National Settlement Depository (NSD), Russian central securities depository, continues to develop services integrated into the global financial system. Raiffeisen Bank International (Vienna) has become the first foreign custodian bank to establish a direct link with the Russian securities market by opening a foreign nominee securities account directly with the Russian CSD. Due to this, the bank can provide its clients with access to a wide range of Russian financial instruments and NSD services.
The changes in Russian laws regulating the securities market which established the universal terms of international financial infrastructure participants’ access to the Russian market made it possible to establish the cooperation. Previously, only international and other countries’ CSDs had been allowed to open foreign nominee securities accounts with the Russian CSD. Foreign banks and custodians had been seeking other ways to use the services. Expanding the options for foreign investors’ access to the Russian securities market makes it more attractive and convenient.
“Establishing a direct link with the Russian central securities depository will expand the range of market access options which we provide our clients with and will contribute to the inflow of capital to the Russian securities market,” said Attila Szalay Berzeviczy, Executive Director Head of Group Securities Services, Raiffeisen Bank International.
"An opportunity for foreign companies to open foreign nominee accounts with NSD means diversification of channels through which foreign investors can access the Russian market. We believe that such a model will add value to clients of Raiffeisen Bank International who are interested in making transactions in the Russian market", said Eddie Astanin, Chairman of NSD's Executive Board.