New Cash Clearing & New Depository Systems

Transcription

1 & New Depository Systems ก ก

2 Issues from Previous Meetings No Issues Conclusion Status opening 1 ก ก ก ก ก Back office ก message API ก ก ก (PTI) ก Cutoff time Settlement date ( ) ก ก ก ก ก PTI ก Sweep up ก ก TCH ก Sweep down กก settle ก sink account ก Trade amendment 2 ก ก ก Reversing (partial) ก Deal 3 ก ก ก ก ก ก Deal ก ledger reverse ก ก ก ก inquire ก Trade listing Final Trade realtime pop-up Respond By SET SET SET 2

3 Issues from Previous Meetings No Issues Conclusion Status 4 ก ก ก ก ก ก ก ก 2 Front office Back office ก ก ก ก ก ก ก ก 5 ก ก ก NVDR (NDVR adjustment) ก ก. ก ก ก ก NVDR ก ก Deal ก ก adjust, ก ก ก ก Trade date ก Deal FIFO ก Deal FIFO Deal ก ก ก Deal ก ก NVDR Deal PSMS 6 Function ก (Potential Match) TSD ก ก ก ก 7 Custodian Flag ก F L (Conversion) Custodian ก ก ก Converse Flag ก Converse 8 ก ก API Confirm Swift message ก ก API Response message API Respond By SET SET Member & SET SET SET 3

4 Issues from Hearing Meeting on April 25, 2014 No Issues Conclusion Status Settlement & Auto Sweep 9 ก ก Warehousing ก ก ก Trade amendment New clearing PSMS PTI ก Warehousing ก ก Appendix Case 4-Warehousing ก ก ก ก (custodian) ก ก unwind 11 auto sweep securities (sweep - seller) ก ก Sweep Down ก Function ก ก ก Sweep Down Sweep Down Sink phase ก ก ก unwind New ก unwind ก ก TCH ก auto sweep securities (sweep - seller) ก ก ก settlement account (omnibus) ก ก ก ก ก TCH ก Tentative SBL ก SBL lender TSD ก ก Respond By SET SET SET Member & SET 4

5 Issues from Hearing Meeting on April 25, 2014 No Issues Conclusion Status 13 Report ก ก Sweep Up Sweep Down Depository Report 14 Pending Settlement ก ก ก (Segregated Depository) TSD ก ก TSD ก ก ก ก Respond By Member & SET Book Closing 15 ก TSD ก ก Member & (Mail alert) ก (L/F) SET Record date SET 5

6 Proposed Agenda April - Opening[Depository] - Trade Amendment Model & Ledger Concept[] - Settlement Happy Flow [] - Trading/ 2 [] - Trade Amendment/Give-up/Take-up/PSMS [] - Foreign/NVDR [] - 3 [] - Auto Sweep [Depository] May - Deposit/Withdraw/Transfer [Depository] - Book Closing [Depository] - Gross Settlement [] - Ledger from PSMS transactions [] - Settlement Delay Settlement Flow [] - Simulation [] - Return SBL/Allocate Buy-in/Return Default [] - EWS Collateral [] - Operation Timeline[ & Depository]

7 Deposit, Withdrawal, Transfer and Book Closing 7

8 Operational Feature No. Items Channel 1 Deposit Entry /Upload Creation Step -> Pending approval TSD Approved -> Confirmed PTI 2 Withdrawal ก ก Create Deposit API ก ก Pending approval TSD Approved -> Confirmed Entry /Upload Creation Step -> Pending approval TSD Approved -> Confirmed ก ก Create Withdraw API ก ก Pending approval TSD Approved -> Confirmed Drawer Detail Address API (New) PTI API (New) (New) 8

