lu_inside12-full

Recommendations

Info

Inside magazine issue 12 | Part 02 - From a regulatory perspective T2S 19 Principles The concept of T2S is based on 19 General Principles formulated in conjunction with the market and designed to ensure the resilience, integrity and neutrality of the Eurosystem’s settlement platform. 01. The Eurosystem shall take on the responsibility of developing and operating T2S by assuming full ownership 02. T2S shall be based on the TARGET2 platform and hence provide the same levels of availability, resilience, recovery time and security as TARGET2 03. T2S shall not involve the settingup and operation of a CSD, but instead serve only as a technical solution for providing settlement services to CSDs 04. T2S shall support the participating CSDs in complying with oversight, regulatory and supervisory requirements 05. Each CSD’s client securities accounts shall remain legally attributed to the CSD in question and each central bank’s client cash accounts shall remain legally attributed to the central bank in question. 06. The T2S settlement service allows CSDs to offer their customers at least the same level of settlement functionality and coverage of assets in a harmonized way 07. Securities account balances shall only be changed in T2S 08. T2S shall settle exclusively in central bank money 09. The primary objective of T2S is to provide efficient settlement services in euro 10. T2S shall be technically capable of settling currencies other than the euro 11. T2S shall allow users to have direct connectivity 12. CSDs’ participation in T2S shall not be mandatory 13. All CSDs settling in central bank money and fulfilling the access criteria shall be eligible to participate in T2S 14. All CSDs participating in T2S shall have equal access conditions 15. All CSDs participating in T2S shall do so under a harmonized contractual arrangement 16. All CSDs participating in T2S shall have a calendar of business days with harmonized opening and closing times for settlement 17. T2S settlement rules and procedures shall be common to all participating CSDs 18. T2S shall operate on a full costrecovery and not-for-profit basis 19. T2S services shall be compatible with the principles of the European Code of Conduct for Clearing and Settlement Source: European Central Bank The Eurosystem is a capable, trustworthy and proven manager of T2S as it has vast experience of successfully designing and implementing pan-European financial infrastructure and institutions. 68
Inside magazine issue 12 | Part 02 - From a regulatory perspective T2S Implementation* Wave 1 22 Jun - 31 Aug 2015 Wave 2 28 Mar 2016 Wave 3 12 Sep 2016 Wave 4 6 Feb 2017 Final wave 18 Sep 2017 •• Bank of Greece Securities Settlement System (BOGS) •• Depozitarul Central (Romania) •• Malta Stock Exchange •• Monte Titoli (Italy) •• SIX SIS (Switzerland) •• Interbolsa (Portugal) •• National Bank of Belgium Securities Settlement Systems (NBB-SSS) •• Euroclear Belgium •• Euroclear France •• Euroclear Nederland •• VP Lux (Luxembourg) •• VP Securities (Denmark) •• Centrálny depozitár cennỳch papierov SR (CDCP) (Slovakia) •• Clearstream Banking (Germany) •• KDD Centralna klirinško depotna družba (Slovenia) •• Keler (Hungary) •• Baltic CSDs (Estonia, Latvia, Lithuania) •• Euroclear Finland •• Iberclear (Spain) •• LuxCSD (Luxembourg) *as approved by the Governing Council of the ECB on 18 March 2016 •• Oesterreichische Kontrollbank (Austria) How it works Market players impacted by T2S Retail Investors Funds Insurers Family Offices Equities Funds Issuing Agent Issuing Agent Issuing Agent Agent Bank Agent Bank Agent Bank Agent Bank CSD T2S (securities) CSD Custodian TARGET2 (cash) Issuing Agent CSD CSD Custodian Custodian Issuing Agent Agent Bank Agent Bank Pension Funds Asset Managers Corporate Debt Sovereign Debt 69
Page 1:
Inside Triannually insights from De
Page 4 and 5:
Inside magazine issue 12 | Contents
Page 6 and 7:
Inside magazine issue 12 | Foreword
Page 8 and 9:
Inside magazine issue 12 | Part 01
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19: Inside magazine issue 12 | Part 01
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Inside magazine issue 12 | Contacts
Page 146:
Our expert authors, who are brimmin
show all

lu_inside12-full

Create successful ePaper yourself

Delete template?

Save as template?