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AECSD Profile 2015 The Association of Eurasian XIII International Central Securities Depositories AECSD Conference Fall 2016 (date TBA), Georgia AECSD PROFILE Hosted by: Georgian Central Securities Depository AECSD SECRETARIAT National Settlement Depository (NSD) Postal address: 12, Spartakovskaya St. Moscow 105066, Russia Telephone: +7 495 232 0513 Fax: +7 495 956 0938 E-mail: [email protected] Web-site: www.aecsd.org www.aecsd.org 2015 THE ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES THE ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES CONTENTS Highlights of the 2014 5 Key developments in the CIS post-trade industry in 2014 5 About AECSD 7 Republic of Armenia Central Depository of Armenia 12 Republic of Azerbaijan The National Depository Center 14 Republic of Belarus Republican Central Securities Depository 16 Georgia Georgian Central Securities Depository 18 Republic of Kazakhstan Central Securities Depository 20 Kyrgyz Republic Central Depository 22 Russian Federation National Settlement Depository 24 Ukraine Settlement Center The National Depository of Ukraine 26 Republic of Uzbekistan State enterprise Central Securities Depository 29 List of member organizations 30 www.aecsd.org 4 THE ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES THE ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES 5 HIGHLIGHTS OF THE 2014 • The CSD began providing central clearing RUSSIA and settlement services the same day when • Corporate action reform was launched. transactions concluded at the exchange. • The total value of securities held at AECSD • The great majority of Eurasian CSDs (6 out of 10) • E-proxy voting was launched. members reached over USD 0.6 trillion as of act as national numbering agencies (NNAs), which KAZAKHSTAN end 2014 (48% is equities, 41% is government, means that they are responsible for allocating ISIN • Euroclear and Clearstream entered the corporate • All pension funds were merged into a sole municipal and corporate bonds, 6% is securities and municipal debt market, and then – the equity codes to new securities. governmental pension fund. of foreign issuers, and 4% other type of securities). market. • In a half of Eurasian CSDs, end investor accounts • The CSD conducted a self-assessment • AECSD members collectively processed • Technical preparation of the project of repo are maintained at the level of the CSD. Not all of observance of CPSS-IOSCO principles for FMI over 3.1 million delivery instructions valued almost transactions with the Federal Treasury with NSD’s these CSDs operate a pure “direct holding” model, in accordance with Kazakhstan’s National Bank’s USD 5 trillion. collateral management services was completed. and many also offer the possibility to use omnibus initiative. • CSDs accept a wide variety of financial instruments accounts. • The project of e-matching for OTC transactions • The Financial Sector Assessment Program was held for settlement. All Eurasian CSDs settle equities was launched. • There is a variety of ownership models, by the World Bank and IMF. and corporate bonds. A vast m ajority of CSDs with 30% of Eurasian CSDs being State-owned, • The NSD correspondent network was expanded, • The CSD began providing trade repository services. also settle government securities (government 30% exchange-owned, and 20% userowned. the company established correspondent relations bonds and Treasury bills). In those markets where The remaining 20% CSDs present a hybrid • Thomas Murray upgraded the CSD’s rating with HSBC and ICBC. government securities are not settled by the CSD, ownership structure. from А to А+. it is usually because there is a dedicated securities • NSD opened foreign nominee accounts for CSDs settlement system for such securities operated • As of December 2014, Eurasian CSDs collectively • The CSD began assigning IDRs to rights of claim of Armenia and Kyrgyzstan. by the central bank. employed close to 850 people across Eurasia. to issuers’ liabilities on equity securities with an • MoU with Turkey’s CSD was signed. expired circulation term which were not repaid by the issuer. • NSD as a Substitute Numbering Agency began assigning ISINs and CFIs to securities KEY DEVELOPMENTS IN THE CIS KYRGYZSTAN of Uzbekistan’s issuers. POST-TRADE INDUSTRY IN 2014 • The agreement for opening a foreign nominee • NSD was registered with the US IRS in compliance account with Russia’s CSD (NSD) was concluded. with the FATCA requirements. The bilateral interaction channel was launched. AZERBAIJAN BELARUS • NSD acted as a withholding agent for payment • The CSD was connected to the EDI system of of income on equity securities. • Cooperation memorandum with Merkezi Kayıt • The draft law “On Securities Market” was adopted Russian CSD (NSD). Kuruluşu, Turkey’s CSD, was