Browsing by Subject "clearing/settlement"

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  • Koskinen, Jenni (2015)
    Bank of Finland. Bulletin 2/2015
    Finnish securities settlement and custody servicing is undergoing a major reform. The timetable is tight. The controlled execution of the projects, on time, is essential due to the systemic importance of the securities markets infrastructure and the competitiveness of the Finnish markets. The reform is based on the EU Regulation on central securities depositories, and the centralised platform for securities settlement, preparations for which have been headed by the ECB. These projects are considerable in terms of scale and are necessary for achieving sustainable cost and risk reductions.
  • Koivuniemi, Emilia (2006)
    Bank of Finland. Financial market report 4
    The European Commission wants to support market participants' efforts to ensure increased efficiency of securities clearing and settlement. The Commission, together with market participants, have thus prepared a Code of Conduct, which is already being implemented.
  • Ripatti, Kirsi (2002)
    Suomen Pankki. Rahoitusmarkkinaraportti Kevät
    Osakekauppojenselvitysaste vakiintunut 99 %:n tuntumaan. Vanhentunut KATI-osakeselvitysjärjestelmä korvataan RTGS-pohjaisella HEXCIearjärjestelmällä. HEX-konsernin Baltia-yhteistyö laajenee.
  • Korhonen, Kari (2001)
    Suomen Pankki. Rahoitusmarkkinaraportti Kevät
    Osakeselvitysaste on parantunut hieman yli 96 %:n tasoon syksyn järjestelmämuutosten ja osakelainauksen joustavoittamisen jälkeen, mutta lisäparannuksia selvitysjärjestelmien toimintaan kaavaillaan. CPSS:n ja IOSCO:n yhteisvoimin luonnostelemat kansainväliset selvitysjärjestelmäsuositukset muodostavat tulevaisuuden yleisvalvonnan periaatteet.
  • Ripatti, Kirsi (2003)
    Suomen Pankki. Rahoitusmarkkinaraportti Kevät
    HEXin osakekaupankäynnin uusi selvitysjärjestelmä HEXClear otetaan käyttöön syksyllä. Kymmenen uutta maata ja niiden arvopaperi-infrastruktuuria ovat liittymässä Euroopan unioniin. Vaikeasta markkinatilanteesta huolimatta lukuisia rakennemuutoksia on vireillä niin Euroopassa kuin globaalissakin ympäristössä.
  • Brusila, Eija (1994)
    Suomen Pankki. D 80
    Tutkimuksen tarkoituksena on kartoittaa arvopaperikauppojen nettouttaviin selvitysjärjestelmiin sovellettava voimassaoleva lainsäädäntö. Tutkimuksen keskeinen teema on nettoutus, mutta monet esille tulevat ongelmat koskevat myös yleisesti arvopapereiden selvitystä. Arvopaperikauppojen nettoutuksen vaikutukset ulottuvat useille oikeudenaloille, mutta tutkimuksessa tarkastellaan nettoutusta yksityisoikeuden kannalta. Maksukyvyttömyyden aiheuttamien epäselvien tilanteiden vuoksi konkurssioikeudelliset säännökset ovat kuitenkin korostetusti esillä. Tutkimuskohteen ulkopuolelle on rajattu vero-oikeudellisten säännösten vaikutukset eri nettoutustyyppejä vertailtaessa sekä arvopaperikauppojen sopimusehtoja laadittaessa.
  • Korhonen, Kari (2004)
    EURO & TALOUS 4
    Euroopan unionissa panostetaan siihen, että arvopaperikauppojen selvitys- ja toimitusprosessit toimisivat tulevaisuudessa nykyistä kitkattomammin ja että ulkomaisten arvopapereiden hankintakustannukset pienenisivät.Tämä edellyttää suuria rakennemuutoksia näihin prosesseihin ja sääntelyn modernisoimista. Miksi arvopaperikaupan selvitysja toimitusprosessit ovat tärkeitä?
  • (2000)
    Euroopan keskuspankki. Kuukausikatsaus Helmikuu
  • Leinonen, Harry; Pauli, Ralf (1999)
    Bank of Finland. Bulletin 73 ; 3
  • Paunonen, Heli (2004)
    Bank of Finland. Financial market report 1
    The banks in Finland have set their sights at achieving improved efficiency in the proc-essing of payments. There are also pressures to improve the operations of the securities clearing and settlement systems.
