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WFE Focus April 2011
Post trade

Clearstream facilitates access to Israeli securities

Since 23 May 2011, Clearstream enables international investors to easily access Israeli securities through a new settlement link. It offers settlement and custody services for all asset classes denominated in Israeli Shekel (equities, corporate bonds, government bonds, treasury bills and warrants).

Clearstream launches collateral management outsourcing service

Clearstream, in collaboration with Cetip, a Brazilian company that manages trading and registration environments for securities, bonds and OTC derivatives, will launch their collateral management outsourcing offering in mid-July 2011. The new service is designed for the Brazilian market, and will enable Cetip clients to efficiently handle their collateral exposure in their time zone on real time, thus strengthening their risk profiles across OTC derivative activities.

CME Clearing Europe adds new contracts for clearing

CME Clearing, a wholly-owned London-based subsidiary of CME Group, has added two new OTC diesel and two biodiesel contracts for clearing as the company expands its European product offerings.

CME Group clears OTC FX USD/Chilean Peso contracts

The CME Group started to offer post-execution clearing services for OTC US dollar/Chilean peso non-deliverable forwards through CME ClearPort.

London Stock Exchange Group to provide technology for new Central and Eastern European CCP infrastructure

The London Stock Exchange Group has been selected to provide clearing technology services for a new cross-market Central Counterparty mechanism for Central and Eastern European capital markets. The new platform, called CCP.CEE, will facilitate a standardized cross-regional clearing infrastructure for CEE markets, initially in Vienna, Prague, Ljubljana and Budapest exchanges. The service, which will offer international, regional and local customers an advanced, real time clearing solution, including clearing and risk management services, will begin its roll out in Vienna in mid-2012, with the Prague cash markets to follow soon after.

NASDAQ OMX will develop Armenian pension information system

eCSDX, a subsidiary of NASDAQ OMX Tallinn, together with the Central Depository of Armenia signed an agreement with the Government of the Republic of Armenia and the Central Bank of Armenia. In accordance with the agreement NASDAQ OMX will provide to the customers software and related services to perform services which must be accomplished by register of participants of pension funds in the pension system for the Republic of Armenia. The development and advisory project will last until 2015.

Qatar Exchange completes Delivery versus Payment mechanism

On 16 May 2011, Qatar Exchange completed the introduction of the full Delivery Versus Payment mechanism, following the first phase, which went live on 11 April 2011. The new procedure allows all local and international investors using the services of custodians to keep control over their securities held under custody until they validate trades executed on their behalf.

Singapore Exchange clears Asian FX forwards

Singapore Exchange will start clearing Asian foreign exchange forwards by September 2011. This clearing service will include the non-deliverable currencies traded in the region, namely Chinese Yuan, Indonesian Rupiah, Indian Rupee, Korean Won, Malaysian Ringgit, Philippine Peso and Taiwanese Dollar.

SIX Swiss Exchange post trade services subsidiary to offer thorough clearing services

The SIX Swiss Exchange Group’s SIX Securities Services through its clearing entity, SIX x-clear, received final approval from the Swiss National Bank, FINMA and UK FSA to provide comprehensive clearing services, paving the way for pan-European clearing services. This development will allow interoperability to be extended beyond the existing stock exchanges, London Stock Exchange and SIX Swiss Exchange, allowing UK, Swiss and international financial institutions to benefit from increased competition which include greater choice, improved services and lower costs.

Warsaw Stock Exchange clears its transactions by creating its clearing house

The Warsaw Stock Exchange signed an agreement with KDPW, the national depository for securities, in which it is a shareholder to perform the clearing and settlement of transactions executed in the markets operated by the WSE. KDPW will transfer its clearing functions for transactions executed in the regulated market and alternative trading system, as well as the management of clearing liquidity guarantee system to KDPW_CCP, while the Warsaw Stock Exchange will authorize KDPW_CCP to clear all transactions executed in all the markets of the WSE Capital Group. In order to eliminate the risk of uncleared transactions, the clearing house will use a state-of-the art recently implemented risk management system based on the globally recognized SPAN methodology. KDPW_CCP also has its own capital of PLN 100 million, which it can use to guarantee clearing liquidity, if necessary. Transaction settlement and central securities depository functions will remain within KDPW. With the transfer of transaction clearing, risk management and margining to the CCP, it was possible to separate the more high-risk functionality, which until now has been concentrated in one institution, KDPW.

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