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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 CSDI CENTRAL SECURITIES DEPOSITORY OF IRAN AFFILIATE MEMBER Alireza Hajinorouzi CEO Our objective is to guarantee the security and efficiency of Iran’s stock market through developing and improving the settlement procedure of the securities trades via concentrating on increasing the efficiency and reducing the risk and costs. Objectives: The objectives for which the company is established are: 1– Opening and custody of funds/securities accounts related to stock exchange, over the counter market, commodity exchange belonging to brokers, shareholders and other financial institutions, real or legal persons. 2– Registration, encoding, custody, clearing and settlement of trade transactions on stock exchange, commodity exchange and other financial tools 3– Depositing different kind of securities in company’s operating system 4– Depositing Pledged securities for real and legal entities and release of the pledge on the beneficiaries demands 5– Borrowing, lending and exchange of securities as a mediator 6– Providing and performing latest essential information for shareholders and brokers 7– Applying suitable electronic systems on clearing and settlements 8– Handling corporate actions for joint stock companies including: A– Registration and custody of shareholders’ names and records and give necessary services to the issuers of securities B– Prepare and present necessary information to the listed companies and their shareholders C– Holding general meetings for member companies and over the counter (OTC) market companies D– Receiving information about general meetings and informing their investors E– Receiving information about dividend, bonus share, right issues and deliver these information to the shareholders 9– Settlement of funds, Clearing and Depositing of the foreign securities 10– Presenting professional necessary services to stock exchanges, over the counter market, commodity exchange, the issuer of securities, brokers and other market participants 11– Providing necessary authorized financial activities also services, consulting and commercial activities in relation with stock exchange, commodity exchange and over the counter market 12– Cooperating with regional exchanges and related institutions 13– Changing the method of settlement from the current semi mechanized system to a full mechanized, efficient system through using Real Time Gross Settlement (RTGS) 14– Establishing and managing settlement guarantee funds, also accepting the role of CCP 15– Providing warehouses and managing their activities for better performance of commodity exchange services 16– and regulation – Performing other duties which have been or shall be assigned to the company by law Future Outlook 1. In order to elevate the Capital Market's position in Iran's economy and organize Securities Market, according to Act No. 90 of the fifth development plan, all post-trade services of Iran commodities exchange including cash market, advance purchase, credit also futures and option contracts (which will operate in the commodities exchange in near future), will all be centralized in Central Securities Depository of Iran (CSDI). 2. To increase the efficiency and Straight Through Processing of various post-trade services, Central Securities Depository of Iran is determined to perform the settlement registry and Corporate Actions on a fully electronic and dematerialized basis. 3. CSDI has a pervasive plan under construction on Data Dissemination to provide members and market activists with required information and reports; aiming at facilitating Mobile Trading, Online Trading, and Virtual Trading, the first phase of which has been delivered for online trades. 4. In order to increase functionality and eliminate risks of settlement and operations, CSDI has decided to establish "Professional Bank of Capital Market", in which Settlement of Trades, various Financial Tools and Corporate Actions Affairs will all be performed. 5. Due to the ever-increasing growth of financial markets followed by an increase in the activities of its fundamental institutions, CSDI intends to acquire a pervasive Software (entrusted to a contractor), to cover the posttrade services of markets in which CSDI is responsible for their Settlement. 6. CSDI which is responsible for clearing & settlement of Tehran Stock Exchange (TSE) and OTC trades, in order to cover settlement risks, has proposed the guarantee fund scheme which will be indispensable after approval of legal authorities. Also CSDI is ready to generalize the guarantee fund to the commodities stock exchange. 7. In addition to the settlement guarantee fund, CSDI will examine feasibility of using other risk management mechanisms and handling clearing members' default to optimize risk covering mechanisms as well as moving towards becoming a CCP. 8. CSDI is a major shareholder of "Central Asset Management of Capital Market Company" (private joint stock co.) which has been established in the current year. Executive actions of this company in delivering activities of intermediary institutions for financing through Islamic financial tools (Sukuk) will begin the next year. * Please refer to page 117 for the Iran country report. CONTACT INFORMATION Contact Name Mr. Alireza Hajinorouzi E-mail info@csdiran.com, intl.affairs@csdiran.com Website www.csdiran.com Address 14, Azhari St., Hafez Ave., Tehran 1134844413 Phone +9821 667 49 180 Fax +9821 667 49 257 PAGE 134
