Russian Depository Completes First Automated Corporate Actions

No technical failures during share- and bondholder meetings run with newly instated technology

moscow-kremlin-wall-biz-district-2015
Moscow, home of the National Settlement Depository

National Settlement Depository processes corporate actions in electronic format using ISO 20022.

The National Settlement Depository, Russia's central securities depository, has held the country's first corporate actions in electronic format using the ISO 20022 standard for financial data interchange.

The depository has been engaged in a corporate actions reform program in a bid to automate the process and make the country more attractive to investment. Legislative amendments put into effect on July 1 established a new procedure for corporate actions processing, and these were the first done in accordance with the law. So far, 10 shareholder and five bondholder meetings have been held.

No technical failures occurred during these first meetings. To prepare for the new regime, the NSD has conducted tests with market participants since the end of 2015. 

All meetings of securities holders in the Russian market are now held in a centralized manner. Issuers submit all required information related to exercising rights to securities in a unified electronic format to the depository and provide participants with the option of using e-proxy voting technology.

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