Russian financier offers depositories to join efforts

PanARMENIAN.Net - The central depositories should not fear competition, a Russian financier said.

“Instead, they should be efficient and client-oriented. They should develop services and reduce expenses, operating quickly,” the strategic planning director of the depository at Moscow Interbank Currency Exchange, Boris Cherkassky said at the 8th joint conference of the Association of Eurasian Central Securities Depositories (AECSD) and International Association of Exchanges of CIS Countries (IAEx of CIS) titled “Global Opportunities of Local Markets: Infrastructure and Management” which kicked off in Yerevan on October 6.

For his purpose, he offered creation of joint calculation systems through combined efforts.

The organizers of the event, which brought together representatives of the central depositories and exchanges from CIS countries as well as managers from Thomas Murray, SWIFT, Vnesheconombank, Euroclear, Clearstream, etc., are the Central Depositary of Armenia (CDA) and Nasdaq OMX Armenia.