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Central Securities Depositories, ISO Standards and SWIFT Automation today and for the future

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Central Securities Depositories, ISO Standards and SWIFT Automation today and for the future Edward de Courcy-Ireland Regional Manager - Securities – PowerPoint PPT presentation

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Title: Central Securities Depositories, ISO Standards and SWIFT Automation today and for the future


1
Central Securities Depositories, ISO Standards
and SWIFTAutomation today and for the future
  • Edward de Courcy-Ireland
  • Regional Manager - Securities

4th November 2006
2
Agenda
SWIFT update
Securities Market Infrastructures using SWIFT
ISO Standards
3
SWIFT - September 2006
2.5 billion messages per year 7,940
customers 208 countries Average daily traffic
11.2 million messages Peak day of 13.1 million
messages, 29 Sep 2006 Availability of SWIFTNet
99.999
4
FIN Messaging Traffic Growth
FIN Growth by Market August 2006 YTD (Millions of messages) FIN Growth by Market August 2006 YTD (Millions of messages) FIN Growth by Market August 2006 YTD (Millions of messages) FIN Growth by Market August 2006 YTD (Millions of messages) FIN Growth by Market August 2006 YTD (Millions of messages)
FIN Category 2005 YTD Actual 2006 YTD Actual Growth from 2005
Payments 641 692 7.2
Securities 555 689 23.2
Treasury 106 120 12.7
Trade Finance 31 31 1.8
System 8 8 -3.4
Category 9 301 337 11.3
TOTAL 1,641 1,877 13.6
5
Pricing and traffic Harnessing economies of scale
Price (EURcent/msg)
Traffic (Millions of messages)
50
2500
Traffic
45
2000
40
35
1500
30
25
1000
20
Price
15
500
10
5
0
6
Agenda
SWIFT update
Securities Market Infrastructures using SWIFT
ISO Standards
7
Securities strategic priorities (set by the
industry)
Market space
Strategic priorities
Equity and fixed income
Be the messaging platform of choice for market
infrastructures
Succeed in Pre trade /Trade messaging
Pre-trade / Trade
Drive Industry towards Standards convergence
Platform of choice for Post-trade / Pre-set.
Post Trade /Pre-settlement
Grow traffic in Clearing and Settlement and
Custody services
Clearing and Settlement
Custody Services
Become messaging platform of choice for the Funds
industry
Investment funds
8
A world without SWIFTDifferent Standards,
Messaging Connectivity
User
Market Infrastructures
9
Single Window from SWIFTReusing Standards,
Messaging and Connectivity
User
Market Infrastructures
10
Securities Market InfrastructuresOutsource
Messaging  Network
Infrastructure has full vertical implementation
Messaging Mechanisms
Physical Network
11
SWIFTs messaging services
Infrastructures and service providers
Financialinstitutions
SWIFTNet FIN
SWIFTNet InterAct
SWIFTNet FileAct
SWIFTNet Browse
12
Securities Market Infrastructures SWIFTNet FIN
Argentina Caja de Valores
Australia Australian Stock ExchangeSFE Austraclear
Austria OeKB
Belgium CIKEuroclear BankMTSNational Bank of Belgium
Brazil CBLC
Canada CDS
Croatia Sredisnja Depositarrna Agencija
Denmark OMXVP
Dubai DIFX
Estonia Estonian Securities DepositoryOMX
Finland NCSD Finland APKOMX
France Euroclear FranceEuronext Paris MATIFMTS
Germany Eurex ClearingClearstream Banking AGMTS
Greece Central Securities DepositoryBank of Greece
Hong Kong HK Futures ExchangeHong Kong Monetary AuthoritySEHK Options Clearing House
Hungary Keler
Israel Tel Aviv Stock Exchange
Italy CCGMonte Titoli
Japan JSCCTokyo Stock Exchange
Kazakhstan Kazakhstan Stock Exchange
Korea Securities Depository
Latvia Bank of LatviaCentral DepositoryOMX
Lebanon Midclear
Lithuania OMX
Luxemburg Clearstream Banking SA
Mexico S.D. Indeval
Netherlands Euroclear NederlandMTS
Norway VPS
Poland National Depository for Securities KDPW
Portugal Banco de Portugal SITEMEMTS
Russian Federation Depository Clearing CompanyThe National Depository Center
Singapore Central DepositorySingapore Exchange
Slovakia Bank of Slovakia
Slovenia Central Securities Clearing Corporation KDD
South Africa STRATEJSE Securities Exchange
Spain IberclearMEFFMTS
Sweden NCSD Sweden VPCOMX
Switzerland SISSIS x-clear
Taiwan Securities Central Depository
Thailand Thailand Securities Depository
UK ( Ireland) CRESTLCH.ClearnetLondon Stock Exchange
USA Chicago Mercantile ExchangeClearing CorporationDTCCOmgeoOptions Clearing Corporation
13
Banking Market Infrastructures
Eurosystem (TARGET2) Fiji Finland
France Georgia Germany Ghana Greece Guatemala
Hong Kong Hungary Ireland Italy Jordan
Kenya Kuwait Latvia Lebanon Lesotho Luxemburg M
alta Mauritius Namibia Netherlands New Zealand
Albania Algeria Angola Australia Austria
Azerbaijan Bahamas Bahrain Barbados Belgium
Bosnia and Herzegovina Botswana Brazil Bulgaria
Canada Chile CLS Croatia Denmark East
Caribbean Egypt EBA (EURO1/STEP1) ECB (TARGET)
Norway Oman Pakistan Palestine Philippines Romania
Russian Federation Singapore Slovenia South
Africa Spain Sri Lanka Sweden Switzerland
Tanzania Thailand Trinidad and
Tobago Tunisia Uganda United Kingdom United
States Venezuela Zambia Zimbabwe Central
African States West African States
High-Value Payments
Countries
Live
67
Implementation
8
Planning
8
14
Agenda
SWIFT update
Securities Market Infrastructures using SWIFT
ISO Standards
15
SWIFTNet FINSettlement Reconciliation Process
CSD
Trade Date
Settlement Date
MT 540-3 Settlement Instruction
MT 537 Pending Transactions
MT 548 Status of Instruction
MT 535 Statement of Holdings MT 536 Statement of
Transactions
MT 544-7 Confirmation of Settlement
CSD participant
16
SWIFTNet FINCA Message flow - non elective
event
Stock Exchange/CSD
RecordDate
PaymentDate
Ex Date
Announcement
MT 564 Notification of Entitled Position
MT 564 Notification of Announcement
MT 566 Confirmation of account activity
CSD participant
17
SWIFTNet FINCA Message flow - elective event
Stock Exchange/CSD
Ex/ Record Date
Announcement of offer
DeadlineDate
Receipt of new shares
Response period
MT 565 Instruction
MT 567 Status of Instruction
MT 566 Confirm of account activity
MT 564 Notification of Offer
MT 564 Notification of Ex date Entitlement
MT 564 Notification Entitlement Calculation
CSD participant
18
SWIFTNet FINPost-trade pre-settlement matching
(model I)
CSD
MT 540-3 Settlement Instruction
MT 540-3 Settlement Instruction
Matching utility
MT 515 Trade confirmation
MT 515 Trade confirmation
MT 509 Trade status
Receiver
Deliverer
19
SWIFTNet FINPost-trade pre-settlement matching
(model II)
CSD
Matching engine
MT 540-3 Settlement Instruction
MT 540-3 Settlement Instruction
MT 548 Status of instruction
Receiver
Deliverer
20
Typical usage by Securities Market
Infrastructures of all SWIFTNet Messaging
services
FIN
FileAct
InterAct
Browse
Instructions Confirmations Status Statements CA
reporting CA confirms Coll Mgmt ISO 15022
21
Securities market infrastructures SWIFTNet
InterAct, FileAct and Browse
Belgium Euroclear Bank EUCLID File TransferEUCLID PC / Server
France Euroclear France E2A
Italy Monte Titoli Express II
Luxemburg Clearstream International Creation Direct
Netherlands Euroclear Nederland Direkte Verbinding
Spain Iberclear Ventana Unificadade Communicaciones (VUC)
United Kingdom CRESTCo SWIFTNet CREST
USA DTCC Deriv/SERV
22
Who is listening?
  • ECSDA (EU)
  • ACSDA (Americas)
  • ACG (APAC)
  • AECSD (CIS)
  • and you, the AMEDA
  • and a date for your diaries
  • Boston October 1-5,
    2007

