Sberbank and the Interros group company concluded the first OTC repo transaction in electronic format using a smart contract and electronic digital signatures through an IT platform developed by the blockchain laboratory and the Sberbank global markets department.
Andrei Shemetov, vice president, head of the Department for Global Markets of Sberbank, said in a translated statement: “In the future, the conclusion of transactions through the blockchain platform will reduce transaction costs and errors through automation, as well as increase transparency and trust among all participants in the financial market.”
Technically, the transaction is based on the Hyperledger Fabric platform. The platform allows you to implement a complete end-to-end process for entering into and supporting OTC repo transactions. The smart contract is implemented in the GO programming language. Subsequently, the developed IT platform will become part of the overall decentralized infrastructure of the financial market.