The yuan was converted into a number
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Operators of information systems that issue digital financial assets (DFA) are expanding the range of tools used. The company “Lighthouse” placed the issue in Chinese currency for a record amount for the market. Some of the experts are skeptical, believing that the market remains closed and no massive CFA trading is expected. But professional participants are showing interest in the segment, although before the change in legislation, secondary transactions are possible only on the over-the-counter market.
Lighthouse conducted the first deal in Russia with CFA in yuan: for 58 million CNY (about 500 million rubles), secured by commercial debt, the company told Kommersant. The issuer was Metrovagonmash (the beneficiary is Transmashholding), which has already issued CFA for 5 million rubles. (see “Kommersant” dated June 29). The buyer is not disclosed. The circulation period of the issue is set at 29 days, the rate is about 4.2% per annum. This is slightly higher than the yield of yuan bonds placed by large issuers in the fall (see “Kommersant” dated November 13).
The new deal was the first CFA issue placed in foreign currency, and at the same time the largest on the Russian market.
According to Denis Iordanidi, General Director of Lighthouse, the new financial instrument will provide an opportunity to make cheap short-term investments without competing with the classic bond market that provides long-term financial investments.
The instrument is paid in rubles, and the yuan exchange rate is determined at the option of the purchaser on the day of the CFA issue at any exchange rate of the Moscow Exchange for transactions with “today” settlement, carried out from 12:25 to 12:35. If the auction ends earlier, then the deal is closed according to quotes with the settlement “tomorrow”. When the token is redeemed, the rate is fixed on the previous day at any exchange rate of the Moscow Exchange for transactions with “tomorrow” settlement, carried out from 12:25 to 12:35. Choosing a real-time exchange rate is “a standard corporate exchange practice for large amounts,” Mr. Jordanidi explained.
Now only three operators (Atomize, Sberbank and Lighthouse) are included in the register of the Central Bank, which have the right to issue digital financial assets. According to the regulator, at the end of November 2022, they carried out 16 transactions in the amount of 227 million rubles. According to the documents of the operators, the vast majority of transactions fell on the issuance of CFAs secured by rights of claim. The circulation terms were 1.5–3 months, and the rates on ruble instruments were 12–18% per annum.
The practice of CFA circulation will increase, this gives “flexibility” to transactions (purchase, sale, exchange, splitting) and does not cause a negative reaction from the regulator, says Anastasia Kucherena, managing partner of KCG. In her opinion, the market will soon see a standard currency basket in the form of digital assets. “It is interesting to issue in any currency in which there is an emerging market, and for Russia – with those countries with which trade is built,” the lawyer believes. Atomize declined to comment. Sberbank did not respond to Kommersant’s request.
However, judging by the parameters of transactions (volume, timing, etc.), the possibilities of the digital financial market are being tested and the technology for their release is being developed.
For example, only at the end of November, the first transaction with the participation of individuals took place on the Atomize platform – CFAs were purchased for palladium. Therefore, so far experts are rather reserved about the segment.
Dmitry Machikhin, CEO and founder of BitOK, believes that the issuance in yuan “is not interesting in any way, since it does not create any market advantage, but, on the contrary, complicates the existing process.” DFAs are local in nature and are actually closed to the mass user, says Andrey Tugarin, managing partner at GMT Legal. In his opinion, there is a necessary legislative basis and infrastructure for the DFA market, but “business does not see the need to enter this industry.” Mr. Machikhin expects that in the future there will be companies mainly with state participation, which will use the CFA for internal needs.
At the same time, professional participants in the securities market and trading floors show interest in the segment. The Moscow Exchange has submitted an application to the Central Bank for inclusion in the register of CFA issuers and is preparing a deal with Gazprombank in early 2023, the head of the exchange, Yuri Denisov, said at the Finopolis forum in early November. At the Bank of Russia (see “Kommersant” dated October 13) believe that without changing the legislation, only the over-the-counter circulation of such assets will be possible.
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