The first meeting was held within the framework of the new phase of the Graduate School of Business applied research project “Crowdfunding on CFA platforms”

On October 9, the first meeting of the new phase of the Graduate School of Business applied research project “Crowdfunding on CFA platforms” was held.

The head of the research was Volkov Dmitry Leonidovich Doctor of Economics, Professor, Head of Financial Management Department, First Deputy Director of Graduate School of Business.The research team of Graduate School of Business united experts of scientific and applied work, practitioners of financial markets, as well as young scientists. This research was made possible, among other things, due to the support of the flagships of this area - the expert group of the research agreed to include top managers and experts representing: Moscow Exchange, Sberbank, Alfa-Bank, T-Bank, Bank Sinara, Tokyon, Blockchain Hub, MC “Progressive Investment Ideas” and Specialized Depository “Infinitum” as interested in the development of this area, as well as the law firm Sagrada Legal, known for projects on new financial technologies.

The first phase of the project was realized in 2022-23 under the title: “Fundamental value and investment attractiveness of companies: selection of objects for investment in the equity crowdfunding process”. As a result, the team of authors prepared an analytical report, the authoritative reviewers of which recommended GSB to continue the study of crowdfunding in the context of the CFA platform development.
Translated with DeepL.com (free version).

Andrey Mordavchenkov, MC Progressive Investment Ideas:
For us, as a management company, the problem of CFA is new. Due to the peculiarities of regulation, we have no opportunity to invest pension savings and mutual funds' assets in these assets. We are interested in this market and it is not a secret that our management company was the first in the Russian practice to make a test transaction on purchase and subsequent redemption of CFA at the expense of its own funds on the secondary market using nominal holding depository accounts with infrastructural support of Infinitum Special Depository, but we are still rather observers. Nevertheless, we have high expectations both in terms of the CFA market and the study launched by the Higher School of Business.

Anna Shapovalova, Alfa Bank:
This should be a very useful study for the market, because everyone - operators, issuers, investors, management companies, depositories - has a rather fragmented view of this market and the problems they face on a daily basis. I hope that the study will make it possible to fully bring together all the problems faced by all market participants.

Ilya Khabarov, Bank Sinara:
The project team will have to do a difficult, but at the same time interesting analytical task to describe and systematize the world's approaches to crowdfunding and digital rights, the conclusion of which should be a set of measures to implement a scheme of effective interaction between these two areas, giving a synergistic effect to the market. We, as representatives of this market, are ready to actively participate in the project and expect new discoveries and practical steps in business development as a result of the project.

Sergey Kiselev, Graduate School of Business:
It is a great honor for me to participate in such an ambitious and relevant research project. The promising and emerging CFA market now provides an opportunity to create a wide variety of digital assets, which should surpass traditional financial market instruments in many parameters and opportunities for both issuers and investors. Based on the results of our own preliminary assessment and discussions with market professionals who are members of the Expert Group, we have already identified the most pressing issues facing the development of crowdfunding and the CFA market, and we plan to present the results of their comprehensive study to the scientific and professional community as our joint work progresses.