The St. Petersburg Currency Exchange is going to provide bookrunning services to information system operators
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The St. Petersburg Currency Exchange (SPVB) is going to provide services for collecting the order book for the issuance of digital financial assets (DFAs). Now operators are attracting investors on their own. Experts believe that the initiative can attract liquidity to the market. However, there are also risks, for example, non-placement of issues, and this market itself is still not very interesting to institutional investors.
“Kommersant” got acquainted with the presentation of SPVB, which states that the exchange is going to provide information system operators (OIS, which issue digital financial documents) with bookrunning services. The platform plans to create tools for collecting market offers for corporate financing in the format of negotiated transactions based on its own infrastructure, and then carry out attraction transactions in the form of DFAs.
As the head of the directorate for development and sales of digital financial instruments of St. Petersburg Vyacheslav Blagirev explained at the Cbonds forum “Corporate Lending in Russia-2023”, the first such transaction will take place in November.
Currently, ten organizations have IPO status, including Lighthouse, Atomize, Sberbank, Alfa Bank, Masterchain and others. Only the Moscow Exchange received the status of a DFA exchange operator. According to Kommersant’s estimates, in general, almost one and a half hundred DFA issues worth about 40 billion rubles have been offered to investors in more than a year.
The Moscow Exchange clarified that the collection and comparison of applications for the purchase of DFAs is carried out by the exchange operator, which can be either the OIS itself in relation to its own products, or a separate legal entity that has received such status. At the same time, in recent placements of digital financial assets within the Moscow Exchange group (see “Kommersant” on September 26), Gazprombank acted as their organizer.
A number of OICs have already become interested in the SPEB proposal. General Director of Atomaiz Ekaterina Frolovicheva explained that a platform will be created at SPVB where the investor and the issuer “will be able to find each other in a convenient format, preliminarily agree on the terms of the issue, and then submit the necessary applications in the system for issuing DFAs.”
Lighthouse CEO Denis Jordanidi said that the company is working with a focus on tokenizing gold with physical delivery, which will be available to corporate clients through St. Petersburg Exchange: “Thanks to the proposed over-the-counter model, its corporate clients will be able to purchase gold directly from the mining company without additional markups.” Deputy General Director of Masterchain Maxim Tishchenko said that the company is working on the issue of cooperation with St. Petersburg Export Exchange.
The head of the Alfa Bank DFA platform, Anna Shapovalova, believes that every OIS that has a base of investors and issuers can easily build such a module itself, and operators who “need a flow of clients” should connect to the exchange instrument. She emphasized that the service operates solely as an infrastructure, and not a player “creating liquidity and customer experience on itself.”
Maxim Tishchenko believes that the involvement of large players with a liquidity pool will significantly increase the volume of DFA issues. According to the head of Finam, Vladislav Kochetkov, the main advantage of SPVB is fairly low tariffs. In particular, the commission charged for services for conducting deposit auctions, selecting applications and clearing is 0.0001–0.008% of the deposit amount.
However, experts also note the risks of the mechanism. Mr. Tishchenko talks about the likelihood of a statement without a purchase, which could lead to the non-placement of the issue. Independent financial analyst Andrey Barkhota believes that the main risk of the proposed bookbuilding model is a decrease in accuracy and targeting during the mass issue of digital financial assets.
Stock market participants in general still view the DFA segment with extreme caution. The head of the brokerage services department at Sovcombank, Igor Laukhin, believes that this market is not yet interesting from the point of view of organizing placements: there are no investors, there are not all the opportunities available on the classic market, while the cost does not differ.
According to the general director of TKB Investment Partners, Dmitry Timofeev, for institutional investors, the few visible advantages in the DFA are “negated by significant disadvantages – the lack of organized secondary circulation and liquidity.”
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