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The national Bank wants to increase the influence on the stock market

Нацбанк хочет усилить влияние на фондовый рынокNBU offers to give him the powers of supervision over the Central securities Depository and the Settlement centre.

The national Bank of Ukraine (NBU) considers it necessary to strengthen its role in the infrastructure of the stock market to ensure financial stability in the country. To do this, the regulator proposes to give him the powers of oversight (supervision) of the National Depository of Ukraine and the settlements center.

This was reported by the press service of the NBU.

The oversight should be to test these stock market participants for compliance with the international standards Principles for Financial Market Infrastructures (PFMI) developed by the Committee on payment systems and market infrastructure, Bank for international settlements (Committee on Payments and Market Infrastructures, Bank for International Settlements) and the International organization of securities commissions (International Organization of Securities Commissions).

“Until now, no national Depository of Ukraine (NDU), neither the Bank clearing centre (RTS) were not checked for compliance with these standards”, – noted in the NBU.

At the same time, the national Commission on securities and stock market (NCSSM) will remain the regulator of the NDU and RTS and will cooperate with the national Bank within the framework of oversight.

“The application of acquired experience to the work of the Central Depository and the Central counterparty would help to improve the reliability of the market infrastructure and create conditions for its further development”, – said Deputy head of the NBU Oleg Churiy.

Given this, the NBU notes that the reduction of the activities of NDU in compliance with international standards PFMI will open up the possibility to create on its basis a full single Central Depository. In particular, this will allow the Bank to carry out transfer of government securities from the Depository of the NBU NDU.

The document also proposes to abolish the monopoly of RTS on the implementation of monetary settlements for transactions with securities on the principle “securities delivery versus payment” (Delivery versus payment, DVP).

We will remind that on October 14, 2013 entered into force the law on the Depository system, which provided for the separation of clearing and settlement and Depository functions of accounting, previously shared commercial Depository AUSD and its competitor – the state-controlled NDU. A single Central securities Depository has been created on the basis of NDU, although he conceded AUSD to volumes of serviced assets.

In part Settlement center law has established that in the first stage, the main shareholder of this structure, created in the form of JSC with a share capital of at least UAH 100 million, is a national Bank whose share should be 75%, but later, in five years, it may decrease up to 25%+1 share. Other shareholders may be professional securities market participants and international Depository and clearing institution.

The national Bank decided to create a RTS on the basis of the AUSD. The share of the NBU in the RTS amounted to 77.8%, and in NDU to 25% of the shares. In addition, major shareholders Natsdepozitariya are state – 25%, pension Fund of the NBU, at 10.9%, the state Oschadbank and Ukreximbank, respectively 25% minus 1 share and 9.9%.

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