de nederlandsche bank eurosysteem general framework and overview carlo winder conference financial...
TRANSCRIPT
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De Nederlandsche Bank Eurosysteem
GENERAL FRAMEWORK AND OVERVIEW
Carlo Winder
Conference Financial Sector of Macedonia on Payments and Securities Settlement Systems
Ohrid 23 June 2008
De Nederlandsche Bank
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De Nederlandsche Bank Eurosysteem
Agenda
Definitions and Concepts
Role of central banks
International developments
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De Nederlandsche Bank Eurosysteem
Role of central banks
IT´S ALL ABOUT
FINANCIAL STABILITY
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De Nederlandsche Bank Eurosysteem
Role of central banks
SCOPE
MONETARY STABILITY: stable currencyFINANCIAL SECTOR STABILITY: reliable
financial institutionsPAYMENT SYSTEM: smooth and secure
payments
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De Nederlandsche Bank Eurosysteem
Mission of the central bank
De Nederlandsche Bank
Safeguarding the stability of the financial system and the institutions that are part of it, by contributing to the monetary policy of the Eurosystem
supervising the financial soundness and integrity of financial institutions
promoting the smooth functioning of the payments system
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De Nederlandsche Bank Eurosysteem
Payment systems policy
OBJECTIVES
MAIN GOALto promote safe and efficient payment and
settlement systems
Other goals (central bank specific)e.g. crime prevention, effective competition,
consumer protection, accessibility
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De Nederlandsche Bank Eurosysteem
Payment system is all about trust...
Trust Trust Trust Trust Trust
Currency
Issuer
Payment system
Authenticity
Constitutional state
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De Nederlandsche Bank Eurosysteem
Importance payment systems
Payment systems …
… facilitate the exchange of goods and services
… are necessary to conduct monetary policy
… can be transmission channels of ‘disturbances’ (financial crises)
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De Nederlandsche Bank Eurosysteem
buyer seller
good/service
debit paymentinstruction
bank bank
paymentinstruction
debit credit
credit
paymentinformation
paymentinformation
CENTRAL BANK
Payment chain
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De Nederlandsche Bank Eurosysteem
Payment chain
buyer seller
good/service
debit paymentinstruction
CENTRAL BANK
bank bank
paymentinstruction
debit credit
creditpaymentinformation
CLEARING
paymentinformation
ACH
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De Nederlandsche Bank Eurosysteem
RETAIL PAYMENTS
buyer seller
CENTRAL BANK
bank bank
Payment chain
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De Nederlandsche Bank Eurosysteem
WHOLESALE PAYMENTS
buyer seller
bank bank bank bank
CENTRAL BANK
Payment chain
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De Nederlandsche Bank Eurosysteem
Payment Pyramid - Eurosystem
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De Nederlandsche Bank Eurosysteem
Payment Pyramid - Eurosystem
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De Nederlandsche Bank Eurosysteem
Retail versus wholesale payments
Low value ↔ Large value
High volume ↔ Low volume
Consumers and ↔ Financial institutions businesses
Time less important ↔ Time critical
Low systemic risk ↔ High systemic risk
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De Nederlandsche Bank Eurosysteem
RETAIL PAYMENTS
TRENDS/ISSUES
● growth of card payments
● costs of payments
● interchange fees
● innovations
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De Nederlandsche Bank Eurosysteem
GROWTH OF CARDS PAYMENTS
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De Nederlandsche Bank Eurosysteem
COSTS OF PAYMENTS
World Retail Banking Report 2005
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De Nederlandsche Bank Eurosysteem
Interchange Fees
Gresham´s law of payments
Traditionally: Bad currency drives out the good
High-cost payment instruments drive out low
cost ones
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De Nederlandsche Bank Eurosysteem
Bank Aissuer
consumer retailer
Bank Bacquirer
goods
Merchant Fee
Interchange Fee
STRUCTURE OF CARD PAYMENT
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De Nederlandsche Bank Eurosysteem
Gresham´s law of payments
UNITED STATES
Competition between credit card schemes
higher prices because of interchange fees
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De Nederlandsche Bank Eurosysteem
Innovations
EXAMPLES
• internet banking, on line banking
• biometric identification
• contactless cards
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De Nederlandsche Bank Eurosysteem
