GSS Newsletter August 2015 - Issue 172

Dear Clients, Partners and Friends,

These guys sitting at the far end of the corridor have been hard to please; constantly asking for an extra functionality here and an additional application there, they sure know how to occupy their colleagues in the back office. “Our clients simply expect the best from us”, is what I often have heard while I was still in charge of servicing GSS’ operations and IT. And yes, I could not agree more!

In my new function as Head of GSS I have now moved to that very same end of the corridor to take over the responsibility of an extraordinary team with high spirit and expertise. I am sincerely honoured to overlook the largest securities services franchise in Central and Eastern Europe, for which I see so much future potential.

I will be on the road a lot with the aim to further strengthen the ties with our esteemed clients and business partners. In this sense, I hope to meet all of you very soon and look forward to open and fruitful communication.

Susanna Scheffold
Head of Global Securities Services


High season on the Moskva
While summer is traditionally a dead season in business, this does not apply to the Russian securities market. By Yuliya Umnova, Head of GSS Russia
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Making business in a changing Europe
UniCredit’s Julia Romhányi took part in an FSR roundtable on reassessing business strategies. By Andrea Kárpáti, Head of Secretariat, GSS Hungary
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Zagreb Stock Exchange invests in Ljubljana
CEE Stock Exchange Group is selling the Ljubljana Stock Exchange to the Zagreb Stock Exchange. By Jelena Bilusic, Relationship Manager, GSS Croatia
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How to make a market
The Bucharest Stock Exchange introduced a programme for Market Makers aimed at stimulating trading activity. By Irina Savastre, Head of GSS Romania
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EBRD expertise
To develop the Ukainian capital market, regulators and EBRD signed a memorandum of understanding. By Katherine Yevtushenko, Relationship Manager, GSS Ukraine
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A new mega-regulator
The power to regulate the securities and insurance markets in Belarus moves to the NBRB. By Ekaterina Konovalova, Relationship Manager, GSS Russia
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Market news

› Bulgaria
In June the Bulgarian Parliament ratified the Model 1 Intergovernmental Agreement on the implementation of the Foreign Account Tax Compliance Act


› Croatia
Standard & Poor's confirms its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit rating. The outlook was cut to negative


› Russia
The Russian National Settlement Depository (NSD) and the China Central Depository and Clearing Co. (CCDC) have signed a Memorandum of Understanding


› Russia
As of July, data from the Valuation Centre of the National Securities Market Association (the NSMA Valuation Centre) have become available to users


› Serbia
Fitch has affirmed Serbia’s credit rating at “B+” with a stable outlook. The agency considers the Serbian banking sector liquid and well-capitalised.                                                   


› Slovenia
Based on sound GDP growth, S & P revised its rating outlook of the Republic of Slovenia on from stable to positive and affirmed its rating at A-/A-2


The President of Azerbaijan signed the new law on the securities market. It envisages drastic changes of the infrastructure of the securities market


The trading rules on the Republican stock exchange, Toshkent, were amended starting from 1 July 2015. Using insider information will be prohibited


Market statistics

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