Triparty Arrangements for Collateral Management
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1 Triparty Arrangements for Management Gösta Feige Head of Global Securities Financing EMEA Tel: The Markets Company Integrated solutions for clients Excellent and stable credit rating Credit rating of Clearstream AA/Stable/A-1+ Cash Derivatives On exchange Central Counterparty Services (CCP) Eurex Clearinghouse Fixed income ETFs Investment Fund Current ratings Counterparty credit AA/Stable/A-1+ Certificate of deposit AA/A-1+ Commercial paper Local currency A-1+ Foreign currency Open settlement model Settlement, custody and securities financing Sovereign rating Luxembourg AAA/Stable/A-1+ Trading, listing, infrastructure partnerships across the globe Related entities Deutsche Börse Group AA/Stable/A-1+ Example footnote 05 December
2 Clearstream s Global Liquidity Hub What it is Cash Derivatives Fixed income Investment Fund On exchange ETFs Central Counterparty Services (CCP) Eurex Clearing Open settlement model Global Liquidity Hub A unique value proposition combining asset servicing, global securities financing and near-time interoperability across Securities lending and borrowing, repo and all collateral management activities Cash, fixed income and equities Over 540+ participants Wide range of counterparties from central banks and CCP s to banks, brokers, asset managers, insurance companies and nonfinancials. Over EUR 665 billion outstanding Full STP instruction management and reporting solutions Local sales and product specialists in London, Frankfurt, Luxembourg and Singapore Proactive marriage broking and bespoke client implementation service 3 Clearstream s Global Liquidity Hub A history of innovation in collateral Automated Securities Lending First triparty repo service in Europe AutoAllocation / AutoSubstitution module allocation to the Bundesbank allocation to the Federal Reserve Strategic Securities Lending KAGplus EuroGC Pooling ASLplus, collateral re-use GC Pooling International The Global Liquidity Hub was launched in allocation to the BCL Equities and Funds as Liquidity Hub GO Liquidity Hub Connect Liquidity Hub Select / Collect Launch of Clearstream Repurchase Conditions (CRC s) Other key facts and figures: - Part of Deutsche Börse Group - Securities lending, repo and collateral management - Cash, fixed income, equities and funds - Over 540 participants - EUR 655 billion peak outstandings - Dedicated GSF sales and operations teams 5 December
3 Clearstream s Global Liquidity Hub Excellence in Management ASL, ASLplus & Loan Services Intra-Group Activities Re-Use Liquidity Hub GO Liquidity Hub Connect The Global Liquidity Hub Classical Triparty Services Central Bank Liquidity GC Pooling & Platforms CCP s & Derivatives Structured Products & Pledges Our proposal to you: A unique collateral management value proposition designed specifically for you. Maximize access to liquidity and optimize your use of collateral pools across multiple locations. Dedicated specialist sales team to build relationships Bespoke legal and operational support as needed. 5 December Triparty Management Overview Fully collateralised agency service Securities pledged under highly acclaimed Luxembourg law or transfer of title structure to support bilateral industry contract Daily mark-to-market of collateral and pro-active margin calls Unlimited collateral substitution capabilities In-built re-use capability, allowing customers to onwards pledge Triparty received in favour of any other Receiver Full custody service, including coupon and redemption processing Detailed daily valuation reports using multiple data sources Fully flexible collateral definition to ensure eligiblity, incl. Sukuk and other instruments 6 3
4 Legal framework Clearstream acts as collateral agent Receiver CMSA_CR Pledge (or Transfer of Title) Governed by Luxembourg and Domestic law Giver CMSA_CG A multilateral Management Service Agreement (CMSA) appoints Clearstream Banking as collateral service agent. 7 Life-cycle Daily mark-to-market Clearstream selected price feeds Primary sources IDC and Bloomberg Secondary sources Reuters and Telekurs Daily valuation of all positions AutoAssign mode Margin calls will be triggered automatically to keep the collateral value in line with the exposure 8 4
5 Life-cycle Substitutions Substitutions are initiated by Clearstream (AutoAssign mode) or by the Giver (Manual allocation mode) New (replacement) securities are available on a Clearstream account or proposed to Clearstream by the settlement deadlines Clearstream verifies eligibility & sufficiency and generates DVP settlement instructions (DVP=Delivery versus Payment) Replacement securities post-margin value should be at least equal to or greater than the post-margin value of the securities being recalled from the Receivers account Exchanges are processed on a simultaneous delivery versus payment basis, where the cash movements are netted out if the exchanges are successfully settled 9 Example of the Daily Exposure Report 10 5
6 11 6
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