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Technological innovations as a factor driving the evolution of central securities depositories’ business
Journal of Securities Operations & Custody,
11
(3),
222-232
(2019)
Abstract
The consistent trend towards dematerialisation and key business process automation in securities markets, developing around the world over the last years, has shaped the business model of an average present-day central securities depository (CSD). This paper analyses the impact that technological innovations have on the business of CSDs, assess the nature of that impact and figure out what lies ahead for CSDs in the age of technological revolution and transformative changes.
Keywords: CSD; innovations; market utility; business model development; diversification; cryptoassets servicing
The full article is available to subscribers to the journal.
Author's Biography
Maria Krasnova is a Deputy Chair of the Executive Board of the National Settlement Depository, the Russian CSD, responsible for client relations and network management, corporate governance, risk management and legal matters. Currently, Maria is also in charge of establishing the Individual Pension Capital Administrator platform for service and technology for individuals, employers and pension funds and that ensures safe and efficient collection, storage, confirmation and provision of data about pension savings in Russia. In 2013–2017 Maria held a leading role in one of the key improvements of the Russian financial market – the Corporate Actions Reform — which resulted in the implementation of market-wide ISO 2OO22– based electronic platform for corporate actions processing. Prior to her current appointment, Maria was the CEO of the Depository Clearing Company (DCC) and administered the successful merger of two settlement depositories — NSD and DCC. Maria has extensive experience in the financial industry; she joined NSD in 2001 as the Head of the Legal Department and performed in this role until 2011. In 2011 Maria became the Deputy Chair of the Executive Board.
