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Global Reach Collateral Management workshop

Global Reach Collateral Management workshop. Stephan Pouyat Euroclear Collateral Conference Monday, 12 May 2014.

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Global Reach Collateral Management workshop

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  1. For internal use

    Global ReachCollateral Management workshop

    Stephan Pouyat Euroclear Collateral Conference Monday, 12 May 2014 The information available in the slides are for information purposes only and should not be interpreted as legal, financial or other form of advice and no legal or business decision, should be based on its content
  2. Global Reach as collateral enablerYour asset pools locations Russia Romania Slovak Republic Israel Poland Hungary Czech Republic Slovenia Japan Hong Kong Singapore Malaysia Thailand Philippines Canada US Mexico Argentina Australia New Zealand South Africa
  3. Collateral mobility across time zonesFollow the sun strategy US HK JP UK ESES
  4. The‘dynamics’ofyourinventory
  5. But mobilisation iscomplicated Local Regulator Central Banks Custodians CSDs CCPs
  6. Indonesia vs Malaysia Foreign Investors presence
  7. 3.8 vs 8.5 Government Bond yieldNot every foreign investor brings the same value
  8. The challenge of setting the right conditionsInternational Investors’ expectations Asset protection & SettlementFinality In a multi-currency environment Resilienceduringcrisis times « euroclearable » trademark EU & Global surveillance CPSS IOSCO & ESCB/CESR Leveraging financing capabilities Stringent risk-controlled env. & compliance policies Guaranteed in all active domestic markets Stable AA+ rating
  9. Russia OFZ case studyForeign holdings growth from 3% to 25% due to Euroclear link Federal Reserve meeting QuotefromRussianMinistry of Finance (MoF): « non-residentstook a more active interest in Russian OFZ in the wake of plannedliberalization and direct accessthroughICSDs » Very limited impact from US quantitative easing Available at CBR website: http://cbr.ru/eng/analytics/default.aspx?prtid=fin_stab
  10. Announcement of link to Euroclear Achieving single pool of liquidity Case Study - Russia Monthly # OFZ inx on Moscow SE rising since EB launched its service 200% Stock Exchange local liquidity boost since announcement of Euroclear link OFZ Market: no more local market premium vs. Eurobond Source: Bloomberg/CBR presentation December 5th 2013
  11. Interoperability MattersAs a collateral enabler Focus on turnaround EB S-1 S 03P Triparty positioning Triparty positioning Overnight batch Real Time Bank of Japan BoJ Buy Euroclear Bank /sell local same day Buy local /sell Euroclear Bank same day Buy local /sell local same day   
  12. …reaching the Collateral Highway Exit points Liquidity providers & risk mitigators Global Reach assets SETTLEMENT Entry points Collateral pools Central banks, CCPs, commercial banks, CSDs CSA counterparties Securities lenders Agent banks Collateral Highway Corporates … Global Reach assets GC Access 19.00 PM 12.00 PM 16.00 PM 2.00 AM CET FINANCING Americas CBs European CBs Asian CBs Fed or Local CCP Collateral Taker BOT or Local CCP CollateralTaker BdF or Local CCP Collateral Taker
  13. Going-forward B R I C
  14. For internal use
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