National Settlement Depository (NSD), Russia’s central securities depository, has launched a new service – a service to open individual accounts with international clearing systems.
Individual accounts for settling via ICSDs will let clients segregate their assets in accounts. The clients will get additional options to conduct settlements via ICSDs, including instruction prioritization services, linked transactions (a pool of linked instructions executed subsequently in accordance with preset conditions).
A segregated account allows for the use of technical netting – setting off a client’s monetary claims against his/her monetary liabilities. An additional advantage of servicing foreign securities by NSD is tax administration services provided to clients receiving a yield on foreign securities.
Denis Buryakov, Managing Director for Depository Operations, NSD, said: “NSD provides its clients with a wider range of services integrated within the global financial system. NSD has already become a model CSD with regard to the organization of operational interactions with ISCDs via “bridges.” We are steadily implementing our strategy for forming NSD’s technological infrastructure which will meet the highest international standard.”