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Update on Assessment and Disclosure Initiatives

Update on Assessment and Disclosure Initiatives. Martha Fernandez The Depository Trust & Clearing Corporation October 27, 2005 Punta del Este , Uruguay. 8 th Conference Of Central Securities Depositories. New York City April 27-29, 2005. Trade Matching and Confirmation

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Update on Assessment and Disclosure Initiatives

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  1. Update on Assessment and Disclosure Initiatives Martha Fernandez The Depository Trust & Clearing Corporation October 27, 2005 Punta del Este , Uruguay

  2. 8th Conference Of Central Securities Depositories New York City April 27-29, 2005

  3. Trade Matching and Confirmation Dematerialization Delivery vs Payment Securities Lending Real Time Settlement Finality Harmonization of Tax Reclaims Messaging and Securities Identification Standards Risk Management Operational Risk Legal Certainty Across Borders Corporate Governance Business Continuity Etc, etc Assessment and Disclosure Requirements CSD8 KeynoteHistory and Evolution- From 1989 to 2004 – 14 reports have been issued by more than ten different organizations with 104 recommendations on:

  4. 104 … and still counting

  5. Assessment and Disclosure Requirements CSD8 Keynote Purpose of Recommendations: • Risk Mitigation • Enhanced transparency • Investor protection • Harmonization of Procedures • Improve efficiency • Cost reduction

  6. Assessment and Disclosure Requirements CSD8 Keynote • Relevance of Recommendations • Benchmarks for International Assessments • Benchmark for self assessmentandimplementation of best practices • Influence capital flows by reinforcing safety and reliability in the marketplaces

  7. Assessment and Disclosure Requirements CSD8 Keynote • Assessment Initiatives • Regulatory Bodies – To guarantee the smooth functioning of market infrastructure. Minimum requirements for CSDs, Securities Settlement Systems and Central Counterparties • CPSS-IOSCO, CESR/ECB,FSAP,COSRA • Market Driven – Push markets to new standards and adoption of best practices • AGC, ISSA, G30 • Rating Agencies – Gather information to develop and sell reports with analysis and rating on markets infrastructures around the world • Thomas Murray, Wilshire/CALPers, GSCS

  8. Assessment and Disclosure Requirements CSD8 Keynote • In summary: • Are assessments appropriate? • How to coordinate such initiatives? • What is the real impact of so many assessment? • What is the role of regulators in this evaluation process? • Promote securities market transparency • Promote adjustments to the local legal framework to provide sounder investment basis to all market participants and to promote globally compatible cross-border investment regulation • Maintain a regulatory and supervisory approach by setting standards of conduct and mitigating systemic risk factors.

  9. BY Margarida Baptista CBLC Update on Breakout Sessions

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