Russia’s NSD Offers Conversion Services
The National Settlement Depository (NSD), Russia’s central securities depository (CSD), has introduced a conversion payment service.
This service integrates two operations – purchase and sale of foreign currency and cash transfer – and allows NSD clients to reduce the number of submitted instructions and payment documents.
Clients with bank accounts opened with NSD can conduct payments in foreign currency other than the currency of the account. The new service simplifies payment procedures for a client who does not have an account in the currency of payment, a client who does not have enough funds in the currency of payment, or a client who works with several currencies.
The conversion payment service also allows clients to receive funds denominated in currency other than the currency of their accounts opened with NSD.
NSD added that the service can be used for external payments and receipt of funds – in particular, within the framework of the corporate actions – and for operations in the NSD payment system. The respective instructions may be submitted by a client in electronic form.
Currency pairs used for these operations are as follows: