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By Trend

The chairman of the Central Securities Depository of Iran (CSDI) said Iran and Russia are working to establish a stock market corridor for investors in the two countries to access each other's capital markets.

Central Securities Depositories of Iran and Russia signed a Memorandum of Understanding in Moscow in April to develop cooperation in a vast range of issues, Hossein Fahimi told Trend.

He added that establishing a stock market corridor for investors in the two countries to access each other's capital markets was among the main issues to be worked upon under this cooperation agreement.

"We have succeeded in implementing the first phase of the initiative (stock market corridor). The second phase of the plan includes distribution of securities issued jointly by Iran and Russia. This way the nationals of the two countries can access each other's capital markets," Fahimi said.

He went on to add that the project will become operational after initial studies are completed.

The chairman of the Central Securities Depository of Iran said Iran is also pursuing cooperation ‎with Russia to exchange experience and information in the two countries’ capital markets, and develop cooperation between financial institutions and securities organizations of the two nations in the sphere of ‎blockchaine technology.

According to other terms of the agreement, they will also increase cooperation in the sphere of depositary and settlement operations, operational interactions in post-trade scenarios, such as corporate actions processing, including e-General Meeting and e-voting.

On July 7, Iran and Russian central banks signed agreements to boost ties on new financial and monetary fronts as part of the latest Iran-Russia Banking & Financial Group Meeting.

During the meeting, which took place between Hossein Yaqoubi Miab, Iran central bank’s deputy for international affairs and Bank of Russia deputy chief Dmitry Skobelkin in Tehran, the two sides signed a document to strengthen financial cooperation and remove the existing barriers in the way of normal banking relations.

As reported by the CBI website, the agreement includes directions for reducing the time and paperwork involved for Iranian banks when they open accounts with their Russian peers.

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