Clearing Settlement And Custody
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Clearing, Settlement and Custody
'Clearing, Settlement and Custody' focuses on the clearing, settlement and custody functions by analyzing how they work and the interaction between the organizations involved. The author examines the roles of clearing houses, central counterparties, central securities depositories and the custodians, as well as, assessing the impact on the workflow and procedures in the operations function at banks, brokers and institutions. The changes that are taking place in the industry are explored and the impact for operations managers and supervisors assessed.Clearing, settlement and custody is at the heart of everything that happens in the financial markets. The evolution of clearing and settlement is one that is still happening and as such, it is impacting on the operations function through both new practices but also, increasingly, in terms of regulation, risk and reputation.In essence the efficient clearing and settlement operation is managing risk, not because it is a direct part of the process but more because it is a bi-product. The routine procedures relate to reconciliation and record keeping. If these are performed efficiently and accurately it will result in accurate records of activity and profit and loss.The settlement process is a key element in identifying and correcting errors made by dealers and traders. Failure to identify the error or act promptly will result in potentially serious financial loss, as well as worrying audit and the regulators.In addition to these concerns the financial service sector is also undergoing a massive rationalization of the structure of clearing and settlement and seeking the twin goals of automation and shortening settlement cycles. The challenge for operations managers is considerable: manage costs, eradicate inefficiencies, create an environment to be competitive, and implement the procedures to meet future changes that will occur. In this book the author looks at some of the different roles, the processes and procedures, and the key issues, in order to help those in operations meet the challenge.The definitive series of professional references for those finance professionals concerned with "Back office" or operations management unique to this industry.Presents concise references on the essential management functions such as technology, client services, and risk management for financial operations management professionals.A comprehensive resource from a leading financial management consultant for global banks and institutions.
Clearing and Settlement of Derivatives
This book makes the reader aware of the background to the derivatives markets, how they have developed and their importance today. Clearing and Settlement of Derivatives addresses how and why derivative products are used and how the industry is structured, looking at both the exchange and over-the-counter markets. The role of the various parties is explained and the interaction between securities, commodities and derivatives explored.The key regulation that affects the use of derivatives by banks, corporate companies, institutional investors and private clients is covered and by way of example, the book reviews the various Directives affecting investment funds' use of derivatives, capital adequacy requirements on banks and guidelines for private client use. The regulations looked at will be international, making this book suitable for most UK, European, and North American markets.* Informs and educates the reader about derivative products and everything that happens when trades take place without using confusing technical detail and unexplained jargon* Explains the background to derivatives and the market infrastructures and regulation in a clear and easy to read way* Deals with the extensive procedures and processes involved in lively, easy to follow "road maps"
Correspondent Central Banking Model (CCBM)
The correspondent central banking model (CCBM) was introduced by the Eurosystem at the start of Stage Three of Economic and Monetary Union (EMU) in January 1999. Its main purpose is to ensure that all marketable and non-marketable assets eligible for use in monetary policy operations or to obtain liquidity in TARGET2 are made available to all its counterparties, regardless of where the assets or the counterparty are situated. L Links between securities settlement systems (SSSs) in various countries have been established for some time. Insofar as the ECB's Governing Council has deemed such links eligible for use in Eurosystem credit operations, they represent a valid alternative to the CCBM. It is also possible for Eurosystem counterparties to use the aforementioned links in combination with the CCBM for the purposes of Eurosystem credit operations. In addition, triparty collateral management services offered by triparty agents (TPAs) on a cross-border basis are supported via the CCBM (as of 29 September 2014), subject to the respective triparty agents having been approved as eligible for use in Eurosystem credit operations. The purpose of this brochure is to explain to the Eurosystem's counterparties and other market participants involved in CCBM procedures how the CCBM works, and to give a general overview of the model's main features and evolution. For further information, counterparties should contact the national central banks (NCBs) of the Eurosystem.