9 Operational Feature (Cont.) No. Items Channel 3 Transfer Entry /Upload ก Creation Step -> Pending approval Approval Step -> Confirmed ก/ ISSUER Creation Step -> Pending approval Approval Step -> Pending Confirmation Confirm Step -> Confirm by Counterparty/TSD Confirm ก Create Transfer API ก ก Confirmed ก/ ISSUER Create Transfer API ก ก Pending Confirmation Confirm Step -> Confirm by Counterparty/TSD Confirm ก ก ก ก ก ก Transferee Detail Address PTI API (New) (New) 9

10 Operational Feature (Cont.) No. Items Channel 4 Help Search No. ก PTI(New) ก Search No. 3 Field ก 1. No. 2. Name (Eng) 3. Name (Thai) ก Search No. Counterparty 5 Book Closing 1. ก (Entitlement List) Record Date 2. ก Snap ก Record Date ก BOT ก BOT (cut-off time Transfer) PTI(New) 10

11 Operational Feature (Cont.) No. Items Channel 5 Book Closing (Cont.) Simulation Entitlement Lists ก ก 3 ก ก PTI (New). Record date Record Date-1 (Text file ( Sweep Down) Record Date. ก (Shareholder) PTI Record date 1. Sink / Settlement 1. Mail Alert (New) ( ) map, BOT Payment 2. Report 4. ก Pending Approve 11

12 12

13 General and Reference Data Management Risk Management Settlement Management Asset Management 13

14 Comparison: Current vs. New [ Management]: Deal Amendment Activity Current System New System Deal Amendment (Goss Settlement) (Presented in meeting date 25/04/2014) Settlement date cannot be the same as trade date. For BEX, ifspecify gross settlement flag in the deal, members do not have to create the transaction again. Member cannot request to deliver securitiesor cash that was previously placed to cover EWS collateral requirement. Member can do gross settlement in client account only. Settlement between members directly Settlement date can be the same as trade date (cando gross settlement on day T) For BEX, though specify gross settlement flag in the deal, members have to create the transaction. Membercan request to deliver securitiesor cash that was previously placed to cover EWS collateral requirement. Allow member to do gross settlement in proprietary and client account. Settlement through TCH account. 14

15 Comparison: Current vs. New [ Management]: Deal Amendment Activity Current System New System Deal Amendment (Gross Settlement) (Additional info) Request by Seller Approved by Buyer Request by Seller or Buyer Accept by Counterparty Required aapproval by house 15

16 ledger mechanism (PSMS) [ Management] ledger concept: II. Matched ID will be shown in DEAL NO Column. III. Buymeans RVP, Sell means DVP. PSMS (See the examples in the Appendix section) I. Ledger date and ledger sequence are used to refer to a specific PSMS transaction. IV. Reversing and Overtaking trades are applied V. Unwind because of securities shortage When doing unwind, the account code is not recognized and the obligation is updated at the level of member (not at the level of individual account). PSMS Matched Updated De-matched Cancelled Unwound Activity in Ledger ND = New Settlement Delegation AD = Adjusted Settlement Delegation CD = Cancelled Settlement Delegation CD = Cancelled Settlement Delegation UW = Unwound Settlement Delegation 16

