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Printable Handouts
Navigable Slide Index
- Introduction
- The six steps of a securities trade
- The six steps - information flow diagram (1)
- Regulatory concerns
- Some further reading
- Agenda
- Clearing and counterparty risks
- What is counterparty risk?
- Reducing c/p risk via netting
- Netting in OTC markets
- Reducing c/p risk via collateral
- The central counterparty
- Historical development
- Main central counterparties (CCPs)
- Core functions
- CCP and risk reduction
- CCP and OTC markets
- Settlement and securities ownership
- Central securities depositories
- Main CSDs
- Key legal concept: "fungibility"
- Other services
- Competition issues
- Depository vs. agency bank
- Nature of competition
- The players
- Other aspects of this competition
- Structure
- Contrast with US clearing and settlement system
- Horizontal integration of CSDs
- Competition and CCPs
- System wide risks
- Who are the regulators?
- Settlements
- DvP and principal risk
- Systemic risk in the CCP
- Credit crisis: Lehman and AIG
- New proposals
- Summary
- The six steps - information flow diagram (2)
Topics Covered
- The different post-trade processes that occur after the execution of a securities trade
- Key participants in clearing and settlement of the broker, custodian, central counterparty, commercial bank, and central security depository
- The risks in clearing and settlement, from the perspective both of the broker conducting the trade and for the system as a whole
- The different arrangements used to control these risks
- Is there effective competition in clearing and settlement
Links
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Talk Citation
Milne, A. (2010, March 31). Clearing and settlement systems and the role of regulation [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved August 31, 2024, from https://doi.org/10.69645/OOKY8626.Export Citation (RIS)