Russian National Settlement Depository has used a blockchain-based platform during its recent shareholders voting. The company believes blockchain can increase transparency and ensure fair vote count.
“In April, we have assembled an e-voting blockchain-based prototype at our shareholders' meeting. Indeed, this technology allows you to increase the reliability of assemblies, guarantee undistorted ballots, voting results, provide greater comfort for investors,” said Chair of the Board Eddie Astanin during the Annual Echange Forum held today.
The National Settlement Depository makes part of the Moscow Exchange financial group. It provides depository, settlement and other related services under the status of a central depository in Russia. 99.997% of NSD is controlled by Moscow Exchange, with 36 Russian and foreign banks holding remaining shares.
Moscow Exchange has also acknowledged its interest in the ditributed ledger technology, focusing primarily on cost efficiency but, according to strategy director Anton Govor, “not in order just to make a fashionable prototype.”
The growing interest towards blockchain shown by Moscow Stock Exchange and its subsidiaries fits into the global trend. Over the past year, the decentralised technology has attracted the attention of such exchange trading leaders as Nasdaq, the Japan Exchange Group, and the Australian Securities Exchange whose head Elmer Funke Kupper has been quoted claiming that the technology might significantly reduce costs of post-trading services and even make clearing operations obsolete.
South Korean Stock Exchange (KRX) has also joined in recently, intending to use distributed ledgers technology at off-board trading market. Moreover, the stock exchanged is claimed to be developing its own blockchain-powered platform for non-listed securities.