17 Operation Timeline Depository Operation Time Tentative SBL [Every 30 min, 11:30 13:00] [Every 30 min, 16:00 19:00] -Cut-off time for Deposit/ Withdraw -First round of Evening Tentative SBL Cut-off time for L ->F Trade Amendment of trades settled on next business day Perform EWS margin calculation [Every 1 hour, 9:45 16:45] -Book Closing Bond with BOT as a registrar 15:30 Calculate Mark To Market Price for Default & SBL & Collateral 16:00 17:30 18:35 16:45 Last round of EWS margin calculation -TCS EOD (Final Trading ( 1) & SBL Process) - Cut-off time for Transfer 19:00 19:30 *Note* Settlement Debit time for Settlement at 13:30 Credit time for Settlement at -For cash credit member at 13:35 -For cash debit member at 14:07-14:15 Collateral Revaluation New! 20:30 21:00 1. EWS margin at EOD 2. Send message to member who is called Ending time for all operations 21:00 PTI EOD/SOD System Close Auto Sweep (sweep - Buyer) New! 14:30 Cash Settlement New! -Debit at 14:00 -Credit cutoff at 14:15 SBL process & Final Transfer ( 3) & * Settlement New! 14:00 13:30 - Match Buy-in deals - Last round of Morning Tentative SBL 13:00 -Auto Sweep (sweep - Seller) New! -First round of Morning Tentative SBL 11:30 First round of EWS margin calculation 9:45 EWS Calculation 8:30 7:00 6:00 System startup Ready to login New! -Ready to execute & Send Buy-in list -Ready to login Start for offer Buy-in 10:00 11:00 10:30 Cutoff time for New! EWS Collateral Settlement New! (Debit cash from A/C at Settle. Bank) Collateral Revaluation & New! - Excess EWS Collateral withdrawal -Deposit non-cash to cover EWS Final Obligation ( 2) Cut-off time to request PSMS New!

18 [Settlement Management]: Settlement Terminology T EOD T+1 T+2 T+3 10:30 13:30 EOD T+4 Trading ( 1) Accumulate all Trades that traded on day T Considered Amendment& Adjustment& Give up Take up Transactions that are finalized today Available for both Omnibus & Segregate level Settlement ( 2) Accumulate all Trades that settled on day T Trading ( 1) + considered Historical Trade Amendment & Adjustment+ considered PSMS Transactions(Settlement Delegation) Available for both Omnibus & Segregate level Transfer ( 3) Settlement ( 2) + considered SBL &Default & Unwind Transaction Available only for Omnibus level 18

19 [Settlement Management]: Settlement Simulation Guideline Settlement Simulation Omnibus Level at settlement account (Client/Prop) Available for nearest pending settlement date Both of securities and cash sides Mode of simulation : No unwind transactions Unwind: Available for securities side only New screen for unwind transaction 19

20 [Settlement Management]: Settlement Simulation New PTI SBL Send 2 data for nearest pending settlement date for each clearing acc. Simulate Auto-sweep Simulation Send balance in settlement acc. of member for each pending settlement date Send tentative SBL (if any) Tentative SBL

21 [Settlement Management]: Share Simulation Screen [View of Participant Omnibus Level Only] Symbol Original Settlement Original Late Settlement Original SBL Return Original Transfer Available Balance Pending Simulated Transfer Simulated Balance Simulated Balance in Board Lot Mark-to-Market Price Mark-up Percentage Currency Required Cash Collateral BBL -2, ,000 2, , Unwind Case and Automatically NVDR/TTF Shortage : Original Transfer Simulated Transfer 21

22 [Settlement Management]: Settlement Concept TCH Settlement Obligation ( 2) 2 10:30. (Cut-off time) Segregate : ก (Trading ) + Investor Flag Settlement (Client/Prop): ก Investor Flag ก ก Omnibus Level ก ก Broker ก SBL Buy-in ก ก Custodian ก Unwind ก TSD Auto sweep Report TCH Sweep up Segregate s Settlement s ( ก ) Sweep down Settlement s Segregate s or Sink s Sweep down Segregate ก ก Sweep down Sink A/C 22

23 [Settlement Management]: Settlement Concept TCH Participant Settlement ❷Debit 700 shares ❸Credit 300 shares Settlement A/C Proprietary Settlement A/C Client ❹Sweep down 300 shares ❶Sweep up 700 shares Segregate Level : Considered both Trading and Investor 101 Client BBL Buy 400 shares 101 Client BBL Sell 100 shares 102 Principal BBL Sell 700 shares 2 Reports 101 Client BBL Buy 300 shares 102 Principal BBL Sell -700 shares Settlement Level: Considered only Investor Client BBL Buy 300 shares Principal BBL Sell -700 shares 23

