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CLEARING DEPOSITORY & SETTLEMENT (CDS) AMEDA Conference Sun City October 2008

CLEARING DEPOSITORY & SETTLEMENT (CDS) AMEDA Conference Sun City October 2008. PALESTINE SECURITIES EXCHANGE.

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CLEARING DEPOSITORY & SETTLEMENT (CDS) AMEDA Conference Sun City October 2008

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  1. CLEARING DEPOSITORY & SETTLEMENT (CDS) AMEDA Conference Sun City October 2008

  2. PALESTINE SECURITIES EXCHANGE Since PSE’s first trading in 1997, market operations have been conducted within a dematerialized environment, through fully electronic systems, in accordance with the international standards. • Services delivered by PSE: • Traditional services: trading, listing,data dissemination. • Clearing and settlement through a special department (CDS). • Registry services. 2

  3. PSE LISTING • LISTED SECURITIES CATEGORIZED IN: • 5 sectors • 37 Listed Co. • MARKET INSTRUMENTS: • Only Shares 3

  4. TRADING • REMOTE TRADING: • Fully dematerialized environment. • Electronic negotiation and confirmation of trades. • Trading is done through the market intermediaries’ terminals located in their offices 4

  5. TRADING • CURRENT ELECTRONIC SYSTEMS Horizon & Equator Members can trade both for • their own account and for • their clients 5

  6. PSE Core Systems 6

  7. CLEARING & SETTLEMENT MAIN CHARACTERISTICS: • Rolling settlement cycle: T+3; Settlement is final and irrevocable. • Delivery Versus Payment (DVP). • BIS model 2:Gross Settlements of Securities Transfers Followed by Net Settlement of Funds Transfers. 7

  8. CLEARING & SETTLEMENT • Participants in the settlement process: • Settlement bank. • Brokerage firms. • Custodians. • 100% Settled transactions • No failure of the settlement. • COST EFFECTIVE: • No specific fees for clearing and settlement. 8

  9. CDS REGISTRY • REGISTRY STRUCTURE • Natural Individuals. • legal persons. • Joint accounts. Securities kept in accounts opened are subject to trading. 9

  10. CDS REGISTRY • REAL TIME LINK BETWEEN EXCHANGE OPERATIONS: • Trading system  Clearing settlement & registry system. • Updating of securities holdings for each individual accounts. 10

  11. CDSFunctions • Register: Sharebook register to maintain the details of the Beneficial Owners of Securities. • Depository for recording. • Clearing and Settlement (Funds and Securities). • Trading Accounts. • Stock Transfers & Movements. • Pledging. • Corporate Actions. • Off floor movements: • Inheritance. • Transfers within families. • Endowment movements. • Joint movements. 11

  12. Participants Linkage • Electronic Services for: • Listed Companies. • Brokerage firms. • Custodian Bank. • Settlement Bank • Pledgees. • Investors. 12

  13. CDS Plans • In-house Cash Settlement & Guarantee Fund. • Cash Dividend Process. • EIPO. • Automation of available end user services. 13

  14. Thank you Questions? 14

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