  • Myller, Marko (2009)
    Bank of Finland. Financial market report 1
    A new entity will be introduced into the value chain of Nordic securities trading the central counterparty (CCP), located between the stock exchange and the central securities depository. A solution is also being sought for a reliable credit derivative infrastructure.
  • Ripatti, Kirsi (2004)
    Suomen Pankin keskustelualoitteita 30/2004
    A Central Counterparty (CCP) is an entity that interposes itself between transacting counterparties - a seller vis-à-vis the original buyer and a buyer vis-àvis the original seller - to guarantee execution of the transaction.Thus, the original transacting parties substitute their contractual relationships with each other with contracts with the CCP.Central Counterparty Clearing has become increasingly popular in Europe, not just in derivatives markets, where, due to the high risk involved, it has been common for decades, but also in equities markets.Within the European Union, the main factor motivating the increased sophistication in clearing arrangements is the ongoing process of European economic integration, ie the euro's introduction, the ongoing organisation of an internal market for financial services and the corresponding objective of creating a pan-European financial infrastructure for payments and securities clearing and settlement.Central counterparty clearing houses exert a broad influence on the functioning of financial markets.They can increase the efficiency and stability of financial markets to the extent that their smooth functioning results in a more efficient use of collateral, lower operating costs and greater liquidity.As market players actively try to achieve economies of scale and scope with mergers and through harmonising their technical processes, they inevitably have had to focus on one of the most fragmented areas in Europe's securities market infrastructure - clearing and settlement.Because of the importance of its role, a CCP must have sound risk management.The CCP assumes responsibility in the aggregate and reallocates risk among participants.Moreover, if the CCP fails to perform risk management well, it can increase risk in the markets.While the big market players dominate the current CCP market in Europe, it is not only the big players who can benefit from a functioning CCP.With the right structure, a CCP enables small players to stay in the market and makes it possible for issuers in a regional marketplace to achieve market funding. Indeed, this is the tendency currently seen in the newest EU member states - and one of the main arguments against the single European CCP model.Although, the purpose has been to leave CCP questions to market participants, regulatory, oversight and supervisory issues can drive the actions of market participants.Indeed, authorities must sometimes be actively involved in boosting a CCP project to keep their home markets competitive.This may well be the situation faced by the Nordic/Baltic market in the near future.Thus, this paper attempts to give a neutral evaluation of the risks and benefits related to the functionality of CCPs in integrating markets and construct a framework for possible future risk-benefit analysis in a Finnish/Nordic-Baltic clearing and settlement infrastructure that incorporates a CCP solution.This is an updated version of a Bank of Finland working paper (Financial Markets Department 01/04).1 Key words: central counterparty clearing, clearing, settlement, securities markets, infrastructure, integration JEL classification numbers: G15, G20, G28, G33, G34
  • Heikkinen, Päivi; Kemppainen, Kari (2012)
    Bank of Finland. Bulletin. Financial stability 2
    Integration of the Finnish financial system into the global markets is reflected for example in the increasing provision of critical infrastructure services from abroad. Market integration may, through economies of scale, lower transaction costs. The challenge is to ensure that the level of domestic services does not decline and that efficiency gains are maintained. Market participants decisions on payment and settlement systems are strategic: they define the longer-term future operating conditions for the markets and the service level of the infrastructure. The impacts of these decisions therefore require thorough analysis, from the perspective of both individual participants and the entire market. The Bank of Finland assesses infrastructure solutions at the system-level and induces change, where necessary.
  • Iivarinen, Timo (2002)
    Suomen Pankki. Rahoitusmarkkinaraportti Syksy
    CLS-pankki aloitti toimintansa menestyksellisesti syyskuussa 2002. Tällä hetkellä valuuttakauppoja selvitetään päivittäin yli 10.000 kappaletta, joiden bruttoarvo ylittää 100 miljardia euroa. Nordea aloitti marraskuussa CLS-pankin selvitysjäsenenä.
