CSDR’s 结算 Discipline Regime could expose Asian firms to settlement failure penalties on their trades with EU counterparties, 存的马特·约翰逊写道.
《vnsr威尼斯城官网登入》(CSDR)于2014年生效, with the aim of harmonising the authorisation and supervision of central security depositories (CSDs) across the EU and to improve settlement discipline in the securities settlement systems that CSDs operate.
2021年2月, 然而, CSDR的结算纪律制度(SDR)部分将于何时上线, 亚洲和其他地区的一些公司也将被纳入考虑范围. This includes those that trade with firms in the EU and those that trade in EU-domiciled securities. SDR primarily affects non-EU/EEA-domiciled trading entities in Asia such as investment and asset managers, 对冲基金, 银行和经纪交易商.
SDR is designed to make settlements more efficient and will include cash penalties for trade fails. This means that CSDs will have to pass failed trade penalty charges on to their participants – the custodians or the broker-dealers. 同时, mandatory buy-ins mean that firms are now legally obligated to buy-in a failing party should a transaction fail over a specific period.
在接下来的几个月, it is important that firms in Asia assess their exposure to SDR and prepare for its implementation. This includes assessing their level of exposure to European markets in terms of concentration of assets in the region and evaluating the impact of mandatory buy-ins while keeping in mind the contextual differences between the ESMA-decreed CSDR and Asia’s traditionally strict culture of settlement discipline.
亚洲严格的定居纪律文化
在研究影响亚洲买方公司对特别提款权敞口的因素之前, it is useful to delve into how SDR will benefit buy-side firms in Asia and how SDR’s implementation will differ from the existing culture of settlement discipline in the region.
CSDR的非官方但明显的目标是将结算利率从目前的97%提高到97%.从5%到99%以上. This would bring Europe closer to the prevailing rates in Asia, where fails are almost unheard of. 通过提高这些利率, Asian firms that trade with counterparties in the EU or that trade in EU-domiciled securities stand to gain from greater settlement efficiency.
为了使这些好处最大化, 然而, 这些公司有必要记住，CSDR强调的是自我监管.
What this means in effect is that Asian firms will have to rely on counterparties in Europe to be fully compliant with SDR and could face settlement failure penalties on their investments from Asia if this is not the case. 这与亚洲公司在本国市场的习惯形成了鲜明对比, 国内交易所或证券交易所通常持有处理买入的所有权.
强制性的买入
CSDR imposes a mandatory buy-in process on any financial instrument which has not been delivered within a set period after the intended settlement date. 如果和解失败, 买入过程要求买方在其他地方购买证券, 取消原有指令并与新的交易对手进行结算. Any difference arising from the net costs of the original transaction and the buy-in transaction will be passed onto the original failing party.
在CSDR下，公司(或购买对手方)不能依赖于基础设施(如.e. (CSD或证券交易所)为他们处理买入. 相反，他们将不得不通过执行或买入代理执行买入. 实际上，CSDR将买入义务推给了交易参与者.
而 there are different extension periods before a buy-in is effective – seven to 15 days for illiquid instruments and four days for liquid instruments – the purchasing counterparty will have to buy-in the selling counterparty through a buy-in execution agent.
What this means for parties such as Asian fund managers is that by trading in a security that settles on a European-based CSD, they will potentially need to engage in buy-ins as a result of the selling counterparty’s failure to settle the trade.
With only one execution agent currently available in Europe there will be significant concentration risk for Asian firms, 特别是考虑到有2个,500 to 3,000家欧洲买方公司也将依赖同一家代理商. 除此之外，时差也可能带来潜在的并发症.
了解对欧洲的了解
一家交易欧盟注册金融工具的亚洲资产管理公司, 公司的交易后网络的复杂程度各不相同. The firm might potentially rely on: 1) a single custodian; or 2) a network of sub-agents that report into a single custodian for compliance with SDR.
例如, an asset management firm in Tokyo might rely on a global custodian to handle stock trades but that custodian might not have the necessary clearance to conduct business in Europe. 因此，该公司将不得不求助于一个次级代理来处理最终和解. 每次都有一个额外的人参与进来, 这是车轮上额外的辐条，增加了复杂性, 潜在的延迟和解决问题的失败点.
只剩下几个月了, 因此, it would be a useful exercise for Asian firms to examine what their current fail rate looks like, determine where fails with EU counterparties are occurring and identify whether responsibility for these failures lies with them or with their European counterparty. 这种方式, a firm should be able to assess the risk and potential fines and penalties it is exposed to when SDR goes live.
技术准备不容忽视
而, 到目前为止, the case for operational readiness – insofar as understanding a firm’s own settlement efficiency, underlying requirements of the regulation and the regulation’s impact on a firm’s operations is concerned – has been outlined, 技术准备是公司必须考虑的另一个方面.
Technical readiness for CSDR means ensuring one’s IT systems are equipped to handle the requirements of SDR, including being able to accept changes to SWIFT messages and reporting requirements being implemented to support the new regulations.
Ultimately, if a firm prevents trades from failing, it has nothing to worry about with regard to SDR. Many institutional trade processing and automation tools are available that can help optimise clearing and settlements and prevent failures, and there is no better time than now – with months left to go before the expected implementation of SDR – to explore these tools.