Оптимизация учетной системы рынка ценных бумаг в условиях применения технологии распределенных реестров

Purpose of the study. The first goal of the study is a comparative analysis of the models of the accounting system of the stock market operating on the territory of the Russia, in particular, the model of the distributed accounting system and the model of the centralized accounting with the use of the central depository are considered. The second goal is to apply the distributed ledger technology in the development of a new model for the stock market accounting system. The goals are conditioned by the growing interest to the technology and similarity of its internal processes with the system of accounting of digital assets. The needs in optimization of the existing accounting system, bringing the system to the logical centralization are revealed. The application of distributed ledger technology for the purpose of unification of depository accounting systems is proposed. The analysis of efficiency of the given models is carried out and the criteria of efficiency estimation of each model are revealed. Materials and methods. For carrying out the research the works of description of register system genesis of stock market in Russia were applied. Works of Russian and foreign researchers in the field of influence of technology of distributed registers on accounting system and business processes of organizations are studied. The methodology for comparing models was the approach to the development of highly specialized evaluation criteria that meet the needs of the largest number of stock market participants. Results. Evaluation criteria were developed, on the basis of which the comparison of the existing models of the accounting system of stock market and the projected model on the distributed ledger technology was carried out. The needs for optimization of the existing accounting system of Russia, bring the system to the logical centralization of interaction of elements are revealed. Suggestions for the use of distributed ledger technology in order to unite the register systems of obligations have been developed The variety of elements of the accounting system of the Russian stock market was determined a large number of indicators used in comparisons of models, as well as a variety of approaches, both to the construction of the indicators themselves and to the collection of data to ensure their calculation and comparison. Conclusion. According to the results of the research it was determined that the decentralized model of the stock market accounting system on the distributed ledger technology in comparison with the classic model reduces the transaction cost of obligation right accounting operations, optimizes the complexity of the processes of interaction between the elements of the system, such as depositories and registrars, increases the transparency of the stock market, the processes of the transition of assets rights, due to which the liquidity of such assets and the increases investors interest. Decentralized model standardizes the of communication data, which has a positive effect on the indicators of information systems of participants. In comparison with the centralized model, the decentralized model eliminates the central depository transaction commission, eliminates monopolization to choose the direction of stock market depository accounting system development. Finally, the positive influence of the decentralized model on the stock market as a whole was revealed. The resulting form of relations will reduce the main cost indicators of the accounting system elements, such as transaction costs, the cost of support and development of information systems, the number of necessary formats for the application of interaction with counterparties.Цель исследования. Первой целью исследования является сравнительный анализ действующих на территории РФ моделей учетной системы рынка ценных бумаг, в частности рассматриваются модель распределенной учетной системы и модель централизованного учета с использованием центрального депозитария. Вторая цель – применение технологии распределенных реестров в разработке новой модель учетной системы РЦБ. Поставленные цели обусловлены возрастающим интересом к технологии и схожесть её внутренних процессов с системой учета прав собственности на активы. Выявлены потребности в оптимизации существующей учетной системе, приведении системы к логической централизации. Предложено применение технологии распределенных реестров с целью объединения учетных систем депозитариев. Проведен анализ эффективности приведенных моделей и выявлены критерии оценки эффективности каждой модели.Материалы и методы. Для проведения исследования применялись труды описания генезиса учетной системы РЦБ в России. Изучены работы российский и зарубежных исследователей в области влияния технологии распределенных реестров на учётную систему и бизнес-процессы организаций. Методологией сравнения моделей выступил подход к разработке узкоспециализированных критериев оценки, отвечающих потребностям наибольшему числу участников рынка ценных бумаг.Результаты. Разработаны критерии оценки, на основе которых проводилось сопоставление существующих моделей учётной системы РЦБ и проектируемой модели на технологии распределенных реестров. Выявлены потребности в оптимизации существующей учетной системы России, необходимости в приведении системы к логической централизации взаимодействия элементов. Разработаны предложения по применению технологии распределенных реестров с целью объединения учетных систем ценных бумаг. Разнообразие элементов учетной системы РЦБ России определило большое количество индикаторов, используемых в сопоставлениях моделей, а также разнообразие подходов, как к построению самих индикаторов, так и к сбору данных, обеспечивающих их расчет и сами сравнения.Заключение. По результатам исследования определено, что децентрализованная модель учетной системы РЦБ на технологии распределенных реестров в сравнении с распределенной моделью снижает трансакционную стоимость операций учета ценных бумаг, оптимизирует сложность процессов взаимодействия между элементами системы, такими как депозитарии и регистраторы, повышает прозрачность фондового рынка, процессов осуществления переходов прав собственности на активы, за счет чего возрастает ликвидность таких активов и интерес со стороны инвесторов. Децентрализованная модель стандартизирует обеспечивает наличие стандарта обмена данными, что положительно сказывается на индикаторы информационных систем участников. В сравнении с централизованной моделью децентрализованная модель устраняет трансакционную посредническую комиссию центрального депозитария, устраняет монополизацию выбора направления развития системы учета ценных бумаг. В конечном итоге выявлено положительное влияние децентрализованной модели на фондовый рынок в целом. Образовавшаяся форма отношений снижет основные затратные индикаторы элементов учетной системы, такие как трансакционные расходы, стоимость сопровождения и развития информационных систем, число необходимых к применению форматов по взаимодействию с контрагентами

