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How can SWIFT be used on the Russian Securities Market?
Steven Palstermans
Head of Russia, CIS & Mongolia
2
Eligibility criteria – 27 SWIFT user categories
SWIFTCommunity
SWIFTCommunity
Members Non shareholding Members
Sub-members
Brokers & Dealers
Central Depositories& clearing Institutions
Subsidiary Providers of custody & Nominee Services
Recognised Exchangesfor Securities & relatedfinancial Instruments
Fund Administrators
IMI’s
Money Brokers
Non shareholding Financial Inst.
Trading Institutions
Registrar & Transfer Agents
Trust or Fiduciary Services CompaniesRepresentative Offices
Travellers Cheque Issuers
Securities Proxy voting Agencies
Treasury ETC Service Providers
Securities Electronice TradeConfirmation Service Providers
Securities Market Data Providers
Financial Market Regulators
Treasury Counterparties
Corporates
Participants in MA-CUGs
Payments System Participants
Securities System Participants
CREST Participants
3
CIS0.98%
ROW99.02%
CIS : Traffic Share
Source : FIN_per Sales Area
RU75.11%
Rest of CIS
24.89%
BY18.50%
GE3.57%
KG2.39%
MD3.43%MN
1.66%
TM0.40%
TJ1.13%
UA33.67%
UZ3.33%
KZ16.02%
AM2.67% AZ
13.21%
4
Russia : Messages by market
Russia
Payments73.6%
Trade0.5%
Treasury12.7%
Securities13.2%
CIS
Payments76.7%
Trade0.7%
Treasury12.2%
Securities10.3%
Aug/2008 Growth
Payments 18.10%
Securities 74.07%
Treasury 10.20%
Trade 14.01%
Total 21.84%
Aug/2008 Growth
Payments 15.75%
Securities 72.79%
Treasury 11.75%
Trade 10.40%
Total 18.77%
5
Russia : Weight Domestic Traffic per Market
0
5,000,000
10,000,000
15,000,000
Payments Securities Treasury Trade
Total Dom
Weight:54%
Weight:26%
Weight:70%
Weight:15%
6
Securities Market Infrastructures on SWIFT>80 institutions from 50 countries
Hong Kong Exchanges and Clearing
Hong Kong Monetary Authority (CMU)
Hong Kong
Estonian Securities Depository
OMX
Estonia
MCSD MISR for Clearing, Settlement and Depository
Egypt
Central Securities DepositoryBank of Greece
Greece
Eurex ClearingClearstream Banking AGMTS
Germany
Caja de ValoresArgentina
France
Finland
Czech Republic
Croatia
Canada
Brazil
Belgium
Austria
Australia
Euroclear FranceEuronext Paris – MATIFMTS
NCSD Finland – APKOMX
UNIVYC
Sredisnja Depositarrna Agencija
CDS
CBLC
Euroclear Belgium
Euroclear BankMTSNational Bank of Belgium
OeKB
Australian Securities Exchange
Austraclear
Keler
KSEI
Euroclear UK & Ireland
Hungary
Indonesia
Ireland
Euroclear NederlandMTS
Netherlands
RBNZ Austraclear
NZX Ltd
New Zealand
The National Depository Center
Depository Clearing CompanyRussian
Federation
National Depository for Securities – KDPW
Poland
Banco de Portugal – SITEMEMTS
Portugal
VPSNorway
S.D. IndevalMexico
Clearstream Banking SALuxemburg
OMXLithuania
Midclear
Central Depository
Lebanon
Bank of LatviaCentral DepositoryOMX
Latvia
Korea Securities DepositoryKorea
Central Securities Depository
Kazakhstan Stock ExchangeKazakhstan
Bank of JapanJasdec
Japan
CCGMonte Titoli
Italy
Tel Aviv Stock ExchangeIsrael
Central Bank of Sri Lanka (LankaSecure)Sri Lanka
DIFXUAE - Dubai
Reserve Bank of ZimbabweZimbabwe
ISE Settlement and Custody Bank INCTurkey
The Central Depository (Pte) Ltd
Monetary Authority of Singapore
Bank of Slovakia
CDCP
Singapore
Slovakia
Chicago Mercantile ExchangeClearing CorporationDTCCFederal Reserve BanksOmgeoOptions Clearing Corporation
USA
Euroclear UK & IrelandLCH.ClearnetLondon Stock Exchange
United Kingdom
Thailand Securities Depository Co. Ltd.Thailand
Taiwan Depository & Clearing Corporation
Taiwan
SISSIS x-clear
Switzerland
NCSD Sweden – VPCOMX
Sweden
IberclearMEFFMTS
Spain
STRATEJSE Ltd
South Africa
Central Securities Clearing Corporation – KDD
Slovenia
DenmarkOMX
VP
8
Existing standards working groups for CSDs
Giovannini working groups
Global CSD working group•Consolidate CSD views
on standards
9
National Market Practice Groups
www.smpg.info
NMPG countriesNMPG countries specified on EIG
10
Market Need – Manual data entry problem
CSD
Issuer Issuer Issuer
Registrar
Investor
Custodian
On-Line(very few markets)
ISO 15022
11
Market need – Corporate Actions
Challenges Significant shortfall in
message quality and market practice compliance
Limitations of software vendor solutions
Difficult business case – management buy-in for improvement projects
Drivers Losses / risk mitigation Operational efficiency Reducing costs Regulatory compliance Customer Service Maximise portfolio
performance Achieve scalability
The Drive for STP Standards Market practice and tools Best practices
12
• Simulation Testing and Qualification Service (STaQS)
• Test MT 564 Notification and MT 566 Confirmation messages for compliance to market practice
… a health check for Corporate Actions messages
• What can you do with this service?– Measure conformance– Identify improvement areas– Benchmark progress– Improve counterparty automation
STaQS for Corporate Actions
15
80%
18%
2%
Low volume customers
Messages per day
180
5,700
300,000
Low volumecustomers
Medium volumecustomers
1,000 40,000
Inst
itu
tio
ns
High volumecustomers
16
• Easy to order, install and use
• SWIFT security
• FIN and FileAct enabled
• Attractive price
• Available now.
Product
Simple connectivity
Alliance Lite
17
Attractive pricing
4,000650
1 EUR/item
Items/month
EUR/month
Pay as you go
Flat Fee
1 item = 1 FIN MT, or 1 FileAct chunk of 100 KB, sent or received
850
Monthly billing200
Subscription for 1 year, tacitly renewed, cancellation with 3 months notice