CSD Working Group Announces Blockchain Election System for crypto trader

The CSD Working Group on DLT consists of several Central Security Depository (CSD) banks that have agreed to use Distributed Ledger Technology (DLT), or Blockchain Technology, to develop a voting system for shareholder meetings.

The association, consisting of representatives of the National Settlement Depository (Russia), Strate (South Africa), SIX Securities Services (Switzerland), Nasdaq (mainly USA) and the Depósito Central de Valores (Chile), is an association of international companies which deals with the custody and transfer of securities in securities accounts in their respective countries.

Why is the Central Securities Depository voting system so complicated for crypto trader?

The central securities depositories, or central securities depositories, act as central custodians for several crypto trader credit institutions. They are therefore responsible for crypto trader cross-company securities trading. So when Hans Otto buys a share on the stock exchange, the stock exchange transmits the data for the sale (which also passes through a bank) to the responsible central depository. The latter debits Hans Otto’s account with the fees and credits him with the security. The securities are credited to Hans Otto in the Central Securities Depositary’s master data record and the banks receive a confirmation. The security itself remains with the Central Securities Depository and everyone receives a piece (of different size) of the cake.

Blockchain should optimize voting system

„Strate has always advocated the collaboration of different actors and experts to successfully implement industry-wide projects. They always mean added value for the markets. Distributed ledger technology has now opened the doors to a new world of human communication. We are happy to be a part of this journey to make history. Together with the other members, we will take advantage of this technology to improve the financial markets,

says Monica Singer, CEO of Strate.

The CSD Working Group on DLT wants to develop a voting system that is both secure and transparent. The system would automatically grant or deny members voting privileges. These depend on what voting rights the members are entitled to in the respective organizations. In this respect, representatives of smaller interest groups would have fewer rights than those of larger interest groups.