24 [Settlement Management]: SBL Activity Current System New system Counter-party with Lender TSD TCH of return At settlement time Instantly Return on Due date Haveto refer to each individual transaction To Receive Transfer with purpose Late Settlement Total Buy Refer to transaction Transfer Deposit Do not allow to request return SBL position Don thaveto refer to each individual transaction Allow partial volume of eachreturn type but total return volume must be board lot for return to lender Referto balanceof any account Allow member to requestand specifyany account to return SBL position 24

25 [Settlement Management]: Cover Fail ( Default) Activity Current System New system of return At settlement time Instantly Haveto refer to each individual transaction To Receive Transfer with purpose Late Settlement Total Buy Refer to transaction Transfer Deposit Don thaveto refer to each individual transaction Referto balanceof any account 25

26 CASE 1 ก ก ( : ) 1.1 : ก ก = 0, Omnibus = : ก ก 0, Omnibus = : ก ก 0, Omnibus - Receive shares from TCH 26

27 Case 1.1 : ก ก = 0 Settlement by (Segregate level) Obligation by Settlement A/C Settlement A/C ก ก = 0, Omnibus = 0 - ก Auto sweep TSD - ก - ก TCH 27

28 Case 1.2 : ก ก 0, Omnibus = 0 Settlement by (Segregate level) Obligation by Settlement A/C (Client) Settlement A/C BBL -1, BBL +1,000 Member Segregate A/C Segregate A/C Sweep am. -1, Sweep 2.30 pm. +1,000 Settlement A/C Available Balance +1,000-1, pm. 2 3 TCH A/C 28

29 Case 1.3 ก ก 0, Omnibus 0 Settlement by (Segregate level) Obligation by Settlement A/C (Client) BBL -5, BBL +7,000 Settlement A/C Client BBL +2,000 Segregate A/C Segregate A/C Member Sweep am. -5, Sweep 2.30 pm. +7,000 Settlement A/C Available Balance +5,000 +2,000 +7, pm. 2 3 TCH A/C -2,

30 Settlement Scenarios CASE 2 Member Segregate (Send), Sweep down ( Segregate (Receive)) ก ( : ) 30

31 Case 2 Sweep up Segregate A/C - - > Settlement A/C Segregate A/C (Send) ก / Transfer Any - - >Settlement A/C Settlement A/C Omnibus - Deliver shares to TCH Sweep Down Settlement A/C- - > Segregate A/C (Receive) Segregate A/C (Receive) ก 31

32 Case 2 7 Feb 2014 Settlement date: Activity Settlement by (Segregate level) Obligation by Settlement A/C BBL -7, BBL +5,000 Settlement A/C Client BBL -2,000 Segregate A/C ,000 Segregate A/C ,000 Member Sweep am Settlement A/C Available Balance 0 +7,000-2,000-5, TCH A/C +2,000 2 Sweep 2.30 pm. +5, pm. Note: สมาช กม รายการย มห นจาก TCH จ านวน 2,000 ห น แล ผ ดนะดส งมอบห นกะบล กค า จ านวน 5,000 ห น SBL System

33 Settlement Scenarios CASE 3- Custodian (Unwind) Segregate (Send), Sweep down ( Segregate (Receive)) ก ( : ) 3.1 Omnibus = Omnibus - Receive shares from TCH 3.3 Omnibus - Send shares to TCH 33

34 Case 3.1 : Unwind Omnibus = 0 Before Unwind Settlement by (Segregate level) BBL -7,000 After Unwind BBL +5,000 Settlement by (Segregate level) Obligation by Settlement A/C Settlement A/C Client BBL -2,000 Obligation by Settlement A/C Settlement A/C BBL -5, BBL +5,000 Transactio n No. Participant Match Transaction Quantity Amount Client 123 DVP BBL -2,000 2, Unwind transaction Client 124 DVP BBL -5,000 5, Client 444 RVP BBL +5,000-5,

