The first transaction involving a DFA exchange operator took place on the Russian market
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For the first time on the Russian market, the Moscow Exchange Group conducted a transaction with the participation of a digital financial asset exchange operator (DFA). However, for now this was testing a new service. And although some sites have announced the start of secondary circulation of DFAs issued on them before the end of the year, a full-fledged secondary market may not start working soon.
The first transaction involving a DFA exchange operator took place on the Russian market. According to information disclosed on September 25, the National Settlement Depository (NSD, part of the Moscow Exchange group), as an information system (IS) operator, issued DFAs, the issuer of which was GPB Factoring. The issue is structured in the form of a monetary claim in the amount of 100 million rubles. circulation period is 1 day with a rate of 13% per annum. After this, the assets were sold on the Moscow Exchange exchange platform, it explained. The buyer is not disclosed. GPB Factoring did not respond to Kommersant’s request.
NSD entered the register of IP operators entitled to issue DFA on August 3 of this year. In addition to it, the register of IP operators includes eight companies and banks, the first of which entered the register back in February 2022. Only the Moscow Exchange is included in the DFA exchange register. In addition, documents for inclusion in this register were submitted by St. Petersburg Exchange. To date, more than 120 issues of DFA have been issued, the nominal volume of which is approaching RUB 40 billion.
Experts interviewed by Kommersant called the issue a tokenized analogue of overnight. However, such short releases are rare for this market. Another issue of similar timing took place on the Sberbank site in July. Other DFA issues were mainly placed for periods of one month, and more recently – up to six months or more.
Experts consider the transaction to be a test one. As the founder of Cross Finance, Alexander Mamasidikov, notes, NSD will for now experiment with formats, look for “what else to tokenize and turn into DFA, as far as it is convenient for investors and issuers.”
Executive Director of the Association of Factoring Companies (AFC) Dmitry Shevchenko clarifies that “factoring transactions, as practice shows, are still the most logical area of application of DFA for monetary claims.” Taking into account the latest placement, five companies in the industry have already carried out such transactions. At the same time, the transaction parameters themselves are not typical for this area. “With the average turnover of a factoring portfolio on the market being 60–70 days, in this case it is not the timing that is important, but the fact of the transaction,” notes Mr. Shevchenko.
In case of issue and secondary circulation, the issuer and the investor will have to pay commissions to both operators. But NSD’s tariffs are quite low, although they are determined using a complex formula.
In particular, explains Dmitry Kirillov, a teacher at the educational platform Moscow Digital School, NSD charges a fixed payment of 35 thousand rubles when placing DFAs with a circulation period of up to 7 days. plus the initial transaction value multiplied by the number of days and a coefficient of 0.000028%. For DFA issues with a maturity of 8 to 360 days, the number of days is not taken into account. At the same time, the fixed payment, depending on the period and volume of the issue, ranges from 56 thousand rubles. up to 3.9 million rubles. To this is added the primary transaction volume, multiplied by 0.00875%. The exchange, in turn, charges commissions that depend on the maturity of the DFA and the size of the issue.
With the advent of a more active secondary market, we can expect increased activity among investors and their interest in DFAs, believes Mr. Mamasidikov.
Other IP operators may also facilitate secondary transactions on their platforms. Atomize CEO Ekaterina Frolovicheva emphasizes that the company was the first in Russia to conduct transactions on the secondary market with digital financial services at the end of 2022. However, there are currently no regular transactions on the secondary market. In particular, for a number of issues placed on the Alfa Bank platform, secondary circulation was announced from November 1, 2023.
The IS operator rules stipulate the rules for attracting DFA exchange operators, including requirements for them. Masterchain said that it is negotiating with the Moscow Exchange to fully implement the secondary DFA market for its clients, “however, this is not a quick process, since deep integration of IT systems is required.”
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