MIL OSI Translation. Region: Russian Federation –
November 14 at the headquarters of the Eurasian economic Commission (EEC) in Moscow, the consultative Committee for financial markets under the EEC Board and the Association of Eurasian Central securities depositories (AECSD) has signed a Memorandum of cooperation. From the EEC a Memorandum was signed by the member of the Board (Minister) for economy and financial policy Timur Zhaksylykov, by AECSD – Association Chairman Vahan Stepanyan.
As said Timur Zhaksylykov, for ECE it is important to join efforts aimed at creating a common financial market, increase transparency of financial transactions at the exchange and OTC segments of the financial markets, the stability of national financial systems.
“The Memorandum we intend to carry out strategic cooperation on the development of financial markets, securities markets, improvement of accounting systems and create an integrated infrastructure of financial markets”, – stressed the EEC Minister.
Common concern to ECE and AECSD is also conducting joint analytical studies, preparation of analytical surveys and publications, forums, seminars and round tables, exchange of statistical, analytical and reference materials.
“Extremely important is cooperation on development and integration settlement Depository systems of the national payment systems, clearing, trade repository systems of the member States of the EAEC and the use of new financial technologies”, – said Timur Zhaksylykov.
The Association of Eurasian Central securities depositories established on 22 December 2004 in Moscow at the founding conference, which was signed the Resolution on the establishment of the Association of Eurasian Central securities depositories and set the priorities.
The Association of Eurasian Central securities depositories includes 16 CSDs from 15 countries of Eurasia: Azerbaijan Republic, Republic Armenia, Republic of Belarus, the Republic Georgia, the Republic of India, the Kyrgyz Republic, the Republic of Kazakhstan, Republic of Moldova, Republic of Mongolia, the Russian Federation, the Republic of Korea, the Republic of Tajikistan, Turkish Republic, Republic of Uzbekistan, Ukraine.
The main objectives of AECSD is the creation of a common Depository space, unification of the regulatory framework, organization of interaction between the participants to ensure cross-border operations of transfer of securities, developing uniform standards of Depository accounting and reporting.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure will not be perfect.