Page 1 ACSDA Sao Paulo New Challenges for CSDs and CCPs 10 November 2006.

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Presentation transcript:

Page 1 ACSDA Sao Paulo New Challenges for CSDs and CCPs 10 November 2006

Page 2© 2006 Thomas Murray Ltd. Contents The old challenges – All done? The new challenges – What next?  Structural issues  Extra revenue  Reduced costs  International benchmarking

Page 3© 2006 Thomas Murray Ltd. The old challenges – All done? 1.Dematerialised 2.Demutualised 3.For profit model 4.SFI DVP 5.Stock lending & borrowing 6.Central register 7.Adequately capitalised 8.Disaster recovery in place

Page 4© 2006 Thomas Murray Ltd. The old challenges – All done? CountryDematerialised Immobilised DemutualisedFor Profit SFI DVP SLBCentral Register Adequate Capital Disaster Recovery Argentina Bolivia Brazil CETIP Canada Chile Colombia Costa Rica Dominican Republic Eastern Caribbean Ecuador El Salvador Guatemala Jamaica Mexico Nicaragua Panama Peru South Africa Trinidad & Tobago Uruguay (CBU) USA

Page 5© 2006 Thomas Murray Ltd.  Structural issues  Extra revenue  Reduced costs  International benchmarking The new challenges – What next?

Page 6© 2006 Thomas Murray Ltd. The Standard Model Exchange CCP CSD Risk Transfer Risk Concentration Risk Minimisation The Brazilian Model BOVESPA CBLC CSD BM&F SISBEX SELIC BMA CBLC CCP CETIP Structural issues This is a risk based model It says nothing about ownership (vertical or horizontal) or governance OTC

Page 7© 2006 Thomas Murray Ltd. CountryExchangesCCPsCSDs ArgentinaBCBA, MERVALMERVALMERVAL, CVSA, CRYL BoliviaBBV-EDV BrazilBOVESPA, BM&FBMA, CBLCCBLC, CETIP, SELIC CanadaTSXCDS ChileSSE-DCV ColombiaMEC, BVC-DECEVAL, DCV Costa RicaBNV-CEVAL Dominican RepublicBVRD-CEVALDOM Eastern CaribbeanECSEECCSD EcuadorQuito, Guayaquil-DECEVALE El SalvadorBVES-CEDEVAL GuatemalaBVN- JamaicaJSE-JCSD MexicoBMVCCVINDEVAL NicaraguaBVDN-CENIVAL PanamaBVP-LatinClear PeruBVL-CAVALI South AfricaJSE, BESAJSESTRATE Trinidad & TobagoTTSE, GSS-TTCD, TTCB UruguayBVM-BVM, CBU USANYSE, NASDAQNSCC, GSCCDTC, Fed The Standard Model Structural issues

Page 8© 2006 Thomas Murray Ltd. Argentina Caja de Valores AustraliaSFE AustriaOEKB BelgiumEuroclear Belgium & Euroclear Bank Brazil CBLC Canada CDS CroatiaSDA DenmarkVP Egypt MCSD FinlandAPK FranceEuroclear France GermanyClearstream Banking GreeceCSD Hong KongHKFE HungaryKELER ItalyMonte Titoli JapanJSCC KoreaKSD LatviaLCD LebanonMidclear LuxembourgClearstream Mexico Indeval NetherlandsEuroclear Netherlands NorwayVPS PolandKDPW Russia DCC & NDC SingaporeMCD SloveniaKDD Sri LankaCDS South Africa STRATE SpainIBERCLEAR SwedenVPC SwitzerlandSIS TaiwanTDCC UAEDIFX UKCREST USA DTCC CSDs using SWIFT Structural issues

Page 9© 2006 Thomas Murray Ltd.  Advantages  Drawbacks  Potential solutions Structural issues A Regional CCP

Page 10© 2006 Thomas Murray Ltd. Extra Revenues  Central matching  Issuer services  OTC Derivatives  Fund services CSDs should NOT compete with their participants. There should be no disintermediation CSDs are a natural monopoly and should not abuse this position. New sources of revenue

Page 11© 2006 Thomas Murray Ltd. Investors Broker/ Dealers Custodians Central Matching Utility (within CSD) Investors Broker/ Dealers Custodians Confirmation Average Price Affirmation Allocations SSI Give-ups Give-ins Allocations Without VMU With VMU Central Matching Utility Extra Revenues

Page 12© 2006 Thomas Murray Ltd. Reduced Costs  Cost reduction via consolidation or competition? Are CSDs different from CCPs?  Reduced costs for participants = revenue opportunities for CSDs  Use the utility to eliminate duplication in the market. Especially if there is no competitive advantage to be gained. Standardisation / Harmonisation is one of the main avenues to reduce costs.  Reduced costs for participants = fee reductions by CSDs  This depends on where you are on the development curve. Thus the need for proper price benchmarking exercise  Cost sharing – IT hub & spokes model  Africa, Greece/Cyprus, Middle East  Outsource to a regional CCP Cost centralisation or cost reduction?

Page 13© 2006 Thomas Murray Ltd. International benchmarks  FTSE  Morgan Stanley  CalPERS  Thomas Murray The Providers

Page 14© 2006 Thomas Murray Ltd. International benchmarks

Page 15© 2006 Thomas Murray Ltd. Morgan Stanley Emerging Markets Emerging Global Equity Markets 2006 ArgentinaIndonesiaPhilippines BrazilIsraelPoland ChileJordanRussia ChinaKorea (South)South Africa ColombiaMalaysiaSri Lanka Czech RepublicMexicoTaiwan EgyptMoroccoThailand HungaryPakistanTurkey IndiaPeruVenezuela Sri Lanka and Venezuela have since been removed from the MSCI list International benchmarks

Page 16© 2006 Thomas Murray Ltd. International benchmarks