WHOLESALE PAYMENTS
DNS: Deferred Net SettlementMultilateral, usually at the end of the day
RTGS: Real Time Gross Settlementcontinuous (real-time) settlement of funds
transfers individually on an order-by-order basis
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De Nederlandsche Bank Eurosysteem
WHOLESALE PAYMENTS
TRENDS/ISSUES
● Liquidity management Real time settlement → higer demands on
liquidity management T2: range of tools to control, monitor and
manage liquidity
● Operational resilience, e.g. as a result of global interdependencies
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De Nederlandsche Bank Eurosysteem
Securities Settlement Systems
A typical settlement transaction has Cash LegSecurities Leg
and involvesCSD: Central Securities DepositoryLVPS: Large Value Payment SystemCCP: Central Counterparty
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De Nederlandsche Bank Eurosysteem
Securities Settlement Systems
LVPS
CSD
BANK A BANK B
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De Nederlandsche Bank Eurosysteem
Interfaced / Integrated Model
InterfacedCSD has the securities account, CB the cash
account. Communication through an interface
IntegratedCB or CSD operates both the cash and
securities account, e.g. CB outsources cash settlement CB insources securities settlement
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De Nederlandsche Bank Eurosysteem
Securities Settlement Systems
LVPS
CSD
BANK A BANK BCCP
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De Nederlandsche Bank Eurosysteem
Securities Settlement Systems
CSDs settlement of securities transactions depository of securities corporate actions
CCPs buyer to the seller seller to the buyer often uses multilateral netting (clearing) contributes to efficiency, mitigates risk
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De Nederlandsche Bank Eurosysteem
Securities Settlement Systems
TRENDS/ISSUES
Settlement risks (DVP) Multiple platforms Cross border links (global
interdependencies)
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De Nederlandsche Bank Eurosysteem
Large Value Payment Systems
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De Nederlandsche Bank Eurosysteem
CLS
CLS: Continuous Linked Settlement
● FX Risks
● basically a ´guaranteed refund´ scheme, i.e. you will either receive the correct currency or a refund
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De Nederlandsche Bank Eurosysteem
Traditional cross border transaction
NCB A
D BANK A2BANK A1
NCB A
D BANK B2 C
NCB B
BANK B1
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De Nederlandsche Bank Eurosysteem
Bank 2Bank 1
Yen
Japanese payment system
US$
US payment system
A: Japanse corresponden
t
B: Japanse corresponde
nt
B: US corresponden
t
A: UScorresponde
nt
Correspondent banking: FX transaction
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De Nederlandsche Bank Eurosysteem
CLS BankCLS Bank
Continuous Linked Settlement CLS
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De Nederlandsche Bank Eurosysteem
Yen
Bank B
Bank AA:
Settlement
member
B:Settleme
nt member
CL
S B
AN
K
US $
A:
Settlement
member
B:Settleme
nt member
FX transaction, via CLS
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De Nederlandsche Bank Eurosysteem
POLICY OBJECTIVES OF CENTRAL BANK
MAIN GOAL
promote safe and efficient
payment and
settlement systems
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De Nederlandsche Bank Eurosysteem
How to Achieve Policy Objectives?
OPERATIONS
OVERSIGHT
CATALYST
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De Nederlandsche Bank Eurosysteem
Operational role central bank
Issuance and distribution of cashOperator large value transfer systemSettlement services retail transactionsCash settlement securities transactionsClearing services retail payments Operator securities settlement systemOther securities related servicesPublic sector payments
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De Nederlandsche Bank Eurosysteem
Oversight
‘a public policy activity focused on the safety and efficiency of systems, in particular to reduce systemic risk’.
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De Nederlandsche Bank Eurosysteem
Oversight
Scope central bank oversight varies:
just systemically important systems, including securities settlement systems
including retail systems
Including payment instruments
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De Nederlandsche Bank Eurosysteem
Catalyst
Case for intervention, but not necessarily regulation or operations
‘Third way’ - ‘guide’ the market, by promoting initiatives and co-operation
between stakeholdersbetween other public authorities, e.g. - Government- Competition authorities
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De Nederlandsche Bank Eurosysteem