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WFE Focus April 2011
Post trade

Clearstream enhances proxy voting services

Clearstream has entered into an agreement with Institutional Shareholder Services, a leading provider of end-to-end corporate governance solutions. Through this agreement, it will employ the ISS infrastructure to enhance its proxy voting service for all eligible instruments and Clearstream proxy voting markets, for both its business as International Central Securities Depository and as Central Securities Depository for Germany. The new service will be in place in February 2012.

DTCC unveils plans for new repository project

The Depository Trust & Clearing Corporation Deriv/SERV and EFETnet are collaborating with market participants in the commodities industry to establish a global Commodity Derivatives Trade Repository. The proposed new repository, which will be domiciled in Europe and jointly owned by DTCC and EFETnet, follows EFETnet and DTCC being selected by the International Swaps and Derivatives Association’s Commodities Steering Committee to work with the industry on the next stage of development for this new service.

Eurex Clearing to launch central clearing service for OTC securities lending transactions

Eurex Clearing will launch a central counterparty service for the securities lending market based on Eurex Clearing’s systems and industry risk management standards. The new service will cover European markets for loans in equities, ETFs and fixed-income securities. The phased roll-out will commence in November 2011, the full scope will be available in the course of 2012.

Hong Kong Exchanges introduces T+2 finality

On 25 July 2011, Hong Kong Exchanges and Clearing introduced a T+2 finality arrangement for money settlement in CCASS, the Central Clearing and Settlement System for the Hong Kong securities market. HKEx’s T+2 finality arrangement will be supported by a new interbank bulk settlement run in the evening of T+2 that will be introduced by Hong Kong Interbank Clearing.

ICE Link launches A=C

The IntercontinentalExchange has introduced the Affirmed=Cleared (A=C) interdealer workflow on the ICE Link Platform. ICE Link’s launch of A=C enables same-day clearing of credit default swap trades, in line with the Dodd-Frank Wall Street Reform Act in the US and the European Market Infrastructure Regulation (EMIR) initiative in Europe.

LCH.Clearnet clears NYSE BondMatch

From 11 July 2011, LCH.Clearnet provides clearing services to NYSE BondMatch, the Multilateral Trading Facility, owned and operated by NYSE Euronext. Introducing clearing to the euro-denominated bonds market will enable participants to mitigate counterparty risk and benefit from STP efficiencies and is in line with regulators’ demands to bring more OTC products into clearing.

RTS Clearing Center starts to accept foreign currency as collateral

On 20 June 2011, RTS Clearing Center started to accept US dollars as collateral to ensure trades on FORTS, RTS Standard markets and within the RTS Money service.

RTS Clearing Center and OJSC RTS launch new service with segregated accounts on FORTS and RTS Standard

RTS Clearing Center and OJSC RTS launch a new service within the FORTS and RTS Standard markets, using segregated accounts. Employing a special scheme of portfolio margining, opportunities to link trading accounts and accounts used for transferring cash funds as well as managing the process of transferring cash funds to the linked accounts will allow investors to reduce operational and infrastructure risks. The implementation of this service represents an important step forward in developing the Russian market as it should attract a wider range of investors to FORTS and RTS Standard (primarily non-residents and institutional investors) and boost securities and derivatives trading volumes growth.

Stock Exchange of Thailand enhances post trade services

The Stock Exchange of Thailand is boosting efficiency of its post-trade services by developing systems and reducing procedures to facilitate members, boost competitiveness and increase capability as part of its goal to become the center of post-trade services in Southeast Asia. Services to be introduced are Corporate Action news and Third Party Clearing services, both of which will boost liquidity and increase business opportunity to members of the Thailand Securities Depository and Thailand Clearing House. These services will be launched in the third quarter of this year.

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