meta_id 3412843

The Central Bank of Russian Federation (CBR) is implementing a comprehensive reform to standardise electronic messaging formats across securities accounting institutions. Currently, depositaries and registry holders use 298 disparate templates for information transmission when conducting securities operations. The CBR will replace these fragmented systems with unified electronic message formats based on the international ISO 20022 standard. The reform aims to streamline securities transfers and settlement processes by establishing common interaction rules for all accounting infrastructure participants. The CBR published its proposals in the "Concept for Standardisation of Electronic Interaction Formats for Accounting Infrastructure Organisations," which incorporates feedback from market participants, self-regulatory organisations, and software developers. The concept introduces unified format albums for electronic messages (UFES albums), which the CBR will develop, maintain, and keep current. Implementation of unified formats will become mandatory for accounting infrastructure organisations across key business processes: securities transfers, information and reference services, account and record management, and corporate actions. The standardisation will enable near-real-time data exchange and settlement between depositaries and registry holders, reducing technical delays and minimising errors in data transmission and processing. A CBR survey conducted in 2026 found that over 20 percent of accounting infrastructure organisations already apply ISO 20022, while approximately 40 percent are implementing it or prepared to transition. The CBR estimates the transition to unified standards will require at least five years. During this period, legislative amendments and necessary regulatory acts must be prepared, and electronic message formats must be developed and agreed with market participants. Stakeholders can submit questions, proposals, and comments to e_standards@cbr.ru.