The European post-trading environment and T2S
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1 The European post-trading environment and T2S Stelios Georgakis Head, Payment Systems Oversight Section Payment Systems and Accounting Services Department Tel Fax
2 Outline General overview The current securities settlement landscape in Europe Harmonisation efforts in Europe The securities settlement landscape in Europe post T2S Benefits of T2S Concluding remarks 2
3 General overview Trading Regulated Markets Multilateral Trading Facilities Over The Counter (OTC) Clearing Central Counterparties (CCPs) Settlement CSDs ICSDs Custodians 3
4 General overview Clear separation of functions Clear national segregation fragmented landscape in EU Usual improvements are business driven, with horizontal or vertical integration (mergers, acquisitions, cooperation links) or due to competition (new market entrants) Cross-border trading, clearing and settlement burdensome and costly Legal and other barriers add complexity and hinder economic growth 4
5 The current securities settlement landscape in Europe Regulated markets in the euro area: 2. Trading, Clearing & Settlement Helsinki Securities Exchange MTS PT Euronext PT Irish Stock Exchange AIAF Euronext FR SENAF Euronext NL Euronext BE Fonds des Rentes Spanish Stock Exchanges (4) German Stock Exchanges (6) Deutsche Boerse AG Eurex Bond Bratislava SE Boerse Wiener Boerse Luxembourg Borsa Ljubljana SE Italiana HELEX MTS MSE TLX HDAT CSE 5
6 The current securities settlement landscape in Europe CCPs in the euro area: OMX Eurex Clearing 2. Trading, Clearing & Settlement MEFF-2 LCH.Clearnet Group CCP Austria CC&G HELEX AS 6
7 The current securities settlement landscape in Europe CSDs in the euro area: 2. Trading, Clearing & Settlement Euroclear FI NTMA Euroclear UK&IE Euroclear NL Euroclear BE Clearstream FFM NBB-SSS Clearstream Lux Euroclear Bank OeKB Slovakia CDCP Euroclear FR Slovenia KDD Interbolsa Iberclear MSE Monte Titoli BOGS HELEX CDCR 7
8 The current securities settlement landscape in Europe ICSDs and CSDs: ICSDs Clearstream Luxembourg Euroclear Bank CSDs All the other groups are purely national 8
9 The current securities settlement landscape in Europe The Two Major Groups in Europe: 2. Trading, Clearing & Settlement Euroclear FI Euroclear SE Euroclear UK&IE CREST Euroclear NL Euroclear BE CBF Euroclear Bank CBL Euroclear France Clearstream Group Euroclear Group 9
10 The current securities settlement landscape in Europe Horizontal integration: Vertical integration: Euroclear (ICSD) CIK (BE) Sicovam (FR) Necigef (NL) CBISSO (IE) Crest (UK) VPC (SE) Euroclear Deutsche Börse Eurex Clearing Clearstream APK (FI) 10
11 The current securities settlement landscape in Europe -summary 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 Securities settlement Iber clear CLEAR STREAM DE LUX Inter Bolsa EUROCLEAR FR BE NL UK IE & Monte Titoli V P V PC A PK... SIS CSD i Cash settlement BdE BuBa CB BCL BdP BdF BNB DNB BoE Ire BoI DN SR SP... SNB NCB i 11
12 Harmonisation efforts in Europe A heterogeneous clearing and settlement landscape in Europe Legal Legal framework Settlement facilities facilities Segregation & protection Statute Regulation Delivery vs Payment Central bank money Settlement Batches Free of Payment Commercial bank money Real Time Gross Settlement Risk Risk management Repo Unwinding Guarantee Pledge Provisional delivery Operational Operational reliability reliability Emergency plans Operating time Recovery facilities 12
13 Harmonisation efforts in Europe Supporting the Lisbon agenda Directive on Markets in Financial Instruments (MiFID) Code of Conduct (self regulation) / MOG Removal of the 15 Giovannini Barriers ESCB-CESR Recommendations Legal Certainty Group / FISCO / CESAME2 Hague Convention T2S The three harmonisation lists Features and functionality available to all participants 13
14 Harmonisation efforts in Europe - objectives Remove barriers Promote standardisation / integration Harmonise and enhance legal framework Harmonise regulatory and supervisory framework Create a single pool of securities Enhance safety and efficiency But, at the same time ensuring competition 14
15 Harmonisation efforts in T2S The three harmonisation lists List A: Broad market agreement (market consultation) List B: Different procedures or options (agreed prior to implementation) List C: Outside scope of T2S (wider issues, do not affect T2S) Features and functionality available to all participants Eg auto-collateralisation Elimination of national specificities 15
16 The securities settlement landscape in Europe before T2S Market participants Custodians CSD A CSD C CSD E CSD B Custodians links No integrated cross-border settlement process in the Single Market CSD D CSD x Two ICSDs and multiple purely national CSDs 16
17 The securities settlement landscape in Europe post T2S Market participants Custodians CSD A CSD B CSD C CSD X direct access TARGET2-Securities One integrated settlement process (national and cross-border) One technical platform used by CSDs for securities settlement 17
18 The securities settlement landscape in Europe 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 Group MTF. 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 Account services Iber clear CLEAR STREAM DE LUX Inter Bolsa EUROCLEAR FR BE NL UK IRE & Monte Titoli V P V PC A PK... SIS CSD i Securities and Cash Settlements Euro-System Single Platform T2- S T2 18
19 Benefits of T2S Contributes to removal of Giovannini barriers (1, 2, 4, 5, 7) Promotes standardisation / harmonisation; single market Enhances safety and efficiency Reduction of cost of transactions; increased trading volumes Increases competition between service providers Ensures competition in a level playing-field manner for both small and large CSDs as it is country / stakeholder neutral Ultimately, contributes to more efficient markets and financial stability 19
20 Concluding remarks Consolidation & integration is ongoing in the euro / EU area Integration of payments systems is further advanced than the integration in securities clearing and settlement systems The Eurosystem is involved in the consolidation and integration process either as a provider or as a catalyst T2S is the most ambitious project undertaken by the Eurosystem, and it is proceeding as planned. T2S will happen! (by the Eurosystem, ECOFIN endorsed) 20
21 Thank you Stelios Georgakis Head, Payment Systems Oversight Section Payment Systems and Accounting Services Department Tel Fax
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