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Eddie Astanin and the Transformation of NSD

Core Content

Eddie Astanin, the CEO of the Russian Central Securities Depository (NSD), is a visionary leader with a background in rocket science and mathematics. His career has been marked by significant innovation and reform in Russia's financial market infrastructure, making him a key figure in the evolution of the country's financial systems.

Main Career Highlights

• Background: Astanin graduated from the Space Academy in Leningrad in 1984 with a focus on mathematical modeling of ballistics. He later earned a doctorate in ballistics and worked in the military space institute before transitioning to the financial sector.

• Leadership at NDC: In 2004, he joined the National Depository Centre (NDC), which later became NSD. He was appointed COO in 2009 and CEO in 2010, leading the transformation of NDC into a joint stock company and merging it with MICEX SH to form a unified CSD.

• Corporate Culture Change: Astanin focused on changing the corporate culture of the merged entity, emphasizing innovation and client orientation over monopolistic practices. He successfully integrated four post-trade utilities and led a major cultural shift.

• Technology Innovation: Under his leadership, NSD has pioneered the use of blockchain technology in securities settlement and corporate actions. The company also introduced an automated clearing house (ACH) service that connects banks directly to the Bank of Russia's RTGS system.

• Regulatory Engagement: Astanin has emphasized the importance of positive relations between regulators and the regulated. His experience during the 1998 financial crisis led him to advocate for regulatory reforms that helped the market recover more quickly.

• ISO 20022 Compliance: NSD has become a world leader in adopting the ISO 20022 standard, which is crucial for modernizing financial communications and enabling seamless integration with global systems.

Key Innovations and Achievements

• Blockchain and Big Data: NSD has tested blockchain for corporate actions and e-proxy voting, and has developed Big Data analytics to enhance collateral management and valuation services.

• Trade Repository: The trade repository, initially aimed at aligning with G20 reporting requirements, has grown significantly, handling over 450,000 submissions in 2015.

• Tri-party Collateral Management: NSD now provides tri-party collateral management services to over 200 banks, including major international custodians, enabling access to global funding sources.

• Global CSD Network: Astanin advocates for building a global network of CSDs through bilateral links rather than mergers. NSD has already established connections with CSDs in China, Hong Kong, Japan, India, and South Korea.

Vision for the Future

• FinTech and CSDs: Astanin believes FinTech presents opportunities rather than threats for CSDs. He envisions a future where CSDs provide centralized platforms for secure and efficient digital transactions.

• Global Integration: He emphasizes the importance of open standards and collaboration across borders, arguing that standardization is key to building a frictionless global financial network.

• Competition and Flexibility: Despite the challenges posed by larger competitors, Astanin is confident in NSD's ability to innovate due to its agility and flexibility.

Conclusion

Eddie Astanin has played a pivotal role in transforming the Russian financial market infrastructure, particularly through the development and modernization of NSD. His background in rocket science and mathematical modeling has provided him with a unique perspective on innovation and efficiency. By fostering collaboration between regulators and market participants, and by embracing new technologies like blockchain and Big Data, Astanin has positioned NSD as a global leader in securities settlement and financial infrastructure. His vision for a connected, standardized, and efficient global network of CSDs continues to shape the future of financial markets.