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NBU Depository Introduces Upgraded Software for Customers

2 April 2018

Press Release


Today, on 2 April 2018, the new Regulation on Depository and Clearing Operations and Settlements of Securities of the National Bank of Ukraine entered into effect in its entirety. This instrument as approved by the NBU Board in December 2017 introduces new approaches of the NBU to custody services of government bonds.


In order to implement the innovative Regulation the NBU Depository ceased operations in the OVDP-online2 system designed 16 years ago, and instead the NBU has developed a new software, Depositarii NBU, based on cutting-edge automation technology. As of today customers of the NBU custody services can use this software.


The new software suite retains all functions of the OVDP-online2 system and at the same time offers new options for market players.


One of the main novelties of the contemporary software is the option to open so-called "segregated accounts" i.e. individual personalized accounts for all types of depositors at the level of the NBU Depository. The system also includes transferring depositors from aggregate accounts to opened segregated accounts of depositors. Thus, simultaneously streamlining securities’ reporting and improving security of stored information on customer title to securities.


The Depositarii NBU system made it possible for stock market traders to use new settlement models for servicing government securities. Specifically, this software features "DVP securities" transactions and provides that title to securities is transferred to the new holder only after the payment is effected. This new model is a reliable alternative to settlements in the Settlement Center (SC) and will precondition the previously announced abolition of the SC monopoly on securities’ settlements. Also, the new system has a feature for "FOP securities" transactions, when parties do not require the stock market to guarantee settlements and decide on settlements terms by means of an agreement.


Furthermore, the new software covers the option to transact operations with sovereign eurobonds recognized for reporting and trading in Ukraine in the system of correspondent relationships of the NBU Depository and ICSD (Clearstream Banking Luxembourg).


The new Regulation and the upgraded software will promote customer oriented custody services provided by the NBU and harmonize mentioned services with the international standards.

Last modification   02.04.2018