35 Case 3.1 : Unwind Omnibus = 0 After Unwind Settlement by (Segregate level) BBL -5, BBL +5,000 Obligation by Settlement A/C Settlement A/C Transfer ( 3 - Omnibus) Symbol Client / Proprietary Trade Delegation Total Buy Total Sell Deliver Receive Late Settlement SBL Return Unwind () Transfer Before Unwind Final () BBL-R Client 0 0-7,000 +5, ,000-2,000 0 [View of C777 Share Simulation (Unwind)] Symbol Original Settlement Original Original SBL Late Return Settlement Original Transfer Available Balance Pending Simulated Transfer Simulated Balance Simulated Balance in Board Lot Mark-to-Market Price Mark-up Percentage Required Cash Collateral BBL -2, ,

36 Case 3.1 : Unwind Omnibus = 0 Before Settlement by (Segregate level) BBL -7, BBL +5,000 Obligation by Settlement A/C Settlement A/C Client BBL -2,000 After Securiti es Settlement A/C BBL -5, BBL +5,000 Segregate A/C Sink A/C 1,000 Sweep am. -7,000 1 Sweep 2.30 pm. 4 Settlement A/C Available Balance +1,000-2,000 0 (unwind) TCH A/C pm. Note : Custodian บร หารจะดการภายในเก ยวกะบการต ดตาม ห นเพ อให ได ระบมอบห น 5,000 ห น 36

37 Case 3.2 : Unwind Omnibus - receive shares from TCH Before Unwind Settlement by (Segregate level) BBL -7,000 After Unwind BBL +5,000 Settlement by (Segregate level) Obligation by Settlement A/C Settlement A/C Client BBL -2,000 Obligation by Settlement A/C Settlement A/C BBL +5, Client BBL +5,000 Transactio n No. Participant Match Transaction Quantity Amount Client 123 DVP BBL -7,000 10,000 Unwind transaction Client 444 RVP BBL +5,000-5,000 37

38 Case 3.2 : Unwind Omnibus - receive shares from TCH After Unwind Settlement by (Segregate level) Obligation by Settlement A/C Settlement A/C BBL +5, Client BBL +5,000 Transfer ( 3 - Omnibus) Symbol Client / Proprietary Trade Delegation Total Buy Total Sell Deliver Receive Late Settlement SBL Return Unwind () Transfer Before Unwind Final () BBL-R Client 0 0-7,000 +5, ,000-2,000 +5,000 [View of C777 Share Simulation (Unwind)] Symbol Original Settlement Original Original SBL Late Return Settlement Original Transfer Available Balance Pending Simulated Transfer Simulated Balance Simulated Balance in Board Lot Mark-to-Market Price Mark-up Percentage Required Cash Collateral BBL -2, , ,000 +5,

39 Case 3.2 : Unwind Omnibus - receive shares from TCH Before Settlement by (Segregate level) BBL -7, BBL +5,000 Obligation by Settlement A/C Settlement A/C Client BBL -2,000 After Securitie s Settlement A/C BBL +5, Client BBL +5,000 Member Settlement A/C Segregate A/C ,000 Sweep am. 7,000 1 Available Balance +1,000-2, TCH A/C 0 /2 Segregate A/C ,000 +5,000 (unwind) -5,000 3 Sweep 2.30 pm , pm. 3 +5,000 39

40 Case 3.3 : Unwind - Omnibus - Deliver shares to TCH Before Unwind Settlement by (Segregate level) BBL -2, BBL -3,000 After Unwind Settlement by (Segregate level) Obligation by Settlement A/C Settlement A/C Client BBL -5,000 Obligation by Settlement A/C BBL -3,000 Settlement A/C Client BBL -3,000 Transaction No. Participant Match Transaction Quantity Amount Client 123 DVP BBL -2,000 2, Client 124 DVP BBL -3,000 3,000 Unwind transaction 40

