OREANDA-NEWS. October 29, 2012. SWIFT and National Settlement Depository (NSD) have signed a Memorandum of Understanding, which lays the foundation for mutually beneficial cooperation in evaluation, design and implementation of SWIFT services to adopt flexible trade repository solutions for OTC derivatives.

SWIFT and NSD initially intend to enable the exchange of data in NSD’s format over SWIFT between NSD and the reporting participants. In addition, they will explore the possibility of developing and implementing other SWIFT-based solutions for OTC derivatives trade reporting.

Alain Raes, SWIFT Chief Executive, EMEA, said: “SWIFT is delighted to work with NSD to help the Russian financial community to meet its regulatory obligations around OTC derivatives trade reporting. This agreement with NSD extends SWIFT’s activities in the area of OTC derivatives trade reporting, as we are also working with DTCC and Regis-TR to support streamlined reporting and enable market participants to comply with new regulatory demands in the most efficient and cost-effective way.”

Eddie Astanin, Chairman of the Board of NSD, said: "Currently we are working on establishing a trade repository in the Russian OTC derivatives market. Collaboration with SWIFT, which has extensive experience in similar initiatives, will be useful to us and our clients in the further development and implementation of repository services. We regard signing the Memorandum as a key milestone that will allow us to explore various data channels."