CONTINUOUS SETTLEMENT AND THE ROLE OF KPEI SECURITIES LENDING Providing Intermediated Financing Methods To Set A New Business Risks
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1 CONTINUOUS SETTLEMENT AND THE ROLE OF KPEI SECURITIES LENDING Providing Intermediated Financing Methods To Set A New Business Risks By: Hoesen President Director KPEI (Indonesia Central Counter Party) 2-4 Nov 2011 The Shilla Seoul, Korea
2 Background Prior to the Continuous Settlement, Settlement process is done in two stages of morning settlement and afternoon settlement. Uncertainty of cash settlement even if Clearing Member fulfill their Securities Obligation: Availability of funds to the Clearing Member is very dependent on the payment of other Clearing Member funds; The priority for fulfillment rights of Clearing member funds was done by order of the largest amount to the smallest amount without regard to the fulfillment of obligations in advance;
3 Previous Settlement Process Morning Settlement The Algorithm of Receive Securities and funds are prioritized based on the volume or value received with the highest to the lowest. Allocation process based on the availability of balance in the account KPEI AM 8.30 AM Afternoon Settlement As Final Settlement Timeframe PM PM This Settlement process is not effective for the Clearing Member who has completed all obligations of Securities, they have waiting until Afternoon Settlement.
4 Continuous Settlement Settlement Process Occur start from 06.30am pm; Cash Payment will be done for the clearing member who completed all obligations of securities KPEI use intraday Facility to fulfill of funds for Clearing member Settlement of funds by Clearing member to its customers can be done early. To complete the obligations of securities, supported by Securities Lending Facility.
5 Continuous Settlement Payment Bank Payment Bank Payment Bank Realignment Process t Payment Bank Batch 1 Batch 2 Batch 3 Batch N Morning Settlement Afternoon Settlement Cash Settled Cash Settled Cash Settled
6 Intraday Facility Source of funds for Cash Settlement during Continuous Settlement Process: 1. Clearing Member s Payment 2. Intraday Facility from Bank.
7 Intraday Facility AVERAGE IF USAGE (USD) $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $- Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 IF USAGE (USD) $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000 $- Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11
8 Settlement Eficiency Settlement before Continuous Mechanism Settlement After Continuous Mechanism 5% 31% 69% Morning Settlement Afternoon Settlement 95%
9 Benefit Liquidity reason for Clearing member Accelerate Settlement Process Reduce financing cost by Clearing Member alternatively can borrow securities to receive Cash in advance
10 THE ROLE OF KPEI IN SECURITIES LENDING
11 KPEI Key Fuctional in Securities Lending OPENING TRANSACTION Trade Closure Settlement LOAN MANAGEMENT Recalls/Returns Mark To market Fees Dividend Corporate Actions CLOSING TRANSACTION Reports Reimbursement
12 KPEI SBL as CCP Model (Using KPEI SBL Platform) Under development ULTIMATE Lender On Behalf of Ultimate Lender Trades KPEI SBL Trading Platform (Bid-Offer system) On Behalf of Ultimate Borrower Trades ULTIMATE Borrower AGENT LENDER GCM ICM Under discussion e-clears Trades to Settle Under Discussion BORROWER (GCM) (ICM) Custodian Banks KPEI SBL Platform Instructions to Settle e-clears RMS Instructions to Settle Principal Principal
13 Development 1. Bid Offer SBL KPEI facilitates Lenders & Borrowers to have bid/offer SBL trades SBL fees will be based on matched SBL trades KPEI acts as a principal & KPEI Keep Collateral KPEI guarantees the return and manufactured dividend payment 2. Bilateral SBL: Facilitates Lenders & Borrowers to have a negotiated SBL trades. Negotiation includes : fees rate, collateral rate, upper limit & lower limit for margin call KPEI acts as a Third Party Agent Models of Bilateral KPEI SBL: 1. KPEI will maintain Borrower s collateral & guarantees the margin call payment 2. Collateral will be passed through to Lenders & Mark to Market
14 The Benefits 1. A Reduction of Counterparty Risk Exposure 2. The Elimination of need for multiple agreements and credit evaluation (KPEI as CCP is counterparty to all Transaction) 3. Anonymity (Transactions cleared through the CCP) 4. Guaranteed redelivery of collateral 5. Access to a wider market (more Borrowers and Lenders) 6. Front and Back-office efficiencies (Timely settlement of month-end fees)
15 Issues 1. Limited Membership (Borrower only Brokers; and Lender Brokers and limited Custodian Bank) 2. Purposes (most of them only for exchange settlement coverage) 3. Lack of supply (Prohibited for Pension fund; Investment Management: Insurance) 4. Limited eligible stock for regulated short selling 5. Non negotiable model/ Non Bilateral scheme 6. Collateral keep by CCP (place in Bank) 7. Fee basis vs Rebate
16 USD Thousands 천 SBL Value and Volume Graphic 700,000 3,000, , , , , , ,000 0 Value Suspended : OCT 2008 MAY Sept 20 2,500,000 2,000,000 1,500,000 1,000, ,000 0 Volume volume Value USD Suspended : October 2008 May Frequency Sept 20
17 T h a n k Y o u
OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
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