41 Case 3.3 : Unwind - Omnibus - send shares to TCH Before Unwind Settlement by (Segregate level) BBL -2, BBL -3,000 Transfer ( 3 - Omnibus) Symbol Symbol Client / Proprietary Original Settlement Trade Original Original SBL Late Return Settlement Original Transfer Delegation Total Buy Total Sell Deliver Receive Available Balance Pending Late Settlement [View of C777 Share Simulation ()] Simulated Transfer Obligation by Settlement A/C Settlement A/C Client BBL -5,000 SBL Return Simulated Balance Unwind () Simulated Balance in Board Lot Transfer Before Unwind Final () BBL-R Client 0 0-5, ,000-5,000 Mark-to- Market Price Mark-up Percentage Required Cash Collateral BBL -5, , ,000-5,

42 Case 3.3 : Unwind Omnibus -send shares to TCH After Unwind Settlement by (Segregate level) Obligation by Settlement A/C BBL -3,000 Settlement A/C Client BBL -3,000 Transactio n No. Participant Match Transaction Quantity Amount Unwind Client 123 DVP BBL -2,000 2, Client 123 DVP BBL -3,000 3,000 42

43 Case 3.3 : Unwind Omnibus -send shares to TCH After Unwind Settlement by (Segregate level) Obligation by Settlement A/C BBL -3,000 Settlement A/C Client BBL -3,000 Transfer ( 3 - Omnibus) Symbol Client / Proprietary Trade Delegation Total Buy Total Sell Deliver Receive Late Settlement SBL Return Unwind () Transfer Before Unwind Final () BBL-R Client 0 0-5, ,000-5,000-3,000 [View of C777 Share Simulation (Unwind)] Symbol Original Settlement Original Late Settlement Original SBL Return Original Transfer Available Balance Pending Simulated Transfer Simulated Balance Simulated Balance in Board Lot Mark-to-Market Price Mark-up Percentage Required Cash Collateral BBL -5, , ,000-3,

44 Case 3.3 : Unwind Omnibus - Deliver shares to TCH Before Settlement by (Segregate level) BBL -2, BBL -3,000 Obligation by Settlement A/C Settlement A/C Client BBL -5,000 After Settlement A/C BBL -3, Client BBL -3,000 Segregate A/C Member Sweep am. -2,000 1 Settlement A/C Available Balance Segregate A/C , ,000-5,000-3,000 (unwind) TCH A/C 0 +3, pm. 44

45 [Risk Management ]: EWS EWS : Collateral Requirement Call ก ก Current New Risk Report EOD ก Set portal Message ก ก call (EOD) Message ก ก call (SOD) Haircut Inquiry collateral call EOD PTI Collateral call EOD New Monitor Inquire 2 (Derivatives market Equity market) ก

46 [Asset Management ] Collateral (Asset) Current Inquiry Collateral Balance PTI Derivatives market Settlement Margin Equity market ก ก EWS ก ก SBL Default New Inquiry Collateral Balance Derivatives market : Coverage fund Security Deposit Special Deposit Settlement Margin Equity market Coverage Security Default fund Margin (EWS) Cash default from net settlement Cash default from gross settlement 46

47 [Asset Management ] Current EWS : ก ก Collateral (Asset) New ก ก ก ก ก ก ก Settlement Bank TCH TCH SCB bank Instruction file Debit ก ก ก ก TCH EWS : ก ก + ก ก ก ก ก ก TCH SCB ก TCH ก ก ก ก TCH PTI EWS : ก กก ก ก SCB ก ก ก ก ก ก TCS PTI Port ก ก Process Bank instruction file Credit ก TCH ก Settlement Bank 47

48 Issue Contact person Tel Depository PSMS Member back-office Kanyarat Sriaroon Kitipat Chantarasrivongs Pornpreeya Vatthanasuk Wimol Plubplasri Yukolthorn Sakdadsathaporn Nawarat Panichpiboon Suwannee Tantirojanawong Rachatasorn Khaosam-Ang Ext ,

