OREANDA-NEWS. August 18, 2010.  ZAO DCC and the Savings Bank of the Russian Federation OAO has signed an agreement on the basis of which the Companies commence interdepository cooperation via the speedy settlement scheme with effect from September 01, 2010. The aim of such cooperation is to reduce the time needed for transfer of securities between depo accounts of clients of DCC and Sberbank and expenses incurred by Participants.

DCC uses its interdepository account (No. 000200069804 L34) with Sberbank for operational safekeeping of securities eligible for settlement via speedy settlement interdepository cooperation. The aforementioned account will be used for both deposition of securities to DCC account from the Counterparty's account with Sberbank and for withdrawal of securities from depo accounts of DCC Participants to accounts of Sberbank clients.

Please note a number of peculiarities of operations executed via the speedy settlement scheme between DCC and Sberbank:
to have securities deposited/withdrawn the Counterparty of DCC Participant, i.e. client of Sberbank, must submit a counterparty instruction to Sberbank;
Speedy Settlement Scheme is chosen as the way to execute the instruction by indicating a respective mark in the instruction submitted to DCC:
for instructions drawn in hard copy the following mark shall be made in the field "Instruction Type": "interdepository withdrawal" or "interdepository deposition"
for instructions submitted via the DCC remote access system, field :87D: shall contain the code of the settlement organization, i.e. SBRF
for instructions submitted via SWIFT, field :95P::PSET shall contain the BIC code of the settlement organization, i.e. SABRRUMM
In case that such mark is lacking, the instruction will be executed in the usual mode by transfer of securities between accounts in the share register;
In case of securities transfer via the speedy settlement scheme field “transaction date” is mandatory and are matched with respective fields in counterparty instruction.

Securities of the following issuers are admitted to be settled via the speedy settlement system with effect from August 16, 2010:
OAO Rosneft Oil Company
OAO Novorossiysk Commercial Sea Port
OAO Magnet

Detailed description of depository operations executed via interdepository cooperation between DCC and Sberbank via the speedy settlement system can be found in Item 4.6 Part 3 of the Terms and Conditions of Depository Activity of DCC, and in the Specification of electronic message formats.

Terms of Instructions Execution:
receipt of securities to Participants' account at DCC from the accounts of the counterparty at Sberbank – Participants' instructions submitted to DCC before 15:00 Moscow time shall be executed on the same-day basis. DCC does not guarantee execution of instructions submitted to DCC after 15:00 Moscow time;
delivery of securities from depo accounts of DCC Participants to accounts of Sberbank clients – Participants' instructions submitted to DCC before 15:00 Moscow time shall be executed on the same-day basis. Please be informed that in order to deliver securities via the speedy settlement scheme, DCC submits an instruction to Sberbank only in case there is a sufficient amount of securities of this issuer on DCC interdepository account with Sberbank. In case the number of securities on DCC interdepository account is insufficient, DCC shall replenish such account by transfer of securities from the account of DCC to the account of Sberbank via the respective registrar. The speedy settlement procedure involves asset realignment aimed at provision for a sufficient amount of securities on the interdepository account of DCC with Sberbank. However, DCC does not guarantee sufficiency of assets on its interdepository account In case of insufficiency of securities an instruction for delivery will not be executed before the transfer of the sufficient amount of securities via the registrar. DCC expects the number of such realignments to be insignificant. However, even in such cases the time for execution of instructions for delivery via the speedy settlement scheme will not exceed the time required for transfer of securities via the registrar. When the speedy settlement scheme is launched and in case the block of securities is oversized, the possibility of a delay is higher than it is in the customary mode.

In case an instruction for delivery or for receipt is submitted to DCC electronically, a report on execution of the instruction shall be forwarded to the Participant immediately upon receipt of a respective report from Sberbank. The “Statement of Transactions” report shall be forwarded to the Participant at the end of the operational day of DCC.