At the end of April 2016, Independent Registrar Company (IRC) and National Settlement Depository (NSD), Russia’s central securities depository, conducted a successful test of electronic document interchange (EDI) during the redemption process in compliance with the new procedure established in line with the corporate actions reform. The exchange was conducted in the ISO 20022 format using the NSD’s WEB service as an information interaction channel without the use of the LUCH software.*
Sergey Bernevega, Managing Director for Corporate Information, NSD, said: “The corporate actions reform assumes the transition to the electronic document interchange that corresponds with international standards, so it is important for market participants to be ready for this, including in a technological sense. Such tests with involvement of registrars and clients allow to check the practical functioning of the new format of interactions, to identify weaknesses and correct them. This preliminary work will help us provide securities holders with the reliable technology.”
IRC is the first registrar to connect its own automated system to NSD’s EDI with the use of modern technologies based on web services.
The new information exchange technology minimizes risks of loss of electronic documents during information receipt and transmission, increases the efficiency of interchange, allows to avoid delays by excluding interim links and provides registrars with additional options for controlling the EDI processes.
Thus, the set of software tools used by IRC which is based on cross mutual integration principles guaranteeing all process efficiency, has proven its effectiveness again as it has allowed IRC to successfully connect to NSD’s EDI and to test the interchange process.
* The phased discontinuation of support and use of the LUCH software is outlined in the NSD Road Map on EDI development.