16 Jun 2023 09:40

Moscow Exchange proposes to create international depository based on BRICS

ST. PETERSBURG. June 16 (Interfax) - The Moscow Exchange believes it is possible to create an international depository founded by a BRICS institution, the chairman of the exchange's supervisory board, Sergei Shvetsov told reporters on the sidelines of the St. Petersburg International Economic Forum.

There are currently three central international depositories - the Bank of New York, Clearstream and Euroclear, he recalled.

"We need to create an alternative, because when a monopoly is used by some countries as a method to influence others this is wrong. If nations are not prepared to treat infrastructure neutrally, there needs to be competing infrastructure," Shvetsov said.

"They are all connected to all central depositories of countries. So we could easily create a depository at the level of BRICS that would connect to not unfriendly countries," he said.

At this point this is just "an idea that needs deliberation," Shvetsov said, adding that such a platform must be open.

"A BRICS institution could be the founder," he said. The idea is "raw" and has not been discussed with regulators, Shvetsov said.