Starting 5 November 2013, Russian market participants must submit to the repository information about repos and currency swaps concluded in the OTC market on the basis of master agreements.
On 5-7 November, during the first three days of the mandatory reporting on repos and currency swaps to the repository, the repository of National Settlement Depository (NSD), Russia’s central securities depository, received 6,410 incoming messages supplied by 129 informing parties of the company’s clients.
As the sole Principal Reporting Agent and the Reporting Agent, NSD transmits data related to the transactions concluded by the Bank of Russia with 119 banks to the repository; these transactions were concluded in compliance with the Master Agreement on General Terms of Repos Settlement by the Bank of Russia and a Credit Organization in the OTC Market Using Bloomberg Information System. For this period, NSD received and processed 359 messages sent to the repository as a part of the service, including registration of 148 repos with the basket of securities in the register of agreements.?
As of 7 November, NSD concluded repository agreements with more than 500 financial market participants including banks, financial institutions, insurance companies, foreign and Russian corporations.
In the near future, NSD plans to develop cooperation with foreign trade repositories, in particular, with REGIS-TR; the cooperation will be focused on simplifying the reporting procedures for non-residents acting as contractors of Russian participants of the OTC derivatives market. The plans of the repository development include providing the analysis of the OTC derivative transactions to the market participants, optimizing technologies related to messages matching and registration, and improving the reporting formats.