Rus News Journal

The Russian bank left on world stock markets

the Russian credit became member Cedel

At all speculative appeal of stock market of Russia any of the Russian investors would not refuse, perhaps, the first class western securities. On the other hand, the new Russian companies are interested in attraction of the western share capital. These possibilities the bank " in the near future can give to the clients; the Russian credit received yesterday the notice on its acceptance in members of international clearing system Cedel.

Cedel (a staff - apartment in Luxembourg) - the international clearing system for operations with securities. Has been created in 1970 originally for the purpose of the organisation of effective system of calculations under transactions with eurobonds. Today in system it is presented more than 35 thousand names of securities (not only European, but also the American, Japanese and Australian emitters). In Cedel about 3 thousand participants from 70 countries, each of which uses 65 representatives depozitariev.

System Cedel (as well as its basic competitor - Euroclear) gives to the members a necessary package depozitarnyh and clearing services in the field of operations with securities (see the inquiry). Becoming member Cedel, bank the Russian credit the first among the Russian commercial banks has got direct access on the international stock market. Except it Vneshtorgbank of Russia, MBES, MIB and MFK have such possibility only.
Among the services realised within the limits of system Cedel, for the Russian clients of one of the most attractive it is possible to consider possibility to get foreign securities and to make operations with them (for example to spend crediting by securities, thereby raising profitableness of a portfolio). According to the current legislation, purchase by the Russian resident of securities of foreign emitters is considered the operation connected with movement of the capital, and demands the special permission of the Central Bank. The banks having the general currency licence are released from reception of single permissions only. Thus, the Russian credit can take on its own behalf shares of the western companies in interests of the clients, and also exercise administration of portfolios available for them.
not less, and can, and much more important is bank possibility the Russian credit As member Cedel to organise acceptance in system of securities of the Russian companies. Interest of the western investors to the securities emitted by the large Russian enterprises, is high enough. Therefore, perhaps, a serious obstacle to attraction of the foreign capital for financing of projects legislative prohibition of export of the Russian securities abroad is unique. Now experts of bank develop the placing scheme Russian securities in the world market so that it did not contradict law requirements. Reception " could become one of variants of the decision of this problem; the Russian credit the status of the representative depozitarija systems Cedel (in this case at fulfilment of transactions with papers it would be possible to avoid their physical moving through border).

YURY - KATSMAN