the first step in the development of cooperation between the Russian and Austrian central securities depositories, i.e. between NSD and OeKB.”

Georg Zinner, Senior Director of Capital Market Services, OeKB, commented: “Our next step will be to open a foreign nominee holder account with NSD. This will allow Austrian investors to get direct access to Russian exchange and OTC markets in respect of the full range of Russian securities, as well as to information services and ruble settlements. We think that opening a foreign nominee holder account with NSD will have a positive impact on the volume of operations with Russian securities and contribute to Russia’s integration into the European post-trade space.”