MOSCOW, Aug 28 The National Settlement Depository (NSD), part of the Moscow Exchange Group, plans to launch a system for the rapid transfer of all types of securities from one broker to another, the Chairman of the Board of NSD told reporters Viktor Zhidkov.
“We are building a system for the rapid transfer of securities by analogy with the system for the rapid transfer of money, to which everyone is accustomed. If you are a client of a broker, it is extremely difficult to transfer assets to another broker: counter orders, documents for taxes, etc. We proposed market to build a function in brokers' applications that will allow you to transfer securities to another broker in one or several clicks. Technically, we have already implemented this and are starting to test it with a number of brokers,» he said.
«We already have six participants in testing, I think we will implement it by the end of the year. But it is necessary to make changes to the legislation — to Federal Law-39 «On the Securities Market» and to the Tax Code in order to be able to deliver tax documents to the place of transfer in electronic form. In addition to transferring paper from one broker to another, it is necessary to transfer information about its value in order for taxes to be collected correctly,» he added.
According to him, it will be much cheaper than now, because at the moment the desire of the client to transfer the paper forces the broker to make a large number of iterations. «They have to accept your application for transfer, send it to NSD in the standard form and wait for a match with a counter order to start the transfer, generate documents for you based on the price at which you bought. Then give them to you in your hands and you will go to another broker,» he said.
«We will, in fact, transfer an electronic package from one broker to another through our channels — the cost of the service is the cost of the channel, its security and storage of documents. I think that tariffing will be formed through a simple business analysis of the values that the client will ultimately see. If he does not see them, he will not pay anything,» he noted.