  • Herrala, Risto; Nieminen, Risto (1998)
    Bank of Finland. Bulletin 72 ; 9 ; September
  • Hellqvist, Matti; Laine, Tatu (2012)
    Suomen Pankki. E 45
    Chapter 1 Matti Hellqvist - Tatu Laine Introduction 9 Chapter 2 Klaus Abbink - Ronald Bosman - Ronald Heijmans - Frans van Winden Disruptions in large value payment systems: An experimental approach 15 Chapter 3 Edward Denbee - Rodney Garratt - Peter Zimmerman Methods for evaluating liquidity provision in real-time gross settlement payment systems 53 Chapter 4 Ronald Heijmans - Richard Heuver Is this bank ill? The diagnosis of doctor TARGET2 77 Chapter 5 Tatu Laine - Tuomas Nummelin - Heli Snellman Combining liquidity usage and interest rates on overnight loans: an oversight indicator 119 Chapter 6 Ronald Heijmans - Richard Heuver - Daniëlle Walraven Monitoring the unsecured interbank money market using TARGET2 data 135 Chapter 7 Luca Arciero Evaluating the impact of shocks to the supply of overnight unsecured money market funds on the TARGET2- Banca d'Italia functioning: a simulation study 169 Chapter 8 Ashwin Clarke - Jennifer Hancock Participant operational disruptions: the impact of system design 193 Chapter 9 Horatiu Lovin Systemically important participants in the ReGIS payment system 219 Chapter 10 Marc Pröpper - Iman van Lelyveld - Ronald Heijmans Network dynamics of TOP payments 235 Chapter 11 Carlos León - Clara Machado - Freddy Cepeda - Miguel Sarmiento Systemic risk in large value payments systems in Colombia: a network topology and payments simulation approach 267 Chapter 12 Horatiu Lovin - Andra Pineta Operational risk in ReGIS - a systemically important payment system 315 Chapter 13 Robert Oleschak - Thomas Nellen Does SIC need a heart pacemaker? 341 Chapter 14 Robert Arculus - Jennifer Hancock - Greg Moran The impact of payment system design on tiering incentives 379 Chapter 15 Martin Diehl - Uwe Schollmeyer Liquidity-saving mechanisms: quantifying the benefits in TARGET2 411 Chapter 16 Biliana Alexandrova-Kabadjova - Francisco Solís-Robleda The Mexican experience in how the settlement of large payments is performed in the presence of high volume of small payments 431
  • Schmiedel, Heiko; Malkamäki, Markku; Tarkka, Juha (2002)
    Suomen Pankin keskustelualoitteita 26/2002
    Published in Journal of Banking & Finance, 30, 6, June 2006: 1783-1806
    The paper investigates the existence and extent of economies of scale in depository and settlement systems.Evidence from 16 settlement institutions across different regions for the years 1993-2000 indicates the existence of significant economies of scale.The degree of such economies, however, differs by size of settlement institution and region.While smaller settlement service providers reveal high potential of economies of scale, larger institutions show an increasing trend of cost effectiveness. Clearing and settlement systems in countries in Europe and Asia report substantially larger economies of scale than those of the US system.European cross-border settlement seems to be more cost intensive than that on a domestic level, reflecting chiefly complexities of EU international securities settlement and differences in the scope of international settlement services providers.The evidence also reveals that investments in implementing new systems and upgrades of settlement technology continuously improved cost effectiveness over the sample period. Key words: securities settlement, economies of scale, technological progress JEL classification numbers: D4, G20, F36, L22, O33
  • Malkamäki, Markku; Saukkonen, Erja (1997)
    Bank of Finland. Bulletin 71 ; 9 ; September
  • Malkamäki, Markku; Saukkonen, Erja (1997)
    MARKKA & TALOUS 3
  • Koskinen, Jenni (2005)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Arvopaperien selvitys- ja toimitusjärjestelmiä koskevan yhteisölainsäädännon valmistelu on saanut osakseen laajaa kiinnostusta ja sillä on yhteys EU:n kilpailu-kykyyn. Päätös lainsäädäntötarpeesta sekä sen sisällöstä tehtäneen vuoden päästä. Lamfalussy-prosessiin kuuluvat periaatteet ja lainsäädännön yksinkertaistamista ja parantamista koskeva toimintasuunnitelma (better regulation action plan) antavat työlle puitteet.