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Panel session: Challenges in the field of securities settlement systems

This session delves into regulatory and integration challenges in securities settlement systems, focusing on CPSS and CPSS-IOSCO standards, ESCB-CESR standards finalization, and the need for integrated EU capital markets. Key topics include removal of integration barriers, TARGET2-Securities, and CCP initiatives. Join in to explore the evolving landscape of securities settlements.

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Panel session: Challenges in the field of securities settlement systems

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  1. Panel session: Challenges in the field of securities settlement systems Deputy Director General ECB - Payment Systems and Market infrastructure Vienna, 11th September 2008 Daniela Russo

  2. Regulatory issues (standards) Integration issues (interoperability) Collateral issues OTC derivatives What are the main issues?

  3. CPSS and CPSS-IOSCO standards are now “mature” (CPSIPS 1999, RSSS 2001, RCCP 2004) - need for updating? - cross-consistency check for common issues? - interdependencies - new developments (interoperability, OTC derivatives) ESCB-CESR standards are being finalised Regulatory issues

  4. Need to create integrated capital markets in the EU - Removal of barriers to integration (Giovannini reports) - Code of Conduct - TARGET2-Securities, Link-up initiative - ESCB-CESR Co-ordination at global level where possible Other regional initiatives? (e.g. North America) Integration issues (mainly but not only EU issues)

  5. - Experience during the turmoil showed the need for more flexibility to facilitate distribution of international liquidity - Some central bank facilities, identified in the FSF report early this year - Public and market solutions to facilitate cross- border delivery of collateral are necessary - The Eurosystem CCBM2 Collateral issues

  6. - Need for adequate infrastructure - CPSS report - DTCC initiative - Recent initiatives to establish a CCP for CDSs OTC derivatives

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