National Settlement Depository

What National Settlement Depository does

National Settlement Depository (NSD / НРД) is the central securities depository of the Russian Federation, established in 1996 and granted central depository status by FSFR Russia in November 2012. Operating as a non-bank credit organization (NKO AO) and a wholly-owned subsidiary of the Moscow Exchange Group, NSD provides the foundational post-trade infrastructure for the Russian financial market. Its core platform delivers depository services (custody, rights accounting, settlement), repository services (OTC repo and derivatives registration), clearing and collateral management, cash settlements, SWIFT bureau connectivity, collective investment services, and information services (API NSD, DISK NRD, Price Center, ISIN/CFI assignment). The company is a LEI Local Operating Unit and a US IRS Qualified Intermediary, and is recognized by the Bank of Russia as a systemically important repository.

The technology stack is built on a high-availability platform operating across three geographically remote data centers with near-100% availability, supporting 24/7 processing of off-exchange transactions, electronic document interchange via its proprietary system (SED NRD using WEB ONYX and LRM DKU), and REST API integration. Specialized modules include Multibank NSD (multi-bank treasury centralization for 70+ companies and 30 banks), MOEX MOST (inter-depository securities transfer including M2M operations), the Digital Financial Assets information system, the Unified Corporate Actions Portal, and the SWIFT Service Bureau processing 10,000+ daily messages across 35+ financial organizations. The Multibank NSD platform was added to the Russian Software Registry in 2025 as an import-substitution achievement.

NSD's business model is transaction-fee and subscription-based across nine identified revenue streams, serving a horizontally segmented B2B client base including depositories and brokers, securities issuers, managing companies, banks, registrars, corporations, and global creditors, plus a retail channel via the Finuslugi platform. Customer engagement is primarily through dedicated client managers and account teams (enterprise field sales), supported by a client portal (cabinet.moex.com) and direct API/EDI integration. The company is rated AAA(RU) by AKRA and ruAAA by Expert RA, both with stable outlooks, and holds 7.8 billion rubles in professional liability insurance through Ingosstrakh. Operating geographies are concentrated in Russia.

Name

National Settlement Depository

Legal name

Небанковская кредитная организация акционерное общество «Национальный расчетный депозитарий» (НКО АО НРД)

Website

https://nsd.ru

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

501–1,000 employees

Short description

National Settlement Depository is the central securities depository of the Russian Federation, providing post-trade infrastructure — depository, repository, clearing, settlement, SWIFT bureau, and information services — to Russian banks, brokers, issuers, registrars, and asset managers. It operates as part of Moscow Exchange Group.

Ownership category

akta.pro rank

Product category

Central Securities Depository

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

akta.pro secondary industries

Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA), Central Securities Depository (CSD) & Securities Settlement Services (FSAAAOAD), Cash Settlement & DvP/PvP Settlement Agent Services (CSD-Integrated) (FSAFAGAK), CSD Asset Servicing (Income, Redemptions, Tax Withholding) (FSAFAGAH), Settlement Messaging & Connectivity Networks (e.g., SWIFT/ISO 20022 Gateways) (FSAFAGAL)

Keywords

• Central securities depository
• Post-trading infrastructure
• Settlement and clearing services
• Securities custody
• Financial market infrastructure

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Others

Revenue model

1. Depository Services: Fees for custody, accounting, and transfer of securities, including central depository services, nominee holder services, and securities servicing.
2. Repository Services: Registration fees for off-exchange repo transactions and derivative financial instruments, as well as financial transaction recorder services for financial marketplace.
3. Multibank Services: Fees for electronic document transit and multi-bank treasury management services for corporations.
4. Information Services: Fees for API NSD data access, DISK NRD data products, Price Center data, and ISIN/CFI code assignment services.
5. Cash Settlement Services: Banking services including cash settlements, payment services, currency control, and payment system services.
6. SWIFT Bureau Services: Fees for SWIFT connectivity, messaging services, and related technological services for financial organizations.
7. Clearing and Collateral Management: Fees for clearing services, margin requirement management, collateral adequacy monitoring, and three-party repo services.
8. Tax Administration Services: Tax withholding and administration services for Russian and foreign securities.
9. Collective Investment Services: Services for unit investment fund (PIF) operations including exchange and redemption of units.
10. Digital Financial Assets Operations: Operator services for digital financial asset information system.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

National Settlement Depository (NSD) is the central securities depository of the Russian Federation, providing post-trading infrastructure services including depository custody, rights accounting, clearing and settlement, repository registration for OTC and REPO transactions, collateral management, SWIFT bureau connectivity, multi-bank treasury solutions, and digital financial asset information system operations. It serves professional market participants — depositories, brokers, banks, registrars, issuers, asset managers, and global creditors — within the Moscow Exchange Group ecosystem.

