GSS Newsletter November 2015 - Issue 175

Dear Clients, Partners and Friends,

In Singapore we could experience the implications of globalisation not only by glancing at the manifold impressive solutions presented by the various exhibitors in the halls of SIBOS but also by the haze streaming across the ocean from burning down the rainforests in Indonesia in order to replace them by plantations for the convenience of industries in other parts of the world.

Standing on an impressive 280 meter high structure at the Singapore Strait with no visibility of the beauty of the ocean seems to be as silly as burying oneself under the bulk of regulatory burden that is being imposed on us while clients await our full dedication. It is the ability to balance that makes the difference in business.

Sven Trahan
Head of Global Sales & Relationship Management GSS


Field test
Polish clearing members will undergo a compulsory audit of their procedures in default situations. By Marta Boboryk, Relationship Manager, GSS Poland
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AeRO space
The Bucharest Stock Exchange extends its auction model and launches new corporate governance rules. By Andreea Albu, Relationship Manager, GSS Romania
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Investors in Russia will attain additional protection through a financially stable CCP. By Ksenia Liskina, Relationship Manager, GSS Russia
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FATCA with Georgia
Georgia takes measures to increase market transparency and maintains credit ratings unchanged. By Yuliya Shibukova, Relationship Manager, GSS Russia
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Up to date
Uzbekistan aligned numerous Government resolutions with the new securities market legislation. By Yuliya Shibukova, Relationship Manager, GSS Russia
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Market news

› Bulgaria
The Bulgarian Parliament ratified two new Double Taxation Avoidance Treaties as well as a tax information exchange with Guernsey and Jersey


› Hungary
The Central Bank of Hungary presents further actions of its “Self-financing Programme” and steps towards harmonising with ECB practices


› Russia
Changes to the tax code of the Russian Federation shall specify the rules for DTT tax rates in respect of income paid out to Foreign Nominee holders


› Russia
A number of initiatives accepted at the latest MOEX Council meeting are aimed at improving stability and reliability of MOEX Group


› Slovenia
Fitch Ratings affirmed Slovenia’s rating at ‘BBB+’ and changed the outlook to positive from stable


Standard & Poor’s affirmed its ‘B-/B’ long - and short - term foreign and local currency sovereign credit ratings on Belarus. The outlook remains stable


Market statistics

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