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SANTIAGO, May 31, 2017: CSD Working Group on DLT, an association of Central Securities Depositories working on developing reference products using Distributed Ledger Technology (DLT), has released product requirements for the proxy voting business case during the ISSA Operational Committee session in London on April 24, 2017. The document entitled “General Meeting Proxy Voting on Distributed Ledger: Product Requirements” contains requirements for all technical aspects of the product:
The document aims to provide a complete description of a reference product for proxy voting – one that can be used for business in most markets worldwide. The priorities of the working group were to capture the business value of using DLT in the area of proxy voting without completely reworking established business practices. Alexander Chekanov, Enterprise Architect at National Settlement Depository (NSD), Russia, the leader of the working group, says: “With this effort, we aim to provide clarity to the infrastructure operators and market participants in how to implement DLT-based solutions in their local markets and to create value associated with the technology. Proxy Voting has served as an excellent business case where the advantages are both visible and easy to achieve without causing a major disruption on the market. For NSD it is one of the many steps that we take to make Russian post-trade infrastructure more open and reliable for both the local market and internationally”. Monica Singer, CEO of Strate, says: “Strate has always maintained that collaboration with key market players and experts leads to the successful implementation of industry-wide projects that add significant value to the markets. Distributed ledger technology has opened the doors to a new world of how people can transact and we’re excited to be an integral part of this journey, where we’re changing history. Together with other working group members, we have embraced this technology to improve the financial markets and are excited at the progress being made on proxy voting using distributed ledger technology”. Javier Jara, Commercial and Legal Affairs Manager at Depósito Central de Valores (DCV), Chile, says: “For the Central Securities Depository of Chile, it is very important to be part of this project as one of the representatives of Latin America, it implies being in the leadership of projects that use Blockchain technology for Securities Depositories. This project of Proxy Voting raised the common requirements to all markets, allowing the incorporation of extensions that adapt to other specific markets, so when this project reaches the Chilean market it will already include the local needs. We hope to continue working with our colleagues from other Central Securities Depositories around the world, to increase in the collaboration and support in adaptations and developments in new technologies”. The document has been produced by the working group during the period between October 2016 and April 2017 and involved collaboration between NSD (Russian CSD), Strate (South African CSD), SIX Securities Services (European ICSD based in Switzerland), Nasdaq (Nordic division) and DCV (CSD of Chile). The presentation to the ISSA Operational Committee in London on April 24th was the first public disclosure of the document. The group is continuing to work on the business case of proxy voting on DLT. Future updates of the document will be focused on:
The CSD Working Group on DLT welcomes any feedback or collaboration opportunities from potential partners. To get in touch with the working group and to receive a copy of the document, please contact one of the member organizations: The latest version of the document is available online at the NSD website.
To contact the working group:
DCV Noticias |
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