08:55 GMT +319 January 2018
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    PwC to propose on Russia's central depositary soon

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    MOSCOW, March 24 (RIA Novosti) - International audit and accountancy company PricewaterhouseCoopers will submit proposals on a central depository bill to Russia's financial market watchdog in late March, a senior finance official said Friday.

    "The bill is almost ready and can be considered," said Oleg Vyugin, head of the Federal Service for Financial Markets.

    Under Russia's financial market strategy, the central depository is a key link in the accounting structure of developed capital markets. Its will enhance the reliability of book-entry settlement and make trade settlement cheaper and simpler.

    Due to the reduction of risks and expenses, the Russian stock market will become more efficient and competitive

    Vyugin said the document only set down the requirements, status and functions of the central depositary, whereas the body itself would be organized by independent structures.

    The official said the structure would be obliged to offer non-discriminating access to its services to any stock exchange if the idea of the central depository were implemented.

    "All stock markets will be on an equal footing with regard to the central depository, specializing in trade settlement, which will guarantee competition on equal terms, whereas the problem of consolidation and specialization will be solved in a natural manner," Vyugin said.

    The consortium of companies incorporated in PricewaterhouseCooper won a consulting tender on the establishment of the central depository. The company provides assurance, tax, and advisory services to their clients. Operating worldwide, the company is headquartered in New York, and employs about 120,000 people.

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