22 December 2016
Reporter: Drew Nicol

Russia’s NSD to launch new repo collateral service

Russia’s National Settlement Depository (NSD), in collaboration with Bloomberg, is testing a new collateral management service for over-the-counter repo transactions.

The service will allow repo transactions to be processed with securities baskets through NSD’s collateral management system.

The commercial launch is scheduled for March 2017.

The service will mirror the process currently used by the Bank of Russia, Federal Treasury and general collateral certificates for on-exchange repo activity.

NSD saw the value of repo transactions with the Russian Federal Treasury through its collateral management system more than double in Q3 2016.

NSD’s clearing value for the quarter exceeded RUB 10 trillion (USD 159 billion), up from RUB 4.6 trillion (USD 73.12 billion) in Q3 2015.

The depository’s recorded transactions increased to 495 from 334 year over year.

The value of NSD’s repo transactions with the Bank of Russia conducted through the system dropped significantly in Q3 2016, compared to the same period in 2015.

Cleared repo between the central bank and NSD stood at RUB 3 trillion (USD 47.7 billion), down from RUB 8.1 trillion (USD 128 billion).

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