SPB Exchange will issue DFAs for Chinese shares
Date: 2023-06-29 Author: Karina Ziganova Categories: IN WORLD
The St. Petersburg Stock Exchange plans to issue digital financial assets linked to shares of Chinese companies
SPB Exchange wants to issue digital financial assets (DFAs) linked to Chinese stocks by the end of the year. This was announced in an interview with Forbes by the general director of the exchange Roman Goryunov. It is argued that the launch of the DFA will be of a pilot nature. Details of the initiative were not disclosed.
In addition to DFAs, the St. Petersburg Stock Exchange intends to issue exchange-traded funds (ETFs) linked to Hong Kong shares in July. According to Goryunov, the exchange will launch a new financial instrument by July 15. Hong Kong stock exchange-traded funds will be available to unqualified investors. However, Goryunov noted that these ETFs will not include shares of countries that have imposed sanctions against the Russian Federation
Earlier, the editors wrote that the SPB Exchange became the first stock exchange in the Russian Federation, which received the status of a DFA operator. Then representatives of the exchange said that the trading platform would not rush to develop a new direction, since there are still many ambiguities in the local legislation around DFAs.
For example, the exchange said that the law "On DFA" does not allow the use of the traditional infrastructure of the exchange for the circulation of digital assets. This restriction makes it difficult to provide the necessary liquidity for the development of DFAs, according to the St. Petersburg Exchange.
The trading platform intends to make its comments on the current regulation. Details of the changes, however, were not disclosed.
In the meantime, Russian lawmakers intend to approve amendments by the end of June that allow Russian regions to independently issue DFAs. According to the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, the deputies have already prepared amendments to the legislation. It is expected that the issue of DFAs will help the constituent entities of the Russian Federation to replenish the regional budget.
