Moscow Exchange has defined the concept of a depository for the BRICS countries – Kommersant
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The Moscow Exchange has formed the concept of a central depository for the BRICS countries and has already sent it for consideration to the Ministry of Finance and VEB. This was announced by the head of the supervisory board of the Moscow Exchange Sergei Shvetsov on the sidelines of the Ural conference of the National Association of Stock Market Participants (NAUFOR) in Yekaterinburg, his words are quoted by RBC.
“The exchange sent its proposals, but not to BRICS, but to the Ministry of Finance and VEB. The Russian Federation is holding a BRICS summit next year, the agenda of which is determined by the authorities,” said Sergei Shvetsov.
According to him, the Moscow Exchange plans to create a BRICS depository using distributed registry technology: the depository will not exist as a legal entity. Earlier, Sergei Shvetsov said that if the system is concentrated in one legal entity, it will be vulnerable to sanctions.
“That is, it will be a blockchain with nodes at the central depositories of the BRICS countries,” said the head of the Moscow Exchange Supervisory Board. As Sergey Shvetsov explained, Euroclear has mutual accounts with the central depositories of almost all BRICS countries. “They work in two ways: as Euroclear’s access to the instruments that the central depositories record, and as the central depository’s and its clients’ access to what Euroclear records,” he added.
At the same time, the head of the Moscow Exchange Supervisory Board noted that the organization of the BRICS depository will depend on whether Euroclear wants to work with it. “If he doesn’t want to at all and other Western depositories don’t want to work, then two systems will work. And then the flow of securities will be carried out through secondary depositories,” he believes.
About Moscow Exchange’s plans to create a depository based on BRICS Sergey Shvetsov reported in mid-June at SPIEF-2023. In July, the head of VTB Andrey Kostin offered create an alternative to Euroclear and Clearstream in one of the Gulf countries.
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