21 Oct 2009 14:44

Eddie Astanin to head Natl Depositary Center

MOSCOW. Oct 21 (Interfax) - The board of directors of National Depositary Center (NDC) has proposed that deputy head Eddie Astanin be appointed to the top job at the company.

Astanin would replace Nikolai Yegorov.

Shareholders will vote on the proposal at an extraordinary meeting on November 27.

Yegorov wants to focus on his other job at MICEX, managing the operational and technological blocks of the MICEX group, the statement says, citing MICEX President Konstantin Korishchenko.

The impending merger of NDC and Settlement Chamber MICEX "requires a substantial concentration of time and effort," Yegorov said. "Combining that job with management of the group's operational and technological blocks is physically impossible," said Yegorov, who is also a senior vice president of MICEX. "That task must be made a priority for NDC management soon," he said.

Yegorov will continue to serve as acting director of NDC until November 27.

NDC, a company in the MICEX group, is the largest settlement depositary in Russia. It handles all the different types of securities issued by Russian companies. It provides storage for 99% of the companies that issue global certificates and depositary accounts, issuers of subfederal and municipal bonds. It services 100% of the transactions on the federal loan bond (OFZ) market and Bank of Russia Bonds (OBR), over 99% of exchange transactions on the markets in corporate and regional obligations and about 99% of the exchange transactions in equities as well as OTC transactions on those securities.