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Central Bank Assigns NSD and NCC Critical Financial Market Infrastructure Status

26.09.2014 13:02 / Interfax

The Central Bank of Russia has assigned critical financial market infrastructure status to National Settlement Depositary and National Clearing Center, says the regulator’s online press release.

The decision was passed in accordance with CB Directive 3341 of 25 July 2014, listing criteria for assigning Critical Infrastructure status to national Central Depositary, Central Counterparty, Settlement Depositary and Repository.

The directive states that a financial market infrastructure organization is assigned Critical Status if it is the sole provider of functions stipulated by the Russian law (‘unique’), services the Bank of Russia transactions (‘critical for the state monetary policy’) and services over half the financial market participants and their transactions (‘critical for the financial market’).

Based on the analysis of all financial market infrastructure organizations active in Russia, the Central Bank assigned Critical Infrastructure status to NSD as Central Depositary, Settlement Depositary and Repository, while NCC was assigned Critical Infrastructure status as Central Counterparty.

Compliance of financial market infrastructure organization with Critical Infrastructure status will be reconfirmed by the Central Bank on a quarterly basis.

NSD and NCC are part of Moscow Exchange Group. NSD has become Russia’s Central Depository in November 2012. NCC performs clearing and Central Counterparty functions on Moscow Exchange Group markets (MOEX: MOEX).

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