The Russia’s central securities depository, National Settlement Depository (NSD), has made a new hire and approved changes to some of its services.
Andrei Malakhov joins as director of the IT support department to take charge of developing the IT unit’s operating model using the process approach to IT services provided to the internal and external customers. He most recently led BNP Paribas’ Moscow-based IT systems department.
The NSD’s supervisory board has approved the company’s IT strategy over the next two years aimed at supporting and implementing its mid-term business plans.
The board also gave the go-ahead for changes to fees for depositary services, and fees for CSD services.
The changes include reducing the fee for safekeeping of Gazprom shares to fees that currently apply to other Russian issuers’ shares.
The fee for long-term safekeeping sub-accounts for Gazprom shares will be incorporated into the minimal monthly fee for depositary services. That fee is charged separately at the moment.
The changes now await approval by the Bank of Russia’s Financial Markets Service.