NSD numbers tell mixed story
April 30, 2015

The first quarter numbers just released by Russia's National Settlement Depository (NSD) tell a mixed story. Some might interpret as reflecting the geopolitical issues surrounding the country and its neighbours. Others will argue they are typical of the development trajectory of a developing market and its relatively new infrastructure.

During the first three months of 2015, the value of securities on deposit reached RUB27.4 trillion; this is 23 percent more than in the similar period of 2014 (RUB22.4 trillion). The number of inventory operations in the CSD in Q1 2015 exceeded 586 thousand (down 4.6 percent on Q1 2014).

In Q1 2015, the number of operations held as a result of exchange trading remained at the same level – 468.3 thousand against 467.4 thousand operations in Q1 2014 (a 0.2 percent increase). The number of OTC operations in Q1 2015 20 percent declined to 117.8 thousand as compared to Q1 2014 (146 thousand operations). These operations included 61.5 thousand DVP transactions (down 7 percent YoY) and 56.2 thousand FOP transactions (a 30 percent YoY fall). The NSD says it should be noted that the value of DVP transactions remained at practically the same level – RUB571.2 billion.

By the end of Q1 2015, the number of NSD clients connected to collateral management services reached 216 (up from 174 a year earlier). The number of transactions involving the use of collateral management services increased by approximately a quarter, and reached 2,274 (1,824 transactions in Q1 2014). However, the total value of those transactions fell to RUB8.4 trillion (against RUB11.1 trillion in Q1 2014).

By the end of 2014, the NSD provided the technical readiness of the repo transactions project with the Federal Treasury with collateral management system; in Q1 2015, the first transactions were conducted within the framework of the new service.

Market participants continue to prepare for the introduction of the submission of mandatory reports on all types of OTC derivatives, which comes into effect on October 1. As a consequence, the number of transactions registered with the NSD repository in 1Q 2015 increased more than 2.5 times YoY and exceeded 85.6 thousand transactions (compared with 31 thousand in Q1 2014).

The value of registered transactions also grew: in Q1 2015, market participants submitted reports on OTC derivatives transactions for a total sum of RUB93 trillion; this is twice as much as in Q1 2014 (RUB43.6 trillion). The number of the repository's clients continues to grow – in Q1 2015 their number amounted to 1,158.





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The first quarter numbers just released by Russia's National Settlement Depository (NSD) tell a mixed story. Some might interpret as reflecting the geopolitical issues surrounding the country and its neighbours. Others will argue they are typical of the development trajectory of a developing market and its relatively new infrastructure.

During the first three months of 2015, the value of securities on deposit reached RUB27.4 trillion; this is 23 percent more than in the similar period of 2014 (RUB22.4 trillion). The number of inventory operations in the CSD in Q1 2015 exceeded 586 thousand (down 4.6 percent on Q1 2014).

In Q1 2015, the number of operations held as a result of exchange trading remained at the same level – 468.3 thousand against 467.4 thousand operations in Q1 2014 (a 0.2 percent increase). The number of OTC operations in Q1 2015 20 percent declined to 117.8 thousand as compared to Q1 2014 (146 thousand operations). These operations included 61.5 thousand DVP transactions (down 7 percent YoY) and 56.2 thousand FOP transactions (a 30 percent YoY fall). The NSD says it should be noted that the value of DVP transactions remained at practically the same level – RUB571.2 billion.

By the end of Q1 2015, the number of NSD clients connected to collateral management services reached 216 (up from 174 a year earlier). The number of transactions involving the use of collateral management services increased by approximately a quarter, and reached 2,274 (1,824 transactions in Q1 2014). However, the total value of those transactions fell to RUB8.4 trillion (against RUB11.1 trillion in Q1 2014).

By the end of 2014, the NSD provided the technical readiness of the repo transactions project with the Federal Treasury with collateral management system; in Q1 2015, the first transactions were conducted within the framework of the new service.

Market participants continue to prepare for the introduction of the submission of mandatory reports on all types of OTC derivatives, which comes into effect on October 1. As a consequence, the number of transactions registered with the NSD repository in 1Q 2015 increased more than 2.5 times YoY and exceeded 85.6 thousand transactions (compared with 31 thousand in Q1 2014).

The value of registered transactions also grew: in Q1 2015, market participants submitted reports on OTC derivatives transactions for a total sum of RUB93 trillion; this is twice as much as in Q1 2014 (RUB43.6 trillion). The number of the repository's clients continues to grow – in Q1 2015 their number amounted to 1,158.



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