Daniela Russo Deputy Director General

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Presentation transcript:

Panel session: Challenges in the field of securities settlement systems Daniela Russo Deputy Director General ECB - Payment Systems and Market infrastructure Vienna, 11th September 2008

What are the main issues? Regulatory issues (standards) Integration issues (interoperability) Collateral issues OTC derivatives

Regulatory issues CPSS and CPSS-IOSCO standards are now “mature” (CPSIPS 1999, RSSS 2001, RCCP 2004) - need for updating? - cross-consistency check for common issues? - interdependencies - new developments (interoperability, OTC derivatives) ESCB-CESR standards are being finalised

Integration issues (mainly but not only EU issues) Need to create integrated capital markets in the EU - Removal of barriers to integration (Giovannini reports) - Code of Conduct - TARGET2-Securities, Link-up initiative - ESCB-CESR Co-ordination at global level where possible Other regional initiatives? (e.g. North America)

- Experience during the turmoil showed the need Collateral issues - Experience during the turmoil showed the need for more flexibility to facilitate distribution of international liquidity - Some central bank facilities, identified in the FSF report early this year - Public and market solutions to facilitate cross- border delivery of collateral are necessary - The Eurosystem CCBM2

- Need for adequate infrastructure - CPSS report - DTCC initiative OTC derivatives - Need for adequate infrastructure - CPSS report - DTCC initiative - Recent initiatives to establish a CCP for CDSs

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