NO 250 – DECEMBER 2013

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WFE Focus
Post trade

Bursa Malaysia launches electronic CDS statements and notices

Bursa Malaysia introduced a new service under its e-initiative program, namely Bursa Malaysia Electronic Statement (eStatement) to its Central Depository System account holders. With the implementation of eStatement, CDS account holders will be able to request for CDS statements of accounts, notices and other communication from Bursa Malaysia to be delivered to their personalized email addresses instead of the current hard copies of these documents that are being delivered to them via ordinary mail.

CME Group and ICE Trade Vault Europe recognized as trade repositories by ESMA

CME Group and IntercontinentalExchange Group separately announced that the European Securities and Markets Authority (ESMA) has approved them as trade repositories under the European Market Infrastructure Regulation (EMIR). CME Group’s multi-asset European trade repository will accept submission of trades across all mandated derivative asset classes (interest rates, FX, credit, commodities and equities). On its part, ICE Trade Vault Europe will accept reporting trade data on swaps and futures for commodities, credit, interest rate and equity derivatives asset classes.

Euroclear UK & Ireland to shorten settlement cycle to T+2

Euroclear UK& Ireland, in cooperation with the London Stock Exchange, BATS Chi-X Europe, the Irish Stock Exchange and Turquoise, will shorten the standard securities settlement cycle for the Irish and UK capital markets to T+2 in October 2014.

Hong Kong Exchanges’ new CCP clears first OTC derivatives trade

OTC Clearing Hong Kong (OTC Clear), a subsidiary of Hong Kong Exchanges and Clearing, cleared its first OTC derivatives transaction using Calypso’s CCP OTC clearing solution when it commenced business on 25 November 2013.

ICE Group to clear interest rate futures listed on NYSE Liffe US

IntercontinentalExchange Group and the Depository Trust & Clearing Corporation plans to move the clearing of interest rate futures listed on NYSE Liffe US from New York Portfolio Clearing to ICE Clear Europe, centralizing the trading and clearing of ICE’s global interest rate product portfolio. NYPC’s operations will be wound down and open interest transferred by the third quarter of 2014, subject to regulatory approval.

Korea Securities Depository and Clearstream to cooperate on investment funds

On 29 November 2013, Korea Securities Depository and Clearstream, a Deutsche Börse Group subsidiary, signed a Memorandum of Understanding which creates a framework to support cross-border investment fund distribution by linking KSD’s FundNet and Clearstream’s global funds processing platform Vestima. KSD and Clearstream agreed to implement the system linkage in 2014 and start offering extended services to support cross-border fund distribution.

LME Clear to provide trade reporting service

LME Clear, an Hong Kong Exchanges’ subsidiary, has selected the Depository Trust & Clearing Corporation, an approved trade repository, as its strategic partner for the new LME reporting service, LMEwire. The service, powered by LME Clear and delivered by Cinnober, will be available by 12 February 2014, the confirmed start date for the reporting obligation for all asset classes as set out by the European Market Infrastructure Regulation (EMIR. LME Clear will be able to transpose and transport all relevant exchange-traded data from the LME’s matching system, LMEsmart, directly to DTCC’s trade repository, eliminating the need for members to process the data themselves. LME members will also be able to file OTC transaction data using LMEwire.