Bloomberg News

Euroclear Queries Russia Securities Regulations, Vedomosti Says

October 11, 2012

Euroclear Bank SA, which owns the world’s largest bond settlement system, wrote to Russia’s markets watchdog seeking clarity on local securities rules before it starts working in the country, Vedomosti said, citing a letter to the Financial Markets Service.

Euroclear’s lawyers asked for an explanation of regulations on the status of the securities holder, the confirmation that rights to a security have been transferred and disclosure requirements, Vedomosti said, citing the letter.

While Euroclear is technically ready to offer services in Russia as soon as the nation’s central depository starts work, the bank needs the explanation to show it’s in line with international payment and settlement standards, the newspaper said.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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