Why does Europe need T2S? Rationale for a pan-european Infrastructure
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1 Why does Europe need T2S? Rationale for a pan-european Infrastructure Conference at Narodowy Bank Polski 23 June 2009 Helmut Wacket T2S Project Team European Central Bank
2 Cost efficiency in Europe compared to the US Comparison of cost in post-trading Cost per transaction [EUR] United States EU domestic EU crossborder 28 bn/ year 7 to 18% cost reduction in equities Total transaction costs for securit ies Trading Post-trading CSDs/ CCPs Intermediaries Source, EC (2006); Mercer Oliver W yman- Morgan Stanley (2003) infrastructure can result in higher GDP (02 to 06% on average over a ten year horizon) Potential reduction of 3-5 bn Min Max Avg 2
3 European post-trading landscape CCPs in the euro area: OMX Eurex Clearing 2 Trading, Clearing & Settlement MEFF-2 LCHClearnet Group CCP Austria CC&G HELEX AS 3
4 European post-trading landscape CSDs in the euro area: 2 Trading, Clearing & Settlement Euroclear FI Interbols a NTMA Euroclear UK&IE Euroclear NL Euroclear BE NBB-SSS Euroclear Bank Euroclear FR Iberclear Clearstream FFM Clearstream Lux MSE OeKB Slovenia KDD Monte Titoli BOGS HELEX CDCR 4
5 European securities landscape Trading BME Group Deutsche Börse LU stock exch EURO- NEXT PT, BE, FR, NL London Stock Exchange Borsa Italiana Nasdaq OMX DK,SE, FI,IS, EE,LT,LV SWX Group MTFs Eg Chi-x/Turquoise Clearing Eurex Clearing LCH CLEAR NET SA LCH CLEAR NET Ltd Cassa Di Comp SIS-X Clear EMCF Euro- CCP Asset services Sec settlement Iber clear CLEAR STREAM DE LUX Inter Bolsa EUROCLEAR FR BE NL UK IE Monte Titoli & V P V P C A P K SIS CSD i Cash settlement BdE BuBa BCL CB BdP BdF BNB DNB BoE Ire BoI DN SR SP SNB NCB i
6 Why does Europe need T2S? Market participants Custodians CSD A CSD C CSD E CSD B links Custodian s No integrated cross-border settlement process in the Single CSD D Two ICSDs and multiple purely national CSDs CSD x 6
7 Why does Europe need T2S? Europe s securities infrastructures are too fragmented and inefficient Lack of competition in services related to settlement Europe needs a single pool of securities to stimulate competition and harmonisation There is no other realistic Europe-wide approach to creating this single pool Financial stability dimension of T2S Making Europe a better place to invest and trade (in line with the Lisbon agenda) 7
8 Europe s landscape with T2 and T2S Trading BME Group Deutsche Börse LU stock exch EURO- NEXT PT, BE, FR, NL London Stock Exchange Borsa Italiana Nasdaq OMX DK,SE, FI,IS, EE,LT,LV SWX MTF Eg Group Chi-x/Turquoise Clearing Eurex Clearing LCH CLEAR NET SA LCH CLEAR NET Ltd Cassa Di Comp SIS-X Clear EMCF Euro- CCP Asset services Account services Iber clear CLEAR STREAM DE LUX Inter Bolsa EUROCLEAR FR BE NL UK IRE Monte Titoli & V P V P C A P K SIS CSD i Securities and Cash Settlements Euro- System Single Platform T2S T2
9 T2S only impacts the CSDs settlement function Notary function Custody and assetservicing function Registration of issuer indebtness and investor holdings eg coupon payments, redemptions, stock splits issuer / investor Settlement function Change of ownership among investors buyer / seller Banking function eg lending and borrowing lender / borrower 9
10 No segregation of custody from settlement Today s world CSD Lending Reporting Custody Settlement Coll Mgmt Other T2S world CSD Lending Reporting Custody T2S Settlement Coll Mgmt Other 1 10
11 The future landscape with T2S Market participants Custodians CSD A CSD B CSD C CSD x direct connectivity TARGET2-Securities One integrated settlement process (national and cross- One technical platform used by CSDs for securities settlement 11
12 Efficiency Safety Integration Remove Barriers - Code of Conduct - CESAME2 - FISCO - Legal Certainty Group - T2S - ESCB-CESR Ensure Competition -Code of conduct - ESCB-CESR - T2S - Actions of competition authorities Harmonise and enhance legal framework - Legal Certainty Group - Other initiatives Harmonise regulatory and supervisory framework ESCB-CESR Recommendations 12
13 Tackling the Giovannini barriers CESAME Code of Conduct MiFID T2S FISCO Commission Recommendation OECD Technical Fiscal Compliance Legal Legal Certainty Group Settlement Finality Directive Financial Collateral Directive Unidroit Hague Securities Convention 13
14 Why should the Eurosystem run T2S? Settlement in central bank money one of its core functions Commitment of the Eurosystem to efficient and integrated financial markets in the EU Neutrality of the Eurosystem as a supranational organisation Ready to maintain medium-term investment in times of crisis No own economic interest, cost recovery principle TARGET and TARGET2 experience in successfully 14 designing and implementing Europe-wide infrastructures
15 Integration with other Eurosystem services Provision of Euro Central Bank Money Adjustment of credit lines Information to facilitate auto-collateralisation Mobilisation of securities for collateralisation purposes 15
16 T2S is a key contributor to the Lisbon agenda T2S is a part of European landscape ESCB consolidation of Infrastructure MIFID Removal of Giovannini barriers Code of conduct ESCB-CESR integrated securities market for Europe 16
17 Q & A 17
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