beirut 28 april 2010
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Beirut
28 April 2010
Joint Venture partnersJoint Venture partners
Ten leading CSDs
-2-
Link Up Markets
Key achievements to dateKey achievements to date
Successful launch in March 2009 with just 12 months time-to-market
Development cost well within announced budget of EUR 10 million
8 CSDs live: CBF, CSE, Helex, Iberclear, OeKB, SIX SIS, VP, VP LUX
Production running smoothly
3 new members – CSE, Strate and MCDR underpinning global ambition
Solution well positioned as showcase for interoperability as well as facilitator for T2S
-3-
-4-
Volumes increasing graduallyVolumes increasing gradually
4 million messages processed in 2009, representing approx. 1 million settlement instructions
Migrated volumes on links between Austria, Germany and Switzerland as benchmark, first activities on new links
Each new market with additional volume potential – inbound & outbound
Implementation of links extending into 2010
Building sales pipeline for new services and/or markets takes time
-5-
Financial markets becoming more integrated and interoperableFinancial markets becoming more integrated and interoperable
Integration of European financial markets started seriously 10 years ago, interoperability as key principle
Code of Conduct for Clearing & Settlement
Securities Law Directive (in market consultation)
Parallel developments in other regions with variety of drivers
Political incentives for cross-border investments
Co-operation between trading venues
Interoperability among Central Banks
Single currencies
Case for interoperability in post-trading on regional and global level
-6-
Link Up Markets with potential to become global CSD networkLink Up Markets with potential to become global CSD network
-7-
Business opportunities for CSDsBusiness opportunities for CSDs
Fastest way to enter cross border post trading
Gateway into own regional network
Access 50% of European market and 90% of African market
New business opportunity
Generate new revenue stream
Diversify services and build cross border capabilities
Leverage existing infrastructure
Expansion of customer base
Direct holdings at lower scale
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