OREANDA-NEWS. January 28, 2009. On December 19th, 2008 Closed Joint-Stock Company "Depository Clearing Company" (“DCC”) and ING Wholesale Banking (legal name “ING BANK (EURASIA) ZAO”), signed an inter-depository agreement and launched newly developed service, Enhanced Speedy Settlement Scheme (ESSS). Under the agreement signed, DCC has opened an interdepository account with ING Wholesale Banking for operational safekeeping of securities eligible for settlement through ESSS.

The jointly developed scheme reduces time needed to transfer securities as well as optimises the settlement process for deals made by clients of DCC and ING Wholesale Banking. The scheme is also aimed at reduction of transaction costs levied on market participants.

ESSS scheme may be used by any client of DCC, as well as any custody client of ING Wholesale Banking, including those clients who currently do not use DCC as the place of safekeeping and hold their securities in the nominee accounts opened by ING Wholesale Banking with the shareholders registrars.

ESSS enables custody clients to speed up shares settlement for 340 Russian issuers, including more than 500 securities issues. Settlement efficiency can be increased for both counterparty transactions and client's own NCBO transactions. The developed scheme also facilitates effective interaction between local and international markets accelerating the process of issuance and cancellation of depository receipts on shares of Russian issuers.