RUSSIA/ARMENIA LINK SOLIDIFIED
Asset Servicing Times
Jan 10 2014
Moscow | 10 January 2014
A partnership between Russia and Armenia has been confirmed,
after the National Settlement Depository (NSD), Russia’s central
securities depository, and the Central Depository of Armenia (CDA)
signed a memorandum of co-operation aimed at further development and
strengthening of mutually beneficial relations.
The parties agreed to expand bilateral cooperation for the creation
of an efficient and reliable system of record keeping for trans-border
securities settlements.
According to the memorandum, the depositories intend to establish
close business relations and to organise the exchange of information
regarding securities received for servicing and changes in the
documents regulating the record keeping systems’ operations.
The parties also plan to exchange information regarding the
technologies, standards and development plans they use and their
participation in projects, working groups and other events of interest
for both depositories. Eddie Astanin, chairman of the executive board,
NSD, commenting on the development, said: “Development of strategic
partnerships with central securities depositories of the CIS countries
is one of NSD’s priorities as Russia’s central securities depository.”
“Our joint work in the Association of Eurasian Central Securities
Depositories contributes to it. We are sure that cooperation between
Russia’s and Armenia’s central securities depositories will have
a positive impact on the development of our countries’ financial
markets. The signed memorandum will allow us to facilitate access to
information about securities serviced by the Russian and Armenian
CSDs. This will improve our markets’ transparency for investors in
both our countries.”
In October 2011, the depositories signed an agreement on opening
and maintaining the NSD’s nominee account with CDA. This allowed NSD
clients to use safekeeping and record keeping services, as well as
settlement services, on Armenian issuers’ securities.
Author: Georgina Lavers