Product overview

National Settlement Depository (NSD) operates as a central securities depository for the Russian Federation, offering a comprehensive platform of post-trading infrastructure services. The core offering includes Depository Services (custody, rights accounting, settlements), Repository Services (OTC transaction registration), and Clearing and Collateral Management. The platform extends through specialized modules including Multibank NSD (multi-banking treasury management), SWIFT Service Bureau, Collective Investments (PIFF platform), Cash Settlements, Information Services (API NSD, DISK, Price Center), Digital Financial Assets operator services, and the Unified Corporate Actions Portal. Key add-on modules include MOEX MOST (securities transfer), E-voting, Electronic Document Management (СЭД), and the Multibank Terminal. NSD also offers the Внебиржевой экспресс service for OTC compliance automation. The portfolio serves depositories, brokers, banks, registrars, issuers, management companies, corporations, and global creditors within the Moscow Exchange Group ecosystem.

Differentiator

Problem solved

Functional benefit

Brands

• Мультибанк НРД (Multibank NSD): Multi-bank platform for corporate treasury centralization, allowing companies to work with multiple banks through a single interface
• МОЕХ МОСТ
• Регистратор финансовых транзакций (РФТ)
• API NSD
• Платформа ПИФ
• Центр корпоративной информации (ЦКИ)
• Ценовой центр
• Национальная платформа по управлению ликвидностью
• Внебиржевой экспресс
• Единый портал корпоративных действий (ЕПКД)

Products and services

• Depository Services (Депозитарий) Core depository services including securities custody, rights accounting, settlement processing with Russian and foreign financial institutions, tax administration, nominee holder services, and transfer-agent services for professional market participants.
• Repository Services (Репозитарий) Registration of OTC derivative transactions, REPO transactions, and other repository contracts. Combines trading repository and financial transaction registrar functions with 24/7 end-to-end data registration.
• Multibank NSD (Мультибанк НРД) Multi-banking platform providing centralized treasury management with single-window access to multiple banks for corporate financial operations, electronic document transit, and payment processing for 70+ companies and 30 banks.
• SWIFT Service Bureau (Сервис-Бюро SWIFT) Secure and reliable global financial messaging through the SWIFT international system with three geographically remote data centers, offering SAG, SNL, HSM and VPN outsourcing services to 35+ financial organizations.
• Collective Investments / PIF Platform (Коллективные инвестиции) Professional infrastructure solutions for the collective investment market including the PIF platform for distribution and standardized operations with mutual fund units, enabling exchange and redemption of PIF units without commission.
• Clearing and Collateral Management (Клиринг и управление обеспечением) Daily collateral sufficiency control, margin requirement generation, reporting on collateral status, corporate action processing, and three-party repo services for market participants and global creditors.
• Information Services (Информационные сервисы) Reference data products on companies, securities, corporate events, and fair value including API NSD, DISK NRD, Price Center, GetNews, ISIN/CFI code assignment, and LEI assignment services.
• Cash Settlements (Денежные расчеты) Banking services integrated with depository and clearing operations, enabling settlements on exchange and OTC markets in national and foreign currencies, currency control, and payment system services.
• Digital Financial Assets / CFA (Цифровые финансовые активы) Information system operator services for digital financial asset issuance, integrated with Moscow Exchange's exchange operator services for digital asset trading and settlement.

Quantifiable outcome

• 100+ billion rubles raised by clients through commercial bond issuance in first half of 2026
• +2 more outcomes

Named customers3 records

Segments8 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature9 records

Partnerships

Six partnerships are on record, tiered minor and core.

