Le banquier luxembourgeois dépositaire de titres

Transcription

1 Le banquier luxembourgeois dépositaire de titres ALJB - Michel Barbancey Clearstream Banking Executive Director Relationship Management Europe

2 ICSD s role The International Central Securities Depositories (ICSDs) are CSDs with a limited purpose banking licence. There are only two ICSD's globally, Clearstream and Euroclear.There is competition however with two other CSD's, SIX SIS, and The Depository Trust Company (DTC) and a number of commercial banks that compete for (parts of) the same services Both entities have a joint arrangement, called the Bridge, to allow them to move securities between clients in both organisations. This is an excellent example of "CSD" interoperability Both organisations provide custody and settlement services in international securities and in various domestic securities, usually through direct or indirect (through local agents) links to local CSDs Settlement is carried out in multi-currency Commercial Bank Money (CoBM) complemented by a offering of secured credit facilities allowing for an increase in the settlement efficiency of cross-border and international transactions 2

3 Clearstream today Settlement Delivery of securities v payment for over 122 million transactions pa Reassignment of the ownership of the security and payment 98 currencies eligible (42 eligible for settlement) Asset services Assets under custody exceeding 12.1 trillion More than 400,000 securities holdings Servicing income, corporate actions and tax events Global Securities Financing Securities lending and borrowing Triparty repo and collateral management More than 580 billion monthly average outstandings Investment Funds Services State of the art solutions for investment funds processing (Vestima) Gateway to over 125,000 mutual funds and 23,000 hedge funds for more than 8 million trades per year Other services Complete suite of connectivity for customers and providers to access the Creation platform Comprehensive issuance and distribution services under the Global Issuer Hub Cash management 3

4 The European Securities Market Still fragmented,. ECB in 2009: despite the introduction of the euro, the provision of post-trading services remains fragmented along national lines 4

5 T2S Target 2 Securities is a European Central Bank (ECB) project aiming to centralise the settlement operation in the post trade value chain for nearly all securities on a single pan-european platform It provides borderless and neutral securities settlement in CeBM in multiple currencies (starting with ) CSDs outsource all their settlement activity and accounting CSDs remain legally responsible for securities settlement and accounting T2S is scheduled to go live in 2015 (ABBL) 5

6 Target 2 Securities The most significant near-future event impacting business models A Eurosystem initiative To deliver a common technical platform for securities settlement in central bank money All non-settlement services will remain with the domestic CSDs 2 alternatives for access: - Direct to T2S A - Indirect via domestic CSD Launch planned for 2015 for migration Wave 1 (Italy, Malta, Switzerland, Romania and Greece) B A Settlement services only Market player Austria Belgium Cyprus Denmark Estonia Finland France Germany Greece Hungary Italy Latvia Lithuania Luxembourg Malta The Netherlands Portugal Romania Slovakia Slovenia Spain Sweden Switzerland Single Settlement Platform Domestic CSD Market player Non-Settlement services B ALL services 6

7 T2S is a settlement platform that provides.. The technical infrastructure for European Settlement in CeBM T2S is a central technical platform for securities settlement in Euro and in foreign currency in central bank money T2S can provide direct technical access for CSDs customers CSD will remain legally responsible for securities positions/accounting but for technical reasons - CSDs have to outsource the settlement infrastructure to T2S - CSDs have to outsource securities positions/accounting to T2S Current Process CSD Connectivity (Messaging, File Transfer, Online, Reports) Reporting Reference-Data Lifecycle Management Settlement Engine CSD Connectivity (Messaging, File Transfer, Online, Reports) Reporting Reference-Data Partial Lifecycle Management Reconciliation Engine 1) Future Harmonized Process Conversion Tool 1) Real-time Interface 1) T2S Real-time Interface Connectivity Reporting Reference- Data Lifecycle Management Settlement Engine Notary /Vaults Notary /Vaults Collateral Lending Collateral Lending Settlement Infrastructure 1) New Engines 7

8 The EU Market - today Source: 8

9 9

10 Best settlement efficiency in a low friction environment - The potential for liquidity shifts Today: 24 CSD + 2 ICSD settlement systems 2015 onwards: T2S + 2 ICSD settlement systems CSDs ICSDs T2S ICSDs Equities Suffer from friction costs due to realignments between settlement and domestic financing agent Domestic Debt Suffers friction due to realignments between ICSDs and CSDs for trade settlement and financing purposes Eurobonds Equities Domestic Debt Eurobonds EUR denominated Eurobonds can settle in CB money in T2S offering additional cash netting opportunities 10

11 Clearstream target model Defines how One Clearstream will interact with markets and providers to deliver services to customers in 2018 CBL, LuxCSD and CBF customers DCP Access Clearstream Includes ICP Access Global Securities Financing Investment Funds Services Asset servicing Position management Xact Portal³ (U2A) ICSD (CoBM Settlement) LuxCSD (CoBM and CeBM settlement) Settlement Services CBF (CoBM and CeBM settlement) Legend Single Client connectivity access CoBM settlement currently for 52 global markets and Eurobonds 2 CeBM settlement for potentially 23 European markets 1 and Eurobonds 2 One Clearstream services and asset pool between ICSD and CSD. Local Partners CSD OUT (ICSD CoBM) CSD IN (T2S CeBM) US ASIA OTHERS CSD 1 CBF omnibus a/c CSD 2 CBF omnibus a/c CSD 3 CBF omnibus a/c 1. Depending on T2S participation 2. Eurobond settlement models under discussion 3. Legacy will co-exist with Single connectivity portal 11