HKEx Clearing House and Russia's NDC sign MOU

HKEx Clearing House and Russia's NDC sign MOU


Hong Kong Securities Clearing Company Limited (HKSCC), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), and The National Depository Center (Closed Joint Stock Company), or NDC, which is part of the MICEX Group, an exchange operator based in Russia, today (Thursday) signed a Memorandum of Understanding (MOU) on cooperation and the exchange of information. 

HKSCC's clearing and settlement services support HKEx's securities market and HKSCC provides central depository services for securities listed in Hong Kong.  NDC is Russia's largest depository in terms of the value of assets held in custody and the leading settlement depository for equities traded in Russia based on market turnover.

The MOU was signed by HKSCC Chief Executive Gerald Greiner, who is also HKEx's Chief Operating Officer, and Nikolay Egorov, Senior Vice-president and Member of the Executive Board of MICEX and Director General of NDC.  HKEx Chairman Ronald Arculli and HKEx Chief Executive Paul Chow also attended the ceremony.

Mr Greiner said: "Today's MOU is a new stage in HKSCC's collaboration with the largest securities settlement and safekeeping provider in Russia.  It will strengthen relations between Hong Kong and Russian settlement institutions and promote the two markets' healthy development."

Mr Egorov said: "The MOU signed today between HKSCC and NDC reflects our aim to broaden our connections with the leading providers of settlement services.  This document will facilitate constructive development both in the Russian securities settlement environment and the one in Hong Kong.  Taking the increasing role of the BRIC* countries in the world economy into account, we hope the MOU can help create conditions for fruitful collaboration."

HKEx operates The Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited and their clearing houses.

MICEX Group has developed an integrated exchange structure that provides electronic trade organisation, clearing and settlements of trades, and depository and information services.  The Group includes the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, the NDC, regional exchange and settlement centres, and other organisations.

* The BRIC countries comprise Brazil, Russia, India and China.