2004年-ECB欧洲央行_Standards_for_securities_clearing_and_settlement_in_the_European_Union_91页_635kb

报告摘要

Summary of "STANDARDS FOR SECURITIES CLEARING AND SETTLEMENT IN THE EUROPEAN UNION" (September 2004 Report)

Core Content

This report outlines the Standards for Securities Clearing and Settlement in the European Union (EU), developed by a Working Group composed of representatives from the European Central Bank (ECB), national central banks (NCBs), and the Committee of European Securities Regulators (CESR). The European Commission participated as an observer. The standards are based on the CPSS-IOSCO recommendations, adapted to the EU context and made more binding.

The standards aim to enhance the safety, soundness, and efficiency of securities market infrastructure, particularly focusing on Central Securities Depots (CSDs) and Central Counterparties (CCPs). They also apply to significant custodians, which are custodian banks that play a key role in settlement and may pose systemic risks.

Main Objectives

Build market confidence through clear and effective standards.
Protect investors, especially retail investors.
Limit and manage systemic risk.
Promote market integration and competitiveness.
Ensure efficient market functioning and cost-effective settlement.
Provide a consistent regulatory framework across the EU.
Ensure compatibility with the CPSS-IOSCO recommendations.

Key Standards

Standard	Description
1: Legal framework	Clear and transparent legal basis for securities clearing and settlement systems.
2: Trade confirmation and settlement matching	Trades should be confirmed as soon as possible, preferably on T+0. Settlement instructions should be matched before the settlement date.
3: Settlement cycles and operating times	Rolling settlement should be adopted, with final settlement no later than T+3. CSDs and CCPs should align their operating hours with TARGET times.
4: Central counterparties (CCPs)	Evaluation of benefits and risks of CCPs, with rigorous risk control mechanisms.
5: Securities lending	Encouragement of securities lending and borrowing to avoid settlement failures. Removal of barriers to this practice.
6: Central securities depositories (CSDs)	Promotion of dematerialisation and book-entry transfers. Safeguarding of securities issues and investor interests.
7: Delivery versus payment (DVP)	Securities transfers should be linked to fund transfers to eliminate principal risk.
8: Timing of settlement finality	Intraday settlement finality should be achieved through real-time or multiple-batch processing.
9: Credit and liquidity risk controls	CSDs should limit credit to what is necessary for settlement. Significant custodians should be subject to risk management and collateralisation requirements.
10: Cash settlement assets	Assets used for cash settlement should carry minimal risk. If central bank money is not used, alternative measures must be in place to protect participants.
11: Operational reliability	Systems and processes must be secure, reliable, and scalable. Business continuity and disaster recovery arrangements are essential.
12: Protection of customers' securities	Custody entities must protect customers' securities against creditor claims.
13: Governance	Governance structures should align with public interest and market objectives.
14: Access	CSDs and CCPs should have objective and publicly disclosed participation criteria.
15: Efficiency and cost-effectiveness	Standards should be implemented in a way that ensures efficiency and cost-effectiveness.
16: Transparency and disclosure	Entities must disclose information on compliance with standards.
17: Regulatory coordination	National authorities should coordinate in identifying significant custodians and applying standards consistently.
18: Cooperation among regulators	Regulators should cooperate and exchange information to ensure comprehensive compliance.
19: Legal and regulatory framework	Standards should not pre-empt future EU legislation, but be adaptable to any future regulatory framework.

Key Information

The standards are not merely recommendations but are intended to be binding and regularly reviewed.
The standards are based on the CPSS-IOSCO recommendations and are at least as stringent.
Significant custodians are included in the scope due to their potential systemic impact.
The assessment methodology will be developed to evaluate compliance with the standards.
The European Commission has initiated its own directives and consultations, and the ESCB-CESR standards are intended to complement these.
The Giovannini Group and other private initiatives, such as the Group of Thirty (G30) and UNIDROIT, have influenced the development of the standards, particularly in areas like risk management and legal harmonisation.

Follow-Up and Implementation

The assessment methodology is a key follow-up item, ensuring consistent application of standards across the EU.
The standards will be finalised once the assessment methodology is developed.
Regulators, supervisors, and overseers will monitor compliance, and may need to work with legislative bodies to align national laws with the standards.
No formal assessment will be conducted until the methodology is in place to avoid premature or inconsistent implementation.

Conclusion

The report represents a comprehensive effort to harmonise and strengthen securities clearing and settlement standards across the EU. It reflects a collaborative approach between central banks and regulators, and seeks to ensure the safety, efficiency, and integration of the European financial markets. The standards are designed to be flexible, adaptable, and aligned with international best practices, while also addressing specific EU market conditions and challenges.

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