OREANDA-NEWS. May 20, 2010. UniCredit Bank offers improved USD DCC DVP settlement model which will allow clients to use USD DCC DVP facility without opening special trading cash account with a clearing bank.

In continuous efforts to improve the settlement process GSS Russia introduces a new model of USD DCC DVP settlement through corresponding account of ZAO UniCredit Bank opened with JP Morgan Chase NY.

USD DVP system of Depository Clearing Company (DCC) has been successfully operating for 10 years with more than 150 participants. GSS Russia has worked out a new model for USD DCC DVP settlement which provides the following benefits to its participants:

Clients do not need to open an account with JP Morgan Chase NY, cash part of DVP transaction will be processed on correspondent account of ZAO UniCredit Bank opened with JP Morgan Chase NY for each client with reflection of all transactions on internal segregated account opened in the Client’s name on ZAO UniCredit Bank books;

Clients will have possibility to interact only with ZAO UniCredit Bank Moscow for both cash and security parts of the transaction;

Client will benefit from the currently available option of USD DVP scheme such as automatic sweep.

Please contact your Relationship manager for further details.