Trading of Govt. Debt Securities Awareness Session Presented by: Mr. Sarmad Hussain Deputy Head of Operations Presented to: All TREC holders And their.

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Presentation transcript:

Trading of Govt. Debt Securities Awareness Session Presented by: Mr. Sarmad Hussain Deputy Head of Operations Presented to: All TREC holders And their staff 13, November, 2014

Overview of GDS Primary Objective of the trading of Government Securities at the Stock Exchange is to diversify the investor base with particular emphasis on retail investors. Another benefit of an organized exchange market is that it increases the range of liquid, investible asset class. Small investor, who may not have been able to acquire securities on the primary market through non-competitive bid mechanism, will have additional opportunities to acquire those securities on the secondary market 2

» » Trading of Government Debt Securities is conducted on disclosed basis using the Request for Quote (RFQ) feature. » In the feature, the initiator registers an interest to buy and/or sell a government security to a number of counterparties. Any of these counterparties may either accept or enter fresh quotes i.e. yield and value in million to buy or sell, when accepted, an interactive message of re-affirmation from both parties locks the deal. 3

z Open an IPS account with CDC at least one day before, in order to trade Government Securities through stock exchange. Open Bank Account with CDC designated banks at least one day before, in order to be able to trade Government Securities through stock exchanges. Authorize CDC to disclose his/her good value positions to LSE on daily/need basis. Open an Account with LSE eligible Members CDC to send confirmed buying capacity and confirmed custody position to LSE on each end of day for those clients only which have executed a tri-partite agreement. CDC to also act as Clearing Participant REATIL INVESTOR PRE-REQ GDS Trading : Process Flow CDC REATIL SEGMENT TRADING OF GOVERNMENT SECURITIES THROUGH STOCK EXCHANGES HAS SOME PRE-REQUISTES, AND CERTAIN ACTIONS REQUIRMENT ON T-1 i.e. one day before the trading day IN ORDER TO FOLLOW THROUGH A SEAMLESS TRADING, CLEARING AND SETTLEMENT CYCLE ON T+0 i.e. trading day.

Trades to match through RFQ only up to the extent of Buying Capacities and confirmed custody positions & transmission of trades BANKS Banks can also enter their RFQs for proprietary trading & Clearing through BATS z REATIL SETTLEMENT BY CDC BUY. In case of BUY CDC will move out cash and move in securities. SELL In case of SELL CDC will move out securities and move in Cash REATIL SEGMENT TRADING OF GOVERNMENT SECURITIES THROUGH STOCK EXCHANGES HAS SOME PRE-REQUISTES, AND CERTAIN ACTIONS REQUIRMENT ON T-1 i.e. one day before the trading day IN ORDER TO FOLLOW THROUGH A SEAMLESS TRADING, CLEARING AND SETTLEMENT CYCLE ON T+0 i.e. trading day. LSE GDS Trading : Process Flow

GDS trading Workstation 6

GDS TWS Main Screen 7

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Q & A 16