GSS Newsletter July 2015 - Issue 171

Dear Clients, Partners and Friends,

I see developments in our industry as a series of waves, similar to what one might find when staring at the ocean from a beach: waves come and go and, almost with certainty, the seventh will dominate in size and force.

Unfortunately, the timing of such ebbs and flows isn’t as precise when it comes to economic and regulatory impacts on our business but there is a certain similarity. While pessimists may claim, as they have over decades past, that now is the time to batten the hatches as the world around us is certain to collapse, these same doomsday experts appear again and again to make their proclamations and seem to disregard that the immanency of their timelines have long come and gone.

So, yes, I am an optimist and, yes, I believe that difficulties, no matter the complexity or challenge, are solvable and that, one way or another, tomorrow will come and bring with it new challenges which will make those of the past seem insignificant.

Sven Trahan
Head of Global Sales & Relationship Management GSS


15 years and still growing stronger
Record attendance at NeMa, the custody industry’s main event with UniCredit as a proud sponsor. By Andrea Kárpáti, Head of Secretariat, GSS Hungary
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Amnesty for offshore capital
A new capital amnesty law intends to instigate the de-offshorisation of the Russian economy. By Ekaterina Konovalova, Relationship Manager, GSS Russia
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No fees attached
Polish small and medium companies will be freed of trading fees until year-end to foster liquidity. By Marta Boboryk, Relationship Manager, GSS Poland
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KELER defines T2S services
The Hungarian CSD, which will join T2S in the third wave, revealed its future T2S services. By Beáta Szőnyi, Senior Relationship Manager, GSS Hungary
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UniCredit Bank Austria buys all shares held by Tiriac Holdings Ltd. in UniCredit Tiriac Bank
UniCredit Bank Austria AG announced to acquire the 45% interest in UniCredit Tiriac Bank S.A., thus increasing its equity stake from 50.6 to 95.6
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Market news

› Austria
The profit increase of the Vienna Stock Exchange in 2014, as reported at the Annual General Meeting, was driven by steadily increased trading volumes


› Slovakia
The Slovak government is taking new measures to support the capital market by easening the tax burden for private investors with a long-term horizon


› Russia
An unscheduled testing of the Disaster Recovery Plan by the National Settlement Depository (NSD), carried out in May, confirmed its functionality


› Bulgaria
The long-term foreign currency ratings of the Republic of Bulgaria were affirmed in June by Moody’s, Fitch Ratings (Fitch) and Standard & Poor’s (S&P


› Romania
The Central Depository published modifications and updates regarding the structure of a number of tariffs and fees, among them the penalty payments


The Kyrgyz agency for regulation and supervision of the financial market published a draft law on the disclosure of management company shareholders


Market statistics

› Austria        › Bosnia and Herzegovina        › Bulgaria        › Croatia        › Czech Republic        › Hungary        ›         › Romania        › Russia        › Serbia        › Slovakia        › Slovenia        ›         › CEE