signed. by the Chamber of Representatives of the National UZBEKISTAN Assembly of Belarus and approved by the Council • The software for interactions and information • Agreement for using new electronic services with of the Republic of Belarus. exchange between information systems of the CSD • A new version of the Law “On Joint Stock one of the leading brokerages was concluded. and the National Bank of the Kyrgyz Republic as a Companies and Shareholder Rights Protection” • The CSD’s proposals to simplify the procedure • The CSD switched to the new method of part of the project aimed at transfer and placement came into effect. of Belarusian securities transfer to foreign settlements on securities in the formal market. of governmental securities to the Kyrgyz Stock depositories’ depository accounts were accepted • Par value of shares changed. The par value cannot Exchange. • Resolution on using SWIFT for message exchange by the regulator, approved and will be included exceed UZS5,000 (the previous law established the between infrastructural organizations was taken. in the current legislation in H1 2015. • The CSD purchased equipment and developed minimal par value at not less than UZS100). software for the arrangement of the EDI system for • The CSD began providing clearing operations and • The CSD was connected to NSD’s LUCH software. • Public subscription for shares should be held only the Kyrgyz stock market participants. settlements on derivatives. in on-exchange and formal OTC securities markets. GEORGIA MOLDOVA • Acts regulating the activities in securities market ARMENIA • Trading sessions at GSE now are held daily instead were amended. • An opportunity to switch to Т+0 on one type of • Contribution pension system was launched. of three times per week. The length of sessions transactions held at Moldova’s Sock Exchange was • A norm establishing the order of concluding and increased, GSE added trading sessions for securities • Cooperation memorandum with NSD, Russia’s CSD, provided registering transactions with securities denominated in foreign currency, in particular, was signed. A foreign nominee account in on-exchange and OTC securities markets in US dollars. • Government of the Republic of Moldova amended in the electronic form without using paper was opened with NSD. the Law “On Capital Market”; according to the • The process of integration of registrars continues documents was adopted. amendments, the National Bank and the Ministry • A foreign nominee account was opened (two major registrar remained). with Clearstream. of Justice of Moldova received a status of central • Quotas and a procedure of admitting to placing • An EDI system for interactions between the CSD securities depository and circulating securities issued by non-residents • The CSD received a status of a full member and registrars, broker firms and EDI system’s in the territory of Uzbekistan and by residents - • Restrictions related to local professional of the Association of National Numbering Agencies members was implemented. beyond the territory of Uzbekistan were participants in the shareholder structure were (ANNA). established. • Terms of transmitting instructions to the depository lifted. An opportunity to discuss correspondent in the course of a trading session were simplified. relations with international CSDs emerged. • A section of corporate securities with special www.aecsd.org www.aecsd.org 6 THE ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES THE ASSOCIATION OF EURASIAN CENTRAL SECURITIES DEPOSITORIES 7 placement terms was opened in the Toshkent stock • Procedures of paying income/redemption sums GENERAL INFORMATION exchange. in cash via the CSD and Settlement Center were improved. ABOUT THE ASSOCIATION • The CSD began interactions with NSD, Russia’s CSD, Substitute Numbering Agency in the CIS countries, • The process of dividend payment via the National to assign international codes to securities issued by Depository of Ukraine was changed. The Association of Eurasian Central Securities countries’ central depositories were exchanging Uzbekistan’s issuers. Depositories (AECSD) unites the central depositories opinions on key issues. Year by year the scale of the • Regulations on establishing the characteristics of the CIS countries. The Association’s mission is to event became larger. The international conference of a fictitious nature of securities issuers and on UKRAINE develop and enhance CSDs operations, to create a focused on interaction of the CIS countries’ central including these issuers in the list of issuers with common depository environment, and to integrate depositories held in Moscow in 2004 represented • Final provisions of the Law “On Depository System fictitious characteristics was put into effect. of Ukraine”
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