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 MACEDONIAN CENTRAL SECURITIES DEPOSITORY (MCSD) AFFILIATE MEMBER Stevan Sapceski Executive Director The main goal of MCSD is to help government to keep economic stability, and also to help investors, custodian banks and issuers by providing fast and reliable services. Macedonian Central Securities Depository is one of the central links in Capital Market structure, and as such plays a big role in development of Macedonian Capital Market. Macedonian economy is small and is under big influence of surrounding economies and world economic crisis. The main goal in such environment for Macedonian Central Securities Depository as one of the main financial institutions is to help government in its efforts to keep economic stability, and also to help investors, custodian banks and issuers by providing fast and reliable services. In year to come, Macedonian Central Securities Depository will focus on ongoing development of new services. In year 2008, Macedonian Central Securities Depository was helping investors by reducing the cost of settlement of trade transactions by 27% and is hoping that this is good effort in providing a suitable ground to increase market trade volume. General Information The purpose of the Macedonian Central Securities Depository (MCSD) is to establish central securities register comprising all active shares, bonds and other financial instruments in Republic of Macedonia. This will lead to better access and distribution of information about the issuers and securities to: • Investors • Foreign investors • Holders of restrictive rights • Issuers • Brokers • Macedonian Stock Exchange (MSE) • Pledge Register • Other authorized institutions in accordance with the law. Regulatory Environment The MCSD is Self Regulatory Organization, under authority of Security Exchange Commission. Participants At present time, there are 22 participants, banks and brokerage houses. Services Provided The MCSD is providing the following services to the participants in the operations, issuers and holders securities: • recording of the securities in the Depository; • notification of the issuers and holders of securities about the condition on their accounts; • clearing and settlement of the liabilities arising from the transactions with securities; • rendering services connected with the corporate activities; • other services that arise from the ownership and transactions with securities, arising from the scope of its operations. Form of Securities All securities are registered and dematerialized. Depository Procedures Records are kept in the Depository of the issued securities and ownership positions, rights of the securities holders, the unique identification of the securities and their holders, possible limitations in the exercise of such rights, rights of third parties connected with the securities and other data referring to such rights, transfer to the securities accounts shall be made and other services connected with keeping records of the securities shall be provided. All securities shall be recorded in the Depository in a procedure, on conditions and in a manner determined with these Rules and with the guidelines of the Depository. ISIN is allocated to all securities upon their registration in the Depository. ISIN shall contain data on the issuer, rights arising for the holders of those securities and other elements of the securities. The procedure, conditions and manner of allocating ISIN is determined by the guidelines of the Depository. The securities are recorded in special accounts with the Depository. With the purpose of recording the securities, the Depository is opening accounts for the issuers and holders of the securities. The opening and closing of the securities accounts, recording, changes and deletion of the ownership positions in the accounts of the securities holders, as well as other actions connected with the changes occurred in the accounts maintained in the Depository are performed by a sole account operator. The manner and procedure of opening and closing an account and the types of accounts with the Depository is prescribed within the guidelines of the Depository. Principles of Clearing & Settlement Main principle of clearing and settlement is delivery versus payment. Settlement Cycle Settlement cycle is usually T+3, but it is possible to settle transactions from T+1, to T+n Clearing & Settlement Procedures • CSD performs the clearing and settlement of the transactions with securities that were concluded on the MSE. • The clearing and the settlement of the transactions are performed in accordance with the principle “delivery versus payment”, i.e. the transfer of securities related to the transactions with securities is performed through a simultaneous exchange of securities and payment. The settlement is performed on gross basis. • In MCSD frame the subject of clearing and settlement are all the transactions with securities concluded on the MSE. • The MCSD performs the clearing and settlement of the transactions with securities based on the data received from the MSE on the trading day. The data received from the MSE contains elements necessary for clearing and settlement of the matched transactions. • After the MCSD receives the matched trades from the MSE, the transaction is obligatory for both sides included in the stated transaction. • The transactions received from the MSE are final and cannot be unilaterally canceled by the participant in the clearing (the broker). Only the MCSD is allowed, by request from the MSE and with a special purpose for correction of errors, to perform some changes or to cancel the transactions. • Before the settlement, the participant in the clearing–the seller, is obliged to provide securities on his/on his client the securities account, and the participant in the clearing–the buyer, is obliged to provide cash on his account for cash settlement for each transaction. Macedonian CSD Future Outlook 2009 These are the main issues on which Macedonian CSD will focus during 2009: In Progress • Start of Securities Lending System in practice • Updating of Business Continuity Plan • Developing value added services for Issuers of securities • Maintenance of Government securities • Developing electronic system for Custodian banks Planned • Distributed system for account holders • Change of trades processing and pre-clearing • Change of by-laws and instructions according to change of trade processing * Please refer to page 88 for the Macedonian country report. CONTACT INFORMATION Contact Name Ms. Sofija Vidovic E-mail vidoviks@cdhv.org.mk Website www.cdhv.org.mk PAGE 135
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