|Clearstream First ICSD to Offer Settlement in Russian Domestic Equities|
Deutsche Bank to act as Sub-Custodian/ The link will be available as of May 18.
|16. Mai 2006|
Clearstream: Clearstream via Deutsche Bank Moscow is the first International Central Securities Depositary (ICSD) to offer settlement in Russian equities. The link will initially include over 50 of the most liquid Russian stocks, including Gazprom, as well as Ministry of Finance bonds.
As of May 18 Clearstream customers will be able to settle domestic free of payment transactions via Deutsche Bank Moscow, Clearstream’s depository in Russia.
The new link will give Clearstream’s customers the opportunity to enter the Russian market which has seen exponential growth in recent years. The Moscow Interbank Currency Exchange (MICEX) has risen by 121% and the Russian Trading System (RTS) is up by 117% over the last 12 months with market capitalisation up from approximately USD248 billion one year ago to approximately USD630 billion now.
The development of this new link demonstrates Clearstream’s commitment to facilitate market openness and to create solutions in response to customer and market needs.
Jeffrey Tessler, CEO of Clearstream said:” Clearstream is pleased to be the first ICSD to offer settlement in Russian equities. We have been working with the Russian authorities in order to deliver this new link which further widens the international nature of Clearstream’s business.”
Roger Harrold, Global Head of Domestic Custody Services at Deutsche Bank, said: “We are very pleased to have been chosen to support Clearstream’s entry into the Russian market. Over the last two years our client base in Russia has grown steadily, and we believe this appointment by Clearstream demonstrates the quality of our service offering in this market.”
With this addition, Clearstream’s network now reaches 42 domestic markets around the globe: 26 in Europe, 5 in the Americas and 8 in the Asia Pacific region, South Africa, Australia and New Zealand. It is the widest network of any ICSD and enables counterparties in local markets to efficiently settle eligible securities through Clearstream’s operational hub in Luxembourg.