49 Appendix

50 Depository 50

51 Withdrawal 51

52 Withdrawal (Cont.) 52

53 Transfer (Cont.) 53

54 Help Search for No. 54

55 Book Close 55

56 Book Close (Cont.) View View View 56

57 Book Close (Cont.) 1. Withholding Tax 2. Exercise DW 3. BOT Payment 57

58 58

59 Management Ledger & Trade Listing 59

60 ledger examples for PSMS Example cases: Case I : PSMS (Matched) Case II : PSMS (Updated) Case III : PSMS (De-matched,Cancelled) 60

61 Case I : PSMS (Matched) Scenario Member A (Parti 111) matched Custodian X (Parti 123) (at 05/02/2014) Ledger Line Ledger Date Ledger Seq. Parti. No Acct Code Investor Instrument ID Instrument Symbol Property Deal Buy/Sell Price Quantity Amount Number 1 05/02/ Client BBL B /02/ Client BBL S Line Matched Buy/Sell Trade Update Activity Activity Sub Deal Transaction Ref.Ledger Date Ref. Ledger Seq. Trading Venue Deal Matched Date Settlement Date 1 N ND 51 S 04/02/ /02/ N ND 51 S 04/02/ /02/

62 Case II : PSMS (Updated) Scenario Custodian X (Parti 123) amend account from 9999 to 8888 (at 05/02/2014) Ledger Line Ledger Date Ledger Seq. Parti. No Acct Code Investor Instrument ID Instrument Symbol Property Deal Buy/Sell Price Quantity Amount Number 1 05/02/ Client BBL B /02/ Client BBL S /02/ Client BBL B /02/ Client BBL S Line Matched Buy/Sell Trade Update Activity Activity Sub Deal Transaction Ref.Ledger Date Ref. Ledger Seq. Trading Venue Deal Matched Date Settlement Date 1 N ND 51 S 04/02/ /02/ N ND 51 S 04/02/ /02/ R AD 52 S 04/02/ /02/ O AD 52 S 04/02/ /02/

63 Case III : PSMS (De-matched) Scenario Member A (Parti 111) dematched CustodianX(Parti 123) (at 05/02/2014) Ledger Line Ledger Date Ledger Seq. Parti. No Acct Code Investor Instrument ID Instrument Symbol Property Deal Buy/Sell Price Quantity Amount Number 1 05/02/ Client BBL B /02/ Client BBL S /02/ Client BBL B /02/ Client BBL S /02/ Client BBL S /02/ Client BBL B Line Matched Buy/Sell Trade Update Activity Activity Sub Deal Transaction Ref.Ledger Date Ref. Ledger Seq. Trading Venue Deal Matched Date Settlement Date 1 N ND 51 S 04/02/ /02/ N ND 51 S 04/02/ /02/ R AD 52 S 04/02/ /02/ O AD 52 S 04/02/ /02/ R CD 53 S 04/02/ /02/ R CD 53 S 04/02/ /02/

64 Case IV : PSMS (Unwind) Scenario Custodian Z (Parti 777) unwind because of securities shortage (at 07/02/2014) Ledger Line Ledger Date Ledger Seq. Parti. No Acct Code Investor Instrument ID Instrument Symbol Property Deal Buy/Sell Price Quantity Amount Number 1 05/04/ Client BBL 123 B /02/ Client BBL 123 S /02/ Client BBL 444 B /02/ Client BBL 444 S /02/ Client BBL 123 S /02/ Client BBL 123 B Line Matched Buy/Sell Trade Update Activity Activity Sub Deal Transaction Ref.Ledger Date Ref. Ledger Seq. Trading Venue Deal Matched Date Settlement Date 1 N ND 51 S 04/02/ /02/ N ND 51 S 04/02/ /02/ N ND 51 S 04/02/ /02/ N ND 51 S 04/02/ /02/ R UW 55 O 04/02/ /02/ R UW 55 O 04/02/ /02/

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