Kommersant learned about the plan of the SPB Exchange to expand the number of depositories
According to the sources of the newspaper, SPB Exchange is studying the issue of creating a depository similar to Euroclear, so that there are not three depositories, as it is now, but a whole group of depositories,combined into a single platform
SPB Exchange plans to expand the number of depositories used to store foreign assets due to the risk of blocking by foreign regulators and the desire of the Central Bank to restrict access for unqualified investors, Kommersant writes.
According to the newspaper's sources, the St. Petersburg Exchange has prepared a letter for the Bank of RUSSIA with proposals to minimize infrastructure risks when trading foreign securities. Among the proposals is the creation of a distributed custodial infrastructure with the storage of assets with various large counterparties.
If now access to deposited securities is carried out through organizations in unfriendly countries, then in the proposed model it is proposed to store securities in infrastructure organizations in Hong Kong, CHINA , Kazakhstan and a number of other countries, one of Kommersant's interlocutors explained. The SPB Exchange and the Bank of Russia declined to comment.
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SPB Exchange is studying the issue of creating a Euroclear-type depository, so that there are not three depositories, as it is now, but a whole group of depositories united in a single platform, another source on the stock market told the newspaper. In his opinion, this step is “quite justified”, as it “allows you to reduce risks in case of blocking a certain depository”.
“Various solutions were proposed: in particular, the possibility of transferring the exchange to Kazakhstan was discussed, it is possible that in the process of discussing and working out the issue, they could go towards creating a system of several depositories, which, by distributing accounts, would reduce the risk in the whole system,” — clarified another interlocutor of the newspaper, familiar with the discussion of the project.
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Since the beginning of March, against the backdrop of Western sanctions and as a result of retaliatory measures by the Central Bank, Russian investors have experienced difficulties with investments in foreign securities. First of all, they were faced by clients of brokers who fell under blocking sanctions. Later, due to the freezing of the bridge between the Russian depositary and the European clearing houses Clearstream and Euroclear and the subsequent inclusion of NSD in the sanctions list, all transactions of Russian clients with securities maintained by these organizations were stopped. Investors from Russia cannot sell or buy foreign securities, as well as receive payments on them.
At the end of May 2022, the Bank of Russia restricted trading on the St. Petersburg Exchange in securities that underwent primary listing on foreign exchanges and were blocked by foreign depositories (990 items in total, including receipts for shares of Chinese issuers). The exception was the assets of companies registered abroad but operating in Russia: TCS Group, Ozon, Yandex and others. According to the SPB Exchange, in monetary terms, the share of securities unavailable for transactions amounted to less than 14% of the total client portfolio available for trading.
Earlier, the St. Petersburg Exchange also warned of a possible suspension of trading in securities of all foreign issuers. Nevertheless, already on June 20, the site launched trading in shares from the Hong Kong Stock Exchange. Currently, 12 securities are available to investors, but by the end of the year their number was promised to be increased to 200. The settlement depository for transactions with Hong Kong securities is the SPB Exchange.