23
Accessing CSDs through SWIFTMarket needs
  • One standardised solution
  • Interfaces
  • Messaging
  • Security
  • Giovannini compliant and EU integration future
    proof
  • Complete range of communication channels
  • ISO compliant standards (15022 and 20022)
  • Uniform service (support, liability,)
  • Value-added services

24
Thank you for your attention
25
Central Securities Depositories, ISO Standards
and SWIFTAutomation today and for the future
  • John Falk

19 October 2006
26
Back-up
27
New SWIFTSolutionSWIFTNet CSDAccess
CSD participants
CSDs
1-by-1 messaging channel File transfer
channel Operator-based access
ISO 15022 ISO 20022
Potential added value Notary functionCopy
function to regulatorsMT/MX translation
...
Global solution Giovannini compliant and EU
Harmonisation aligned
...
28
Agenda
SWIFT update
Securities MIs using SWIFT
EU CS harmonisation
New SWIFTSolution SWIFTNet CSDAccess
SN Kits Connectivity for small users
29
SWIFT usage for local intermediaries
  • Local CSD, Central Bank settlement agents
  • International Cash Correspondents
  • Global Custodians
  • International B/Ds

30
Making SWIFT cost-effective
Services
Security
Messaging soft
Special SN Kits for specific solutions
Complete set-up
Connectivity soft
Network
31
Market Infrastructure CUGsA closed community of
users on SWIFT
Service participant
SWIFT user
SWIFT user
Service Participants within a Closed User Group
Service participant
SWIFT user
SWIFT member
Market infrastructure
Service participant
SWIFT user
SWIFT user
Through Closed User Groups, the administrator
takes full control which messaging options,
which billing option, who has access,
32
The SWIFT community
banks found SWIFT
- broker/dealers - central depositories
clearing institutions - exchanges
securities market data providers
1973
1987
2004
travellers cheque issuers
fund administrators
1988
2002
money brokers
1989
MA-CUGs
2001
- registrars transfer agents - custody
providers - trust or fiduciary services companies
1990
2000
securities MIs
1999
1992
- treasury counterparties - treasury ETC service
providers
investment managers
1998
1995
1996
  • - payments MIs
  • proxy voting agencies
  • non-shareholding financial institutions

trading institutions
treasury securities ETC service providers
33
Using SWIFT to communicate with securities
market infrastructures
Benefits for system owner
Mission critical levels of
gt reliability, security and support
Time to market is
gt short
Low entrance barriers for
gt remote members
Access to all types of domestic and international
players
gt increased internationalisation of client
activities
Global standards ISO 15022, XML, FIX for
gt trading gt clearing gt settlement gt custody
34
Using SWIFT to communicate with securities
market infrastructures
Benefits for system member
Technical standardisation single window access
to domestic and international systems through one
interface
gt cost efficiency
Mission critical levels of
gt reliability, security and support
Business standardisation ISO 15022, XML, FIX
gt Market Practice standardisation gt
straight-through processing gt Real-time DVP gt
shorter settlement cycles gt risk reduction
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