The Ministry of Justice submitted the decree for publication on September 25.

The Minfin release states that the list of appointed foreign companies includes Clearstream Banking S.A., CBL and Euroclear Bank S.A./N.V.

It has been reported that Russian authorities have agreed to allow foreign central depositaries such as Euroclear and Clearstream direct access to corporate debt as well as soveriegn bonds with a view to expand their access to the securities market in the future.

Euroclear and Clearstream`s direct access through nominee accounts at the Russian Central Depositary has been actively debated for a half-year. Some market participants point out that due to shortcomings of Russian infrastructure the coming of Euroclear will lead to liquidity drain.

The sole contender for the role of central depositary in Russia is National Settlement Depositary (NRD, part of Moscow Exchange MICEX-RTS Group). In end-July it filed a request for the status of central depositary with FFMS along with a set of required documents.

FFMS Head Dmitry Pankin said in June that NRD will file for accreditation in July. "However, it will take a few months to have the documents reviewed", he said at the time.

Project Group №1, Dmitry Pankin