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The Russian & # 39; s National Settlement Depository (NSD), the Sberbank and Brokerage Company (BC) Region have signed the "first agreement in the world" OTC repurchase agreements using an intelligent contract on a blockchain network.
The agreement provided for an OTC repo called ruble secured by federal bonds (Obligatsyi Federal & # 39; novo Zaima – OFZ). From a legal point of view, the trio states that the agreement is governed by Russian law and is a binding financial contract that has been electronically signed using an intelligent contract and electronic signatures through collateral management systems (CMS) dell & # 39; NSD.
The three-way OTC repurchase agreement "in the world" is based on an intelligent contract on a blockchain network
Andrey Shemetov, VP of Sberbank and head of the global markets department, says this is "the latest in a series of significant steps to automate the business processes of Sberbank to work with financial market counterparts."
He adds: "The combination of smart contracts and distributed register technology makes financial contracts more transparent and increases security for both customers and the bank."
Alina Akchurina, MD for collateral management systems at NSD, comments: "The integration of NSD's CMS into distributed blockchain networks is part of our development strategy. to manage repurchase operations is one of the few examples that justify the use of this technology. "
The agreement had three parts: the seller – Sberbank, the buyer – Region BC and the settlement agent – the NSD.
The interaction between the parties was automated and took place on a blockchain network. Each participant presented an instruction to their node in the network, after which the smart contract concluded the deal and sent the settlement instructions to the NSD clearing system.
NSD's CMS platform was used to transport our agreements, which allowed the participants of the ready-made contract to automate the execution of the margins, the settlement functions and the reporting of deposits.
According to this blockchain theme, both NSD and Sberbank have shown interest in technology. Last month they closed an agreement on a commercial bond loan using blockchain.
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