Digital Transformation of the Depository Infrastructure of the Collective Investment Market as a Driving Force of Innovation Development

Larisa P. Kharchenko and Olga N. Korableva ()
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Larisa P. Kharchenko: Saint-Petersburg University of Management Technologies and Economics
Olga N. Korableva: Saint-Petersburg University of Management Technologies and Economics

A chapter in Finance, Economics, and Industry for Sustainable Development, 2025, pp 603-619 from Springer

Abstract: Abstract Digital technologies are changing the business models of financial intermediation. A platform business model with centralized accounting of investment units has been implemented on the basis of the Central Securities Depository, which allows building business processes between management companies and brokers in order to improve the digital distribution channel of investment units. As the number of platform participants grows and its value increases from mutual network effects, the introduction of Open API technology based on the platform in the future will create conditions for the emergence of innovative services and attract new players to the financial market. Specialized depositories are also starting to transfer business processes to the digital space. Building a digital architecture will allow specialized depositories to develop innovations based on digital technologies, acting as a competence center for participants in the collective investment market. The research is aimed at identifying the relationship between digital transformation and the development of innovations based on a new business model of a company using the example of digitalization of the depository infrastructure of the collective investment market. For this purpose, a study was conducted on the digital transformation of the Central Securities Depository and a specialized depository. The study, among other things, included an analysis of the results of a survey of market experts on topical issues of Open API technology when it is implemented by financial intermediaries. It is proposed to create a service based on the new platform that performs ESG screening of companies’ shares that are included in mutual fund portfolios by management companies, as well as integrate ESG-style into the selection process of fund shares to form its portfolio. The research utilized methods of systematization, logical analysis, comparative analysis, synthesis, and survey. The result of the study was the identification of the positive effects of the digital transformation of depository infrastructure institutions for the development of the collective investment industry and the role of digital transformation as a driving force for the development of innovations in the financial market.

Keywords: Financial intermediation; Specialized depository; Central Depository; Digital transformation; Open API technology; Collective investment industry; Innovations; ESG screening (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/978-3-031-87752-0_52

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