MoEx Subsidiary Partners with CME to Make Good on EMIR Requirements

The National Settlement Depository (NSD), a subsidiary of Moscow Exchange (MoEx), and CME European Trade Repository Limited (ETR), a subsidiary of CME Group, have agreed to collaborate in allowing Russian clients to provide EMIR compliant information about their OTC cross-border transactions. The cooperation is likely to streamline client transaction reporting and make cross-border trading in Russian securities more transparent.

The NSD is Russia’s most dominant central securities depository providing settlement and depository services to institutional market participants. The company hopes to leverage the technological solutions offered by the CME with reporting features meeting all applicable reporting requirements such as EMIR. The NSD says its reporting will encompass all asset classes for all exchange-traded and OTC trades under EMIR.

One Step at a Time

The announced cooperation will occur in two stages. In the first stage, the trading venues plan to allow Russian market participants to provide information about their OTC cross-border transactions with European counterparties by April 2015.

In the second stage, the list of reportable derivative trade types will be expanded to include a much wider range of securities. Currently, market participants are obliged to submit reports only on OTC repo transactions and currency swaps concluded on the basis of master agreements.

On October 16th, 2014, NSD’s Supervisory Board agreed to dismiss Anatoly Lukashov and Anna Kuznetsova from their posts on the Customer Committee. Sergey Danilin, COO at Brokercreditservice Company LLC, and Igor Marich, Managing Director of Money Market, were elected to the Committee to replace Mr. Lukashov and Ms. Kuznetsova.

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