Presentazione di PowerPoint

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ECSDA in slides
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ECSDA brief overview

• ECSDA (European Central Securities Depositories
  Association) was founded in 1997
• Actual Steering Committee
• Chairman Giovanni Sabatini, Monte Titoli
• Vice-Chairman Joel Mérère, Euroclear France
• Secretary Jan Hellstrom, VPS
• Treasurer Stéphane Bérnard, CIK
• Website http//www.ecsda.com

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ECSDA Members

• CSD SA Greece Euroclear CIK Belgium
• CrestCo GB Clearstream Luxembourg
• Cyprus Stock Exchange Clearstream Germany
• Euroclear Bank Euroclear France
• HEX Finland Euroclear Netherlands
• Icelandic Securities Depository Interbolsa
  Portugal
• Iberclear Spain VPS Norway
• Monte Titoli Italy OEKB Austria
• SIS Switzerland VP Denmark
• VPC Sweden

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The new mission

• In the past
• ECSDA focused mainly on
• technical issues
• the implementation of links and
• the development of common technical
• standards

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The new mission
Recently

• ECSDA has conducted several initiatives towards
  European Authorities
• ISD consulation (European Commission)
• Call for contribution (ECB-CESR)
• Communication on Clearing Settlement
  (European Commission)
• TARGET 2 consultation (ECB)
• ESCB CESR Consultation

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The new mission
ECSDA

Its general objective is to offer solutions and
provide advice at international level on
technical, economical, financial and legal
regulatory matters to reduce risk and increase
efficiency in custody, pre-settlement and
settlement arrangements for securities and
related payments across Europe for the benefit of
issuers, investors and market participants, by
promoting
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The new mission

by promoting

• a process flow that ensures highest efficiency
  with a low risk profile
• a level playing field with the highest
  standards for entities providing custody,
  pre-settlement and settlement services
• common standards to reduce/ remove barriers to
  cross border settlement
• exchange of information on legal, tax,
  regulatory framework and market practices to
  foster the process of harmonization across
  Europe
• international cooperation

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Re-organisation of the WGs
WG Audit and Compliance Chairs Bent Poulsen
bp_at_vp.dk, Goran Karnfalt goran.karnfalt_at_vpc.se

Current Activities

• Discuss approaches to
• crisis management
• business continuity planning
• security standards
• operational risk
• Prepare a standardized questionnaire for ECSDA
  members (based on the CPSS IOSCO disclosure
  framework and other questionnaires)

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Re-organisation of the WGs
WG Public Policy Chair Janne Lauha
janne.lauha_at_hex.fi
Current Activities

• Assess the current regulatory and legal
  framework and developments in Europe
• Provide common statements regarding
  regulatory initiatives (i.e. upcoming ECB CESR
  standards, ISD, Directive on CS ?)
• Analyse impact of the Hague Convention on
  ECSDA members ECSDA model agreements
• Observe the developments of the UNIDROIT and
  the Securities Account Certainty project

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Re-organisation of the WGs
WG Settlement Links Chair Martin Trueb
martin.trueb_at_sisclear.com
Current Activities

• Comments to the public consultation of ECB
  regarding the introduction of TARGET2
• Propose assessment criteria for the use of
  relayed links for monetary policy operations to
  ECB
• Support of the ACI STEP Task Force aimed at
  harmonizing the European short term securities
  landscape

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Re-organisation of the WGs
WG Harmonization Chair Michael Kempe,
michael.kempe_at_crestco.co.uk
Current Activities

• Participation in the Giovannini Groups project
  to remove the following technical market
  barriers
• Barrier 7 Harmonization of operating
• hours settlement deadlines
• Barrier 4 Intraday Finality
• Barrier 3 Harmonization of national rules
• relating to corporate actions processing

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Re-organisation of the WGs
WG Information Technology Chair to be defined

Activities

• Drafted a technical report and data exchange
  manuals for
• Free of payment links
• DVP links
• Corporate actions events

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International Cooperation
International cooperation is considered as
essential in order to discuss issues of common
interests and to exchange of experiences
concerning securities settlement custody at a
global level. ECSDA has contacts with

• CEECSDA (Central and Eastern European Central
  Securities Depositories Association) observers
  of CEECSDA participate in the ECSDA management
  committee/working groups and a common meeting is
  organised in September
• ACSDA (Americas Central Securities Depositories
  Association) bilateral participation in
  management committee meetings