• BCS BankminorChannel Partner/ Reseller/ Distributor · 2 July 2026BCS Bank became the first professional participant to use the 'Reporting Agent' (Agent po otchetnosti) service within the Multibank NSD platform, demonstrating adoption by major brokerage banks.
• VBRR (Vserossiysky Bank Razvitiya Regionov)minorChannel Partner/ Reseller/ Distributor · 28 April 2026VBRR became a participant of the Multibank NSD platform in April 2026, enabling the bank to offer multi-bank treasury services to its corporate clients through the NSD infrastructure.
• Moscow Exchange (MOEX)coreStrategic or Co-development Partner · 11 September 2025NSD is part of the Moscow Exchange Group (MOEX Group). The companies share infrastructure, client base, and technology platform. MOEX provides trading, clearing, and exchange services while NSD provides post-trading and depository services as the central depository.
• Finuslugi (Financial Services Platform)coreStrategic or Co-development Partner · 11 September 2025NSD provides depository account statement services and financial transaction registry information to retail investors through the Finuslugi financial platform. This is a Group company within MOEX Group ecosystem providing consumer access to NSD's infrastructure.
• Ingosstrakh (SP AO Ingosstrakh)minorOthers · 31 March 2025NSD has a comprehensive insurance contract with Ingosstrakh (Policy No. 433-061644/25) covering the period from April 1, 2025 to March 31, 2027. The insurance sum is 7.8 billion rubles, covering property interests related to financial and electronic computer crimes and client losses from professional activity violations.
• SWIFT (Society for Worldwide Interbank Financial Telecommunication)coreTechnology or Integration · 1 January 1998NSD has been providing SWIFT connectivity services to clients since 1998. NSD operates a SWIFT service bureau with three geographically remote data centers, offering financial messaging services to over 35 financial organizations with near 100% availability.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Euroclear: Euroclear is the world's largest international central securities depository (ICSD), operating settlement, custody, and asset servicing across 40+ markets. Directly comparable to NSD as a CSD with settlement infrastructure, though Euroclear serves cross-border European/international securities while NSD is domestically anchored to Russia. Both are licensed CSDs operating under CPMI-IOSCO principles.
• Clearstream: Clearstream (part of Deutsche Börse Group) is the second major ICSD, providing settlement, custody, and collateral management for domestic and international securities. Comparable to NSD as a CSD with cash settlement, collateral management, and information services, though operating at much larger international scale. Both serve as central settlement infrastructure for their respective ecosystems.
• B3 (Brasil, Bolsa, Balcão): B3 operates as Brazil's integrated exchange, central counterparty, and central securities depository — combining trading, clearing, and post-trade infrastructure analogous to MOEX Group's relationship with NSD. Comparable as an emerging-market CSD bundled within a broader exchange operator, with similar services including custody, repo registration, and collateral management.
• DTCC (Depository Trust & Clearing Corporation): DTCC, through its subsidiaries (DTC, NSCC, FICC), operates the primary US securities settlement infrastructure and the largest CSD globally by value settled. Comparable to NSD in providing depository, clearing, and settlement services for securities, plus trade repository functions. Both are privately held CSDs serving as critical financial market infrastructure under regulatory oversight.

Direct peers

• Hong Kong Securities Clearing Company (HKSCC): HKSCC is a wholly-owned subsidiary of Hong Kong Exchanges and Clearing (HKEX), operating as the central counterparty and clearing house for Hong Kong's securities market. Comparable to NSD's relationship with MOEX Group — both are CSD/clearing subsidiaries of national exchange operators, providing integrated clearing, settlement, and depository services with nominee/custody functions.
• Japan Securities Clearing Corporation (JSCC): JSCC, part of Japan Exchange Group (JPX), provides clearing and settlement services for Japanese securities and derivatives markets. Comparable to NSD as a clearing/settlement subsidiary of a national exchange group, with similar regulatory designation and infrastructure role. Both operate licensed CSD/clearing services under national financial regulator oversight.
• National Depository for Securities (NSDL, India): NSDL is India's first and largest electronic securities depository, providing dematerialized settlement and custody services for the Indian capital market. Comparable to NSD as a designated national CSD in a large emerging market, with similar services including dematerialization, settlement, and registry functions. Both operate as critical financial market infrastructure with statutory backing.
• Korea Securities Depository (KSD): KSD operates as the central securities depository of South Korea, providing custody, settlement, and securities registration services for the Korean capital market. Directly comparable to NSD as a single-jurisdiction national CSD with similar service lines including depository, clearing, and information services. Both operate under national regulatory designation as monopoly CSD infrastructure.
• ASX Settlement (Australian Securities Exchange): ASX Settlement operates the central securities settlement facility for Australia, part of ASX Group's vertically integrated exchange infrastructure. Comparable to NSD as a designated national CSD with CHESS settlement system, providing clearing, settlement, and asset servicing for the Australian market. Both serve as monopoly post-trade infrastructure providers under national regulation.
• Central Depository Company (CDSL, India): CDSL is India's second central securities depository, providing electronic settlement and custody services alongside NSDL. Comparable to NSD as a national CSD serving a major emerging market, with overlapping services including custody, settlement, and investor services. Both compete with international CSDs and serve as foundational infrastructure for domestic capital markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/national.settlement.depository

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Settlement Depository