STEP Short Term European Paper Franck Hebeisen, Société Générale
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1 STEP Short Term European Paper Franck Hebeisen, Société Générale ECB Money Market Contact Group Frankfurt, 20th September 2006,
2 STEP by STEP History & goal of the STEP initiative STEP Institutional framework & STEP Market Convention STEP labelling Cycle STEP statistics Benefits of STEP FBE & ACI standpoint STEP labelled programmes Page 2
3 History & goal of the STEP initiative Promoting the development of the short term paper market in Europe Achieving European integration through convergence of existing markets Market defined standard features and best practices Euribor ACI, EACT, ICMA, investors,. A tool to foster convergence towards the STEP label Institutional sponsors : ECB/ESCB and FBE Page 3
4 STEP Governance scheme ACI Euribor-ACI Memorandum of Understanding Euribor-FBE FBE STEP Market Committee Market Convention Issuer STEP Secretariat ESCB Statistics Page 4
5 STEP Market Convention Introduction & 2 chapters Code of conduct Inv of ESCB Application form STEP standard Information Memorandum Declaration of adherence of the Issuer to the market Convention Statistical requirements for eligible data providers Selection of STEP - compliant securities settlement systems Page 5
6 STEP Market Committee A group representing 10 market professionals appointed by the FBE (5 with 1 casting vote) and ACI (5) on a personal status representing the issuers, dealers and investors community, chaired by the FBE General Secretary Finalise and update details of the STEP market convention Implement the STEP market convention Amend provisions of the STEP market convention from time to time Revise features of the standard information memoranda from time to time Liaise with market supervisors and supranational bodies Liaise with market professionals and trade associations Set parameters for compliance of securities settlement systems Be ultimately responsible for STEP publications and label attribution/ withdrawals Page 6
7 STEP Market Committee 10 members from various horizon 1. Claudia BENCI Banca Monte dei Paschi 2. Philippe BILLOT Investment Management 3. Olivier BRISSAUD Volkswagen 4. Francesco GALIANA Banco Santander Central Hispano 5. Franck HEBEISEN Société Générale 6. Timothy O CONNEL European Investment Bank 7. Guido RAVOET Euribor FBE 8. Michael SCHNEIDER DZ Bank 9. Pepijn SIGTERMANS ING Bank 10. Colin WITHERS Citibank London Page 7
8 STEP Market Committee Supra National Industry All (FBE) Markets Spain Corporate Belgium ECP / ECD Bank France Page 8
9 STEP Market Committee Regions Typology Europe Belgium FBE Investor United Kingdom France Spain Netherlands Germany Luxembourg Italy Issuer Page 9
10 STEP Labelling cycle Application Form Duly signed Info Memo in the English version Two most recent annual report of the issuer Rating Letters from the Rating Agencies Text of guarantee Commitment to update info memo on a regular basis: Info memo every 3 years Financial information every year Significant change in the programme Page 10
11 STEP labelling cycle Granting of the STEP label The STEP Secretariat checks the Info Memo compliance with the STEP Market Convention standards. If process is positive, the STEP secretariat informs the Issuer of its STEP eligibility and adds the Programme to the list of STEP labelled ones, on the STEP website The STEP Secretariat update the website with an electronic version of the Info Memo All issues under the programme are included in the STEP statistical releases of activity conducted by ECB/ESCB. Withdrawal of the STEP label The STEP Secretariat can withdraw at any moment the label in case of non respect of any of the articles of the Market Convention Page 11
12 STEP labelling cycle The STEP labelling cycle Info memo NOT STEP-compliant STEP Secretariat Issuer/arranger STEP Secretariat Eurosystem STEP Secretariat 1. application form 2. information memorandum 3. declaration of adherence to Convention 1. application form 2. information memorandum 3. declaration of adherence to Convention 4. STEP identifier Assessment of compliance with STEP standards Info memo STEP-compliant STEP Secretariat M essage on causes of non-compliance 1. Declaration of STEP-compliance 2. Info memo on STEP Market website Issuer/arranger, relevant NCB, ECB Page 12
13 STEP statistics Aggregated volume statistics Yield indicators Individual volumes Page 13
14 STEP statistics Step compliant propgrammes Issuer Type Size Cur Size S&P Moody's Fitch 25-Aug Antalis French ECP A-1+ P BNP PARIBAS French ECD A-1+ P-1 F Dexia Crédit Local French ECD A-1+ P-1 F DZ BANK Global A-1+ P-0 F1 323 Fortis Bank Global unlimited unlimited A-1+ P-1 F GE Capital European Funding French ECP A-1+ P-1 F Intesa Bank Ireland p.l.c. Global $ A-1+ P-1 ND Michelin French ECP A-2 P RCI Banque French ECD A-1+ P-1 F SOCIETE GENERALE ECP / ECD A-1+ P-1 F SOCIETE GENERALE French ECD A-1+ P-1 F1+ 0 Page 14
15 STEP SSS s eligibilty criteria Operating on Target calendar Use of an ISIN code for the STEP issuances Fee disclosure on issuance, settlement and custody for STEP instruments Same Day issuance: By close of business same-day, the funds related to the issuance should be credited on the account of the bank of the Issuer (IPA s account), for instructions transmitted to the SSSs by 2.00 pm. Harmonized intraday deadline between internal and cross border/cross system distribution. Settlement in DVP mode Preference for Central Bank money for securities settlement (non stringent) Description of Market coverage for the European market. Page 15
16 Settlement : STEP eligible SSS List of eligible SSS with which a STEP programme can settle in order to be STEP compliant: BNB-NBB Clearstream Banking Frankfurt Clearstream Banking Luxembourg Euroclear Bank Euroclear France Iberclear Monte Titoli NCSD APK Oesterreichiches Kontrollbank AG Belgium Germany Luxembourg Belgium France Spain Italy Finland Austria Page 16
17 Benefits of STEP Label Independent authority to check Info Memo Annual update Electronic settlement Minimum issuance amount 150,000 Availability of statistics about the activity of the Programme Page 17
18 ACI & FBE statement ACI and FBE have sent a joint letter to European Commission to underpin the importance of: enforcing all the transparency criteria applying on the same manner the criteria whatever the issuer category (no difference between corporates, financials, ABCPs) create an environment which is favorable to the market development without jeopardizing a vital source of funding for banks by allowing full deregulation Page 18
19 STEP labelled programmes BNP Paribas Antalis Dexia credit locale DZ Bank Fortis Bank GE Intesa Bank Ireland Plc Michelin RCI Societe Generale Several programmes in the pipeline Page 19
20 Information For information and applications Page 20
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