Bangkok Post: Thailand’s financial regulator clears path for scripless issuance, tokenization

February 25, 2019

Central Securities Depositories, crypto exchanges, crypto regulations, Stock Exchange of Thailand, Thailand

An amendment to Thailand’s Securities and Exchange Act received the endorsement of the National Legislative Assembly (legislative branch of the government), paving the way for scripless securities issuance and tokenized…

Towards a central collateral utility: the value proposition of CSDs in collateral services

October 12, 2017

Josh Galper

Collateral Management, Market infrastructure

Central Securities Depositories, collateral management, CSDs, DTCC, DTCC-Euroclear Global Collateral Ltd, Euroclear, topstory

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Central Securities Depositories (CSDs) have emerged as leading providers of tools and services for collateral management, building on their own longstanding roles in market infrastructure. This article examines the role…

SETL's OpenCSD – are private blockchain CSDs a good idea? (Premium)

June 7, 2016

Richard Stinchfield

Blockchain, col1, Market infrastructure, Technology

blockchain, Central Securities Depositories, OpenCSD, setl, topstory

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On June 1st, 2016 blockchain technology venture SETL announced the immediate availability of its OpenCSD technology, its first commercial product. With this announcement, SETL suggests that counterparties can quickly establish a permissioned…

The DTCC old stock borrow program could be a solution to new capital problems (Premium)

January 11, 2016

Richard Stinchfield

CCP, Central Counterparties, Credit Exposure, Market infrastructure, Securities Lending

CCPs, Central Securities Depositories, DTCC, Securities Lending, topstory

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What if there was a centrally cleared facility through a US Central Securities Depository (CSD) that would automatically allow a broker with excess availability to lend securities to another broker…

Finadium: Survey of Collateral Management Outsourcing Providers

December 1, 2015

Josh Galper

Collateral Management, Custodians, Market infrastructure, Operations, Technology

Central Securities Depositories, collateral management, Custodians, Finadium, operations, outsourcing, technology, topstory

No Comments

Finadium has conducted an industry-wide survey of firms offering services in collateral management for securities and investments. This survey provides readers with a service summary, target clients and level of…

Finadium: Central Securities Depositories and the Evolution of Collateral Management

April 9, 2015

Josh Galper

Collateral Management, Market infrastructure

Central Securities Depositories, collateral management, CSDs, Finadium, Market infrastructure, topstory

No Comments

Finadium has released a new survey of Central Securities Depositories (CSD) in collateral management. This survey details the offerings and functionalities of CSDs in the collateral space as well as…

ICMA warns on CSDR mandatory buy-ins, releases biannual European repo survey

February 24, 2015

Josh Galper

Corporate Bonds, Featured, Market infrastructure, Regulatory, Repo

Central Securities Depositories, CSDR, European Repo C, ICMA, Leverage Ratio, Repo, topstory

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ICMA today released two documents on the repo market. The first was an analysis of proposed CSDR mandatory buy-in rules. This is a highly contentious issue and the ICMA is…

Is it possible to avoid the FTT by using a different CSD?

January 22, 2013

Josh Galper

Europe, Regulatory

Central Securities Depositories, Europe, Financial Transactions Tax

No Comments

A question came up at the Clearstream GSF conference last week: can the Financial Transactions Tax be avoided by using a Central Securities Depository that isn’t responsible for paying the…

Euroclear vs. Clearstream vs. Banks: whose model works best for collateral management?

July 11, 2012

Josh Galper

Collateral Management, Europe

BNY Mellon, Central Securities Depositories, Clearstream, collateral management, CSDs, Euroclear, Iberclear, JPMorgan

No Comments

Following Euroclear’s announcement of its “Collateral Highway,” the Battle Royale is on between Euroclear’s model, Clearstream’s model and what the banks have to offer for collateral management services. Everyone agrees…