Russian Depository System: modern theory, practice and trends. Adamova Karina icon

Russian Depository System: modern theory, practice and trends. Adamova Karina




НазваниеRussian Depository System: modern theory, practice and trends. Adamova Karina
Дата конвертации26.02.2013
Размер445 b.
ТипДокументы
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Russian Depository System: modern theory, practice and trends.

  • Adamova Karina

  • Ph.D.(Economics)

  • Finance Academy, Moscow

  • E-mail: adamova_karina@rbcmail.ru


Contents:

  • Regulation basis and the structure of the Russian depository system.

  • Custody services and depository operations of the banks

  • The last trends on this market



1. Regulation basis and the structure of the Russian Depository System.

  • Russian State Regulation of the Depository System is based on:

  • Civil Code

  • Securities market Act

  • Legal acts of the main state regulators of

  • the securities market



Main Regulators on the Depository Services Market

  • Ministry of Finance

  • Federal Financial Markets Service (previously it was Federal commission for securities market)

  • Central Bank of Russia

  • PARTAD (The Professional Association of Registrars, Transfer Agents and Depositories)



The Structure of the Russian Depository System



The Main Functions of the 1st Level Depositories are:

  • Theory:

  • Accounting and custody of securities

  • Securities settlements

  • Informational and administrative functions in case of securities operations



The Main Functions of the 1st Level Depositories are:

  • World Practice:

  • Accounting and custody of securities

  • Securities settlements

  • Paying dividends or other incomes on securities

  • Monitoring the Issuers corporate actions

  • Calculating the value of client’s securities portfolio (optional)

  • Tax management (optional)

  • Informational services

  • Banking services

  • Crediting with securities (optional)

  • Clearing (optional)



2. Custody services and depository operations of the banks

  • Basic services:

  • Holding the certificates of the documentary securities and accounting securities rights.

  • Intermediary services in paying all kinds of securities incomes.

  • Informing clients in case of Issuers corporate actions.

  • Global corporate operations in case of Issuers corporate actions

  • Securities settlements.



Classification of the Depository Operations of the Bank





Top 8 Safest Custodian Banks as at 31.12.2004



3. The last trends on the market

  • Current situation on the market.

  • Central Depository of Russia.

  • Securities accounts of Global Custodians and Settlement Organizations holding with Russian Custodians.

  • Integration processes between the post-soviet countries.



Market Statistics

  • Total securities market capitalization as at 31.12.2004 was 212 200 mln. USD

  • The number of depositories in Russia as at 31.12.2004 was more than 700

  • 80% of the market volume of securities were served by 10 largest depositories (see below table)



Top 10 Depositories which served the largest volume of securities up to 31.12.2004



Three main problems of Russian Depository System:

  • Wide diversity of depository technologies on the securities market without any unifications is the main reason of non-effective corresponding relations,

  • Insufficient structure of Depository System: unlimited number of levels of corresponding depositories relationships is the main reason in troubles of identification of the securities owner/real investor,

  • Securities regulation needs significant changes in case of market demand and especially in case of integration in international financial market.





Integration processes between the Depository Systems of post-soviet countries

  • 2000 – Establishment of the International Association of Exchanges of CIS Countries.

  • 2001 – International Congress “Integration of Depositories Systems – is the basis of the effective cooperation on the international securities market”, Toshkent.

  • 2002 – International Congress “Integration of Depositories Systems – is the basis of the effective cooperation on the international securities market”, Almaty.

  • 2003 – International Congress “Integration of Depositories Systems – is the basis of the effective cooperation on the international securities market”, Baku.

  • 2004 –International Congress “Integration of Depositories Systems – is the basis of the effective cooperation on the international securities market”, Moscow.

  • 22nd December 2004 – First Conference of the Association of Eurasia Central Depositories.



Association of Eurasia Central Depositories.

  • Association – is a professional organization which activity is concentrated on the evolution of the national financial markets, on the unification of the legal regulation and the principles of structuring national depositories systems.



Members of the Association:

  • Members of the Association:

  • State Central Securities Depository of the Republic Uzbekistan,

  • JSC “Depository-Clearing Company” (Russian Federation),

  • Non-for-profit Organization “National Depository Center” (Russian Federation),

  • PLC “Interregional stock union” (Ukraine),

  • National Depository of Ukraine,

  • National Securities Depository of Moldova,

  • JSC “National Depository Center” (Azerbaijan),

  • Republican Unitary Enterprise “Republican Central Securities Depository” (Republic Belarus),

  • PLC “Central Securities Depository of Georgia”

  • JSC “Central Securities Depository” (Kazakhstan),

  • JSC “Central Depository” (Republic Kyrgyzstan).



Thank you





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