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The Nature of Partnerships Amongst CSDs. Vahan Stepanyan The Association of Eurasian Central Securities Depositories AECSD Chairman CEO , Central Depository of Armenia, NASDAQ OMX Group, Inc. Association Members. Central Depository of Armenia The National Depository Centre (Azerbaijan)
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The Nature of Partnerships Amongst CSDs Vahan Stepanyan The Association of Eurasian Central Securities Depositories AECSD Chairman CEO , Central Depository of Armenia, NASDAQ OMX Group, Inc.
Association Members • Central Depository of Armenia • The National Depository Centre (Azerbaijan) • Republican Central Securities Depository (Republic of Belarus) • Georgian Central Securities Depository • National Securities Depository of Moldova • Central Securities Depository (Kazakhstan) • Central Depository (Kyrgyzstan) • State CSD of the Republic of Uzbekistan • Depository Clearing Company (Russian Federation) • The National Settlement Depository (Russian Federation) • The National Depository of Ukraine • Ukrainian Securities Depository
AECSD Objectives • Harmonization of the regulatory framework; • Establishment of depository links among the members to support cross-border securities transactions; • Standardization of the technologies for the depository operation, procedures for depository transaction processing, and rules and regulations governing the depositories' activities; • Adoption of international messaging standards for depository transactions and their use in the national practice; • Development of Electronic Document Interchange; • Coordination of the Association members’ processes aimed to integration into the global depository system.
ACESD Governance Structure General Meeting Chairman • Working Groups • Depository Links • CSD Legal Issues • Development of Electronic Messaging Standards • Administration of the Association Website • CSD12 Steering Committee SecretariatNSD, Russia The Chairman is re-elected annually by AECSD Charter.
International Activities • AECSD has gained an observer status inECSDA, AMEDA and ACG • AECSD participates in internationalconferences and forums (CSD forums, Annual Russian Securities Forum, SIBOSetc.) • AECSD organizes and holds seminars and trainingson depository andclearing servicesfor Association members AECSD is committed to host CSD12 in Russia
Considered Collaboration areas in questionnaire Exertion of international influence Business model Risk management Services Standardization IT… CCG investigation results
Actual directions of collaboration CCG investigation results 7
AECSD business areas of future 8 CCG investigation results
Cooperation types • Correspondent relations • Membership and partnership • Memorandums (understanding, cooperation) • Other (opening accounts, links, etc …)
Correspondent relations map Armenia Georgia Azerbaijan Belarus Ukraine Kazakhstan Kirgizia Moldova Russia Ukraine Uzbekistan Russia
Membership & Partnership • CDA Armenia in SWIFT, ANNA • AUSD Ukraine in SWIFT • RCSD Belarus in ANNA • CSD Kazakhstan in ANNA , IAE CIS, ACG • UzCSD Uzbekistan in ACG • NSD Russia in ANNA, ROSSWIFT, ECSDA, NSMA • DCC Russia in ECSDA, CEECSDA, ISSA • NDC Azerbaijan in ANNA, ISSA, FEAS • NDU Ukraine in ANNA, SWIFT, IAE CIS, BIBC
Memorandums MoU MoC • NSD Russia with UzCSD Uzbekistan, NDC Azerbaijan, RCSD Belarus, Euroclear, NSDL India, CDSL India, HKEx Hong Kong • NDU with State Agency of Ukraine for Investments and Innovations, CCP Austria Abwicklungsstelle fuer Boersengeschaefte GmbH, CSD. Austria, and Vienna Stock Exchange • NDU with NDC Azerbaijan, Latvian Central Depository • UzCSD Uzbekistan with KSD Korea
Other cooperation • AUSD Ukraine opened account with CDF Russia, Oesterreichische Kontrollbank, Austrian central depository • RCSD Belarus keeps correspondent relations with INFINITUM Specialized Depository OJSC, Depository Clearing Company CJSC, SEB Bank OJSC and UniCredit Bank CJSC AUSD with FMI under the USAID Capital Markets Project • NDC Azerbaijan with Clearstream Banking, Thomas Murray, SWIFT, CSDs of Turkey, South Korea and China • DCC Russia with Association of Global Custodians (AGC) UzCSD Uzbekistan with NSD Russia • NDU with Rosbank, Infinitum SD, Central Moscow Depository, OeKB, D&C Tec.
Most Attractive CSDs’ Partnerships • Exchange and Depository & Settlement interfaces, 8th international conference of AECSD Joint with IAE CIS • Correspondent relations • Cross – Border links & settlement • Mergers: NDU and SSD in Ukraine, MICEX and RTS
AECSD Secretary Contacts National Settlement Depository P.O.Box 13, bldg 1, Mashkova St., Moscow,105062, Russia Tel.: +7 (495) 232-0513 E-mail:firstname.lastname@example.org www.aecsd.com 15