MOSCOW: The Ministries of Finance of Russia and China discuss creating an independent depository to replace Euroclear and Clearstream, Russ...
MOSCOW: The Ministries of Finance of Russia and China discuss creating an independent depository to replace Euroclear and Clearstream, Russian Finance Minister Anton Siluanov said in an interview with Izvestia on the sidelines of the Moscow Financial Forum.
"Together with our colleagues from the People's Republic of China, we are discussing this difficult but very important issue. The goal is for our investors to be able to freely buy securities in one country from another, without restrictions and obstacles, so that they can safely invest in securities of companies in our countries. We are raising this issue in financial dialogues with the Ministry of Finance of the People's Republic of China," he said.
According to him, this system will be practically no different from Euroclear and Clearstream. The minister added the main thing is accessibility for Russian and Chinese investors.
Euroclear is one of the largest international settlement and clearing organizations specializing in servicing transactions with securities. Founded in 1968, its head office is in Brussels. Clearstream is the second international depository, whose actions have affected Russian investors. Like Euroclear, Clearstream blocked the accounts of the National Settlement Depository even before the imposition of sanctions against the latter and Russian investors lost the right to dispose of their assets stored in Clearstream.
-News Feed
COMMENTS