Events calendar

Press releases

Seminars and
Conferences

About project
Repo
development
in Russia

Contact info
and registration

Ru / En

About Repo

Russian Repo Council

About Securities lending

Securities Lending Committee

Repo with the Bank of Russia

Law framework

Bookkeeping and taxation

Repo and Securities lending
technologies

Risks in Repo and
Securities lending

Repo and Securities Lending Tools

Analitical materials


Rambler's Top100

About project Repo development in Russia

National Securities Market Association is a leading trading organization of the participants of the Russian securities market and associate member of International Capital Markets Association (ICMA) has established a Russian Repo Council.
For three years NSMA jointly with main market participants, including Sberbank, Vneshtorgbank, Gazprombank, MMB, MDM-Bank, Vnesheconombank, Uralsib, Bank Soyuz and other leading financial organizations of the country with support of the Bank of Russia and MICEX have launched a project Repo development in Russia.



In the course of its realization there were achieved significant results that facilitated and activated the Repo operations in the Russian stock market, namely:
For the first time Repo transactions were introduced into the Russian legislation;
in 2001 a Repo Taxation Regulation (by analogy with loans) was enacted on the basis of draft law, which was elaborated by the Bank of Russia and NSMA and proposed by RF State Duma deputy P.A.Medvedev;
Exchange Repo transactions (with the Bank of Russia and inter-dealer transactions) were implemented at MICEX;
Normative documents of the Bank of Russia and MICEX were added by the NSMA Basic Provisions that set forth the procedure of settlement of non-standard situation in Repo deals;
At the NSMA request ICMA has prepared a Russian translation of ICMA General Master Repo Agreement (GMRA) that was first published in Russia;
In 2005 on the basis of the NSMA project and as a result of constructive works carried out by the RF State Duma Taxation Committee (Deputy Buryikin N.V.) the second drafting of the Article 282 of Part II of the Tax Code was approved and optimized Repo taxation procedures (particularly, for short positions, etc.);
In April 2006 the Ministry of Finance of RF released the Methodical instructions for Repo taxation (basing on the project, prepared by NSMA), which interpreted some of the articles of legislation;
In September 2006 the NSMA General Master Repo Agreement was approved by the largest market participants and presented in the market;
In order to get representative Repo prices for a number of securities unquoted at the stock exchanges a National Fixing of Bonds MIRP was devised;
methodology of operations is being developed, professional Repo training seminars are being held on regular basis.



The works conducted and followed by activation of Repo operations, development of Repo activities in compliance with the best worlds practices, supervision of authenticity of their conduct and participants responsibilities, strengthening of interaction with participants of international financial market require coordination of actions of all participants of the process. For this purpose a Russian Repo Council was established:
Its objectives are:
assistance in developing Repo business;
coordination of activities of the Russian participants on Repo development in the Exchange and OTC markets;
promotion and expansion of use of the NSMA General Master Repo Agreement;
provision of participants responsibility in Repo operations and elaboration of disciplinary measures with regard to that;
representation of Repo market participants during interaction with regulators and international financial organizations;
protection of the Russian participants rights in international Repo market, etc.
Russian Repo Council complies with the structure of International and National Repo Councils under ICMA.
Russian Repo Council and NSMA are inviting the market participants who are interested in developing Repo operations in the Russian market to join for cooperation.

SRO NSMA © 2009. All rights reserved. Any use of this website`s materials must be accompanied with a link to www.repo-rus.ru.