Business Process Compliance and Blockchain: How Does the Ethereum Blockchain Address Challenges of Business Process Compliance?

Second generation blockchain technologies such as Ethereum can be used not only for financial transactions but also for cross-organizational processes, for applications in the pharmaceutical industry and even in the field of Business Process Compliance (BPC). However, there are many challenges in the field of BPC. Thus, we raised the following research question: How does the Ethereum blockchain address challenges of BPC? To answer this question, we conducted a structured literature review to identify challenges in BPC as well as features of the Ethereum blockchain that may solve the selected BPC challenges. As a result, we identified 21 BPC challenges and categorized these into legal, organizational, human-centered, technical and economic challenges. We found that the technical and organizational BPC challenges were those that Ethereum could best solve, while human-centered challenges could be less well addressed. Furthermore, the implementation of the Ethereum blockchain leads to additional challenges, such as the immutability of illegal content within the Ethereum blockchain or the error-proneness and zero-defect tolerance of smart contracts

Electronic communication in the digitization of logistics

PURPOSE: The digitization of logistics processes depends on their integration meant as the connection of digitized business processes of the supply chain into a chain of electronically supported processes. A key aspect of integration is the automated transfer of data between integrated processes. The business processes of participants in supply chains vary in their degree of readiness for digitization.DESIGN/METHODOLOGY/APPROACH: The author has carried out research of the features of three relatively new technologies used for exchange of electronic data. The reference for the analysis of these possibilities was the list of problems in digitization of business processes defined by the author. Based on his professional experience and on the basis of updated knowledge published by research centers, the author identified eleven main problems that hinder logistics processes digitization. The problems were of a structural nature, related to the components of the digital environment surrounding the enterprise. The study of the properties of these technologies for digital data exchange was performed as a comparative, theoretical test of their ability to support digitization. The author in search of a remedy for the identified problems of digitization, assumed as his goal the search for support tools in the elimination of structural digitization obstacles within the enterprise.FINDINGS: As a result of study, description of specific features of each technology analyzed was presented in the form of explanation, how specific technical features fit to solve technical limitations of the company in the logistics digitization process.PRACTICAL IMPLICATIONS: The efficiency of information flow in supply chains follows the traditional chain principle, i.e. it is determined by the effectiveness of their weakest link. Therefore, the author in this article made an attempt to assess the suitability of some currently available techniques and communication technologies to the diverse needs of enterprises.ORIGINALITY/VALUE: In the author's opinion, the weakest link in the supply chain can be helped by giving it a choice of how to receive and process business data in electronic form. The study resulted in recommendations on the use of the technologies presented in the logistics processes digitization.peer-reviewe

A Language and Methodology based on Scenarios, Grammars and Views, for Administrative Business Processes Modelling

International audienceIn Business Process Management (BPM), process modelling has been solved in various ways. However, there are no commonly accepted modelling tools (languages). Some of them are criticized for their inability to capture both the lifecycle, informational and organizational models of processes. For some others, process modelling is generally done using a single graph; this does not facilitate modularity, maintenance and scalability. In addition, some of these languages are very general; hence, their application to specific domain processes (such as administrative processes) is very complex. In this paper, we present a new language and a new methodology, dedicated to administrative process modelling. This language is based on a variant of attributed grammars and is able to capture the lifecycle, informational and organizational models of such processes. Also, it proposes a simple graphical formalism allowing to model each process's execution scenario as an annotated tree (modularity). In the new language, a particular emphasis is put on modelling (using "views") the perceptions that actors have on processes and their data