2017年-ECB欧洲央行_Eurosystem_standards_for_the_use_of_triparty_agents_TPAs_in_Eurosystem_credit_operations_15页_193kb

Eurosystem Standards for the Use of Triparty Agents in Credit Operations (Summary)

1. Introduction

The Eurosystem supports the use of Triparty Collateral Management Services (TCMS) provided by Triparty Agents (TPAs), both domestically and cross-border, to optimise the use of securities in collateralising credit and other exposures. TPAs manage services such as collateral selection, valuation, substitution, and corporate actions processing on behalf of the collateral giver and taker. The Correspondent Central Banking Model (CCBM) underpins the cross-border use of TCMS, allowing national central banks (NCBs) to act as correspondent central banks (CCBs) for other NCBs.

The Eurosystem has defined user requirements for TPAs, which are used to assess the safety and efficiency of their services in the context of Eurosystem credit operations. These standards apply once the revised General Documentation Guideline is in force (end of 2017/beginning of 2018).

2. Legal Basis for the Assessment

• Article 18 of the Protocol on the Statute of the ECB and NCBs provides the legal basis for credit operations based on adequate collateral.
• The Eurosystem requires a positive assessment of TPAs to ensure the services they provide are safe and efficient.
• The General Documentation Guideline outlines the requirements for TPAs to be considered for use in Eurosystem operations.

3. User Assessment Overview

• User assessments are conducted for TPAs already operating TCMS, either domestically or cross-border.
• TPAs offering cross-border services must comply with additional functional requirements outlined in the CCBM brochure.
• The Eurosystem regularly reviews and monitors TPAs to ensure ongoing compliance with the standards.

4. Key User Standards

Standard 1: Legal Soundness

• TPAs must ensure that the entitlement to securities and cash proceeds does not expose central banks to insolvency or default risks.
• The TPA’s liability regime must be clear, uncap, and cover all direct losses due to negligence or wilful breach.
• Legal arrangements must be bankruptcy remote, ensuring central banks can enforce their rights over collateral without being affected by the TPA's or third party's insolvency.

Standard 2: Collateral Substitution and Corporate Actions

• Collateral substitution must be executed on a delivery-versus-delivery (DvD) or delivery-versus-payment (DvP) basis, or via pre-depositing new collateral.
• DvP settlements in commercial bank money are only acceptable if they are conditional and simultaneous.
• TPAs must ensure that cash proceeds from corporate actions are retained or transferred in a way that allows the Eurosystem to secure its credit exposure.
• Cash should be held in central bank money or be transferable to the central bank's account without delay.

Standard 3: Eligibility of Assets and Mobilisation Channels

• TPAs must only manage Eurosystem-eligible assets and ensure that only agreed assets are mobilised for each central bank.
• TPAs must have the operational capacity to implement asset eligibility restrictions at short notice.
• Collateral must be held and settled via eligible securities settlement systems (SSS) as published by the ECB.

Standard 4: Collateral Realisation

• TPAs must ensure timely and error-free execution of collateral transfer instructions in the event of a counterparty default.
• There should be no technical or operational restrictions on accessing collateral for realisation.
• Manual processes should be minimised and designed to handle large volumes of transactions efficiently.

Standard 5: Data Confidentiality

• TPAs must treat Eurosystem data as confidential and use them exclusively for TCMS.
• The TPA must not disclose or use the data for other purposes, including ancillary banking services.
• Chinese walls must be in place to prevent data leakage between TPA and banking activities.

Standard 6: Opening Days and Operating Hours

• TCMS must operate in accordance with TARGET2 opening days and hours.
• TPAs must be able to extend operating hours in emergencies, in line with the extension of SSS operating hours.

5. Conclusion

The Eurosystem has established comprehensive standards for TPAs to ensure the safety, efficiency, and legal soundness of triparty collateral management services in its credit operations. These standards cover legal liability, collateral substitution, asset eligibility, data confidentiality, and operational timing. TPAs must be assessed and regularly monitored to ensure compliance, and they must provide clear contractual arrangements and operational mechanisms to support the Eurosystem's objectives.