Depository Clearing Company

completed

Summary Of Project Information (SPI)Project NameRussian Federation-Depository Clearing Company (DCC)RegionEuropeSectorProject No008463Projected Board DateFebruary 28, 1998Company NameDepository Clearing Company (DCC)Technical Partner and/or Major Shareholders DCC’s ownership and governance structure is based on an industry-owned “utility” model. Its 32 shareholders include the major foreign and local broker-dealers (e.g., Credit Suisse First Boston, Troika Dialog, United Financial Group), Russian banks (e.g., Sberbank, Unexim Bank, Vneshtorgbank), global custodians (e.g., ABN-Amro Bank, Chase Manhattan, Credit Suisse and Deutsche Morgan Grenfell) and infrastructural institutions (e.g., Russian Trading System (RTS)) active in the Russian corporate equities market. Project Cost Including proposed IFC investment The proposed project involves the extension of a US$500,000 IFC loan to DCC to support the development of DCC’s depository, clearing and settlement operations. IFC will also invest US$50,000 to become a DCC shareholder.Location of project and Description of site Moscow, Russian FederationDescription of Company and Purpose of Project DCC is the leading provider of share re-registration and transfer agency services in Russia and is implementing a strategy to become the centralized depository, clearing and settlement organization for the Russian corporate equities market. DCC is effectively an industry cooperative, whose main aim is to provide services to market participants with maximum efficiency and reliability at minimum risk and cost. DCC is active providing share re-registration, custodial and transfer agency services and is in the initial stages of introducing clearing and settlement services which will allow for delivery-versus-payment (DVP) for the first time in Russia’s corporate equities market. Russia’s securities market infrastructure remains weak and the introduction of a well-functioning clearing and settlement system that enables DVP is expected to have an important impact on market liquidity and efficiency.Environmental Category and Issues This is Category C project according to IFC’s environmental review procedure.Date SPI sent to PIC  January 14, 1998    For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384