National Settlement Depository (NSD), Russia’s central securities depository, has registered the first transaction to purchase mutual fund units issued by TRANSFINGROUP, an asset management company, and INFINITUM, a specialized depository.
The transaction was made based on INFINITUM’s technological platform; TRANSFINGROUP acted as the seller of the securities, and NSD played a key role in the project, acting as financial transaction registrar (FTR). The FTR will register transactions with different financial instruments and store information about the conducted transactions. Individuals who purchased the financial instruments will be able to see all data on the transactions via their personal accounts and to receive a statement with a “golden copy” status from the FTR.
In 2017, the Bank of Russia initiated the formation of the Marketplace together with market participants. This platform will allow individuals to see offers from Russian financial institutions (banks, asset management companies, and insurance companies) online, compare them and purchase them remotely from anywhere in the world. A client may receive information about products bought via the Marketplace in his or her personal account and manage them remotely.
“Pilot transactions have shown that it is possible to provide clients with 24/7 remote access to financial organizations’ products and services via the Marketplace project regardless of geographic location,” pointed out Sergey Shvetsov, First Deputy Governor, Bank of Russia. “This channel has become an additional option for financial organizations striving to attract clients.”
“Being a Marketplace project participant, NSD, as a provider of high-tech infrastructural solutions, scales the accumulated experience of a systemically important repository and acts as a financial transaction registrar,” said Eddie Astanin, Chairman of the Executive Board, NSD. “We believe in this project’s potential reflecting the global trend of financial market digitalization.”