Future of market infrastructure integration where next?
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1 Marc Bayle de Jessé Director General Market Infrastructure & Payments Future of market infrastructure integration where next? AFME Post-Trade Conference London, 4 May 2016
2 Table of contents 1 Vision for the future of Europe s financial market infrastructure 2 New governing bodies 3 T2S in progress 2
3 Vision for the future of Europe s financial market infrastructure Technical consolidation of TARGET2 & T2S Consolidation of national collateral management systems Support for instant payments New TARGET2 services Efficiency Innovation Future financial market infrastructure 3
4 Vision for the future of Europe s financial market infrastructure Technical consolidation of TARGET2 & T2S Efficiency Consolidation of national collateral management systems Single gateway to the two platforms TARGET2 to benefit from some state-of-the-art features currently available for T2S Harmonisation of Eurosystem s collateralisation techniques and procedures Considering the business case for a common Eurosystem collateral management system. 4
5 Vision for the future of Europe s financial market infrastructure Support for instant payments Innovation New TARGET2 services Euro Retail Payments Board (ERPB) invited payment service industry to develop a scheme for instant payments in euro European Payments Council to develop the scheme by Nov 2016 and to implement it by Nov 2017 Market consultation on the future of RTGS services Information session on the consultation on 22 March Eurosystem analysing the responses 5
6 Vision for the future of Europe s financial market infrastructure Responses to the consultation on the future of RTGS services 98 institutions/organisations from 22 European countries 6
7 Table of contents 1 Vision for the future of Europe s financial market infrastructure 2 New governing bodies 3 T2S in progress 7
8 New governing bodies Eurosystem streamlined governing body T2S Board T2S project management T2S functional and operational management Market Infrastructure Board T2S project management Functional and operational management of TARGET2 and T2S Possible upcoming projects subject to approval by the ECB Governing Council 8
9 New governing bodies Committee for the European System of Central Banks (ESCB) Payments and Securities Settlement Committee Operational and change management of TARGET2 Oversight Catalyst function Strategy and policy Market Infrastructure and Payments Committee Oversight Catalyst function Strategy and policy 9
10 1 Vision for the future of Europe s financial market infrastructure 2 New governing bodies 3 T2S in progress 10
11 T2S in progress 7 CSDs connected today 16 more to join by 2017 Settlement in EUR (today) and DKK (as of 2018) 11
12 T2S in progress Facts & figures Average daily number of transactions settled per month 12
13 T2S in progress New T2S migration plan Wave 1 22 Jun 31 Aug 2015 Wave 2 29 Mar 2016 Wave 3 12 Sep 2016 Wave 4 6 Feb 2017 Final wave 18 Sep 2017 Bank of Greece Securities Settlement System (BOGS) Depozitarul Central (Romania) Interbolsa (Portugal) National Bank of Belgium Securities Settlement Systems (NBB-SSS) Euroclear Belgium Euroclear France Euroclear Nederland Centrálny depozitár cenných papierov SR (CDCP) (Slovakia) Clearstream Banking (Germany) Baltic CSDs (Estonia, Latvia, Lithuania) Euroclear Finland Iberclear (Spain) Malta Stock Exchange Monte Titoli (Italy) SIX SIS (Switzerland) VP Lux (Luxembourg) VP Securities (Denmark) KDD - Centralna klirinško depotna družba (Slovenia) KELER (Hungary) LuxCSD (Luxembourg) Oesterreichische Kontrollbank (Austria) 13
14 T2S in progress European post-trade integration What has been done? CSD Regulation - set of common requirements for CSDs across the EU T2S - pan-european securities settlement platform T2S Harmonisation - single rule book for posttrade processes in the T2S Community What follows? Capital Markets Union - plan of the European Commission to mobilise capital in Europe European Post-Trade Forum - experts group to assist the Commission in reviewing the barriers to cross-border clearing and settlement Enter presentation title by changing the footer. 14
15 Thank you for the attention! 15
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