Russia launching service to transfer securities quickly between brokers

MOSCOW. Sept 1 (Interfax) - Russia is launching a system to allow investors to transfer securities/assets quickly between accounts held with different depositories, with the directive of the Central Bank of Russia that defines the procedure for these transfers entering into force on September 1.

Investors now only need to submit a single order to debit securities instead of completing two counter-documents with different depositories.

A depository must spend no more than five minutes on each transaction until August 31, 2027, and a depository must do so within two minutes starting September 1, 2027.

"It currently takes several days to transfer securities, and it will take approximately 25 minutes under the new conditions, with a minimal accounting chain," the Central Bank had previously noted.

The National Settlement Depository (NSD), part of the Moscow Exchange Group , has developed the Most service to handle these transactions.

The NSD told Interfax that the largest professional participants have joined the Most service, and are ready to provide the service to transfer securities quickly starting September 1.