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Financial Market Digitalization

FINANCIAL MARKET DIGITALIZATION ROADMAP
22.05.2015

Financial Market Digitalization Roadmap has been drafted by the Bank of Russia and features measures to improve e-communication in the financial market, full transition to digital workflow by market participants, their clients, federal authorities and the Bank of Russia.

The roadmap is aimed at coordinating efforts by the Bank of Russia, federal authorities, and NGOs:

to gradually reduce paperwork in the financial market, leading to its full elimination;
to provide equal financial market access to private individuals and market participants (irrespective of their location);
to simplify work, improve trust, psychological comfort and security in retail financial services;
to improve effectiveness of operations, cut non-core business expenses and, as a result, boost the financial sector’s competitive edge.

The roadmap draft was reviewed at an Government IT Commission session and approved by Deputy Prime Minister Arkady Dvorkovich.

MIFC Taskforce and the Bank of Russia Financial Markets Service have commenced a project on financial market digitalization.

The initiative is driven by the need to eliminate paperwork required to process the bulk of financial market transactions, which stalls the Russian market below global standards and competition. At the 17 January meeting with market participants, Head of the Bank of Russia Financial Markets Service Sergey Shvetsov stressed that digitalization will boost trading, cut costs and attract new players to the financial market – both private and corporate.

The project is aimed at digitalizing interaction between clients of financial and infrastructure organizations, market participants and the regulator.

Phase 1 of the project will finish in Spring 2014, followed by a report on existing digitalization problems.

The report will be prepared by MIFC Taskforce and the Bank of Russia.

All licensed market participants and allied experts are welcome to join the effort. To participate, please send an email to digital@ac-forum.ru along with your proposals on financial market digitalization.