OREANDA-NEWS. July 18, 2008. The National Commission for Financial Market intends to create a modern structure of the central depository, as well as to change the system of payments in the course of securities trading.

The approved draft of the Development Strategy of NCFM of the non-banking financial market for 2009-2010 provides establishment of the new structure of the central depository, which will be entrusted with the main storage register securities issued by joint stock companies and accounted in the stock exchange listing.

It is also planned to introduce the system of payments, in accordance with international standards, which will simplify, speed up and reduce the cost of securities transactions. NCFM also offers an integrated system of bidding, which will cover the National Bank, Central Depository, NCFM and intermediaries and will conduct operations continuously and remotely.

At the same time, NCFM should change the system of payments on securities transactions, thus ensuring realization of currency transactions through the accounts of National Bank. The transition to the new structure of the Central Depository is planned for 2009-2010 for what 1 million leis (\\$ 103 thousand) are necessary. In 2009-2010 it is planned to integrate into automated payment system of the Inter-banking new generation system 2 million leis (\\$ 203.6 thousand).

The strategy notes that today the National depositary does not work as a central security depository and payments on securities transactions are made not through the National Bank but through commercial banks. NCFM notes that the current infrastructure of security market does not comply with the international practice and does not provide effective and efficient operations.

To date, the securities market includes: Stock Exchange of Moldova (SEM), the National securities depository, 13 independent registrars, 24 brokers/ dealers, 4 assessing securities companies. The listing of the company includes less than 20 companies and about of 1000 is registered at the stock exchange. In 2007 the volume of transactions at the secondary market amounted to 1,86 billion leis (USD 190 million). The volume of securities issued within the period totalled 1,27 billion leis (USD 129,3 million).