Dynamic development
"The National Depository Center" (Closed Joint Stock Company) was formed on 21 January, 1997. NDC was established as a central settlement depository for the servicing of state securities, and it began fulfilling that mission in late March 1998. The same year NDC started operations with corporate, sub-federal and municipal securities. Having achieved a leading position in the market of debt instruments of Russian issuers, the NDC increases the volume of transactions with shares, UIT units and Eurobonds. Now NDC functions as a central settlement depository and a center of technical support of dealer’s sub-depository in Russia’s federal securities, the circulation of which is supervised by the Bank of Russia.
Currently NDC is Russia’s largest settlement and safekeeping provider in terms of assets held and the only securities settlement system in the country handling all kinds of Russian issue-grade securities and acting as National numbering agency authorized to assign international ISIN and CFI codes for Russian securities. NDC also acts as Substituting numbering agency for the CIS authorized to assign international ISIN and CFI codes where national regulators authorize this. NDC is a member of leading Russian and international associations specializing in the development of securities settlement.
Management efficiency
Building an efficient corporate governance system is an important strategic task for NDC. Participation of a large number of NDC shareholders, clients and partners in the company’s Board of Directors and NDC advisory bodies to the Board of Directors allows increased transparency in the company’s corporate governance, provides for an effective means of influencing the policy of the company, and minimizes managerial and operating risks.
With the objective of improving NDC’s corporate governance the company has developed and approved the following documents: Code of Professional Ethics, an internal document aimed at the protection of rights and legal interests of the company and its clients and which must be followed by NDC’s employees and managers, and a Disclosure Policy outlining principles of the company’s information openness.
Reliability
NDC’s rating is affirmed by Thomas Murray Ratings Ltd., an international rating agency, at AA- (“very low risk”, outlook “Stable”).
Results of an independent operational audit conducted in recent years confirm the high reliability of NDC as a settlement depository.
NDC’s professional risks are insured by Ingosstrakh Insurance Company Ltd., one of the leading Russian insurance companies.
Accessibility
NDC provides a wide range of depository and related services to its clients and provides settlements securities transactions concluded on the leading trading venues in Russia: MICEX and MICEX Stock Exchange (Moscow), SPCEX SC (St. Petersburg), SICEX (Novosibirsk), and also in the OTC market.
Usage of a fully functional electronic document interchange system in the course of interaction with clients, and existence of a network of branches and representatives in Russia’s major business centers (St. Petersburg, Yekaterinburg, Nizhny Novgorod, Rostov-on-Don, Samara, Novosibirsk and Vladivostok) allow NDC to provide services to professional participants in the securities market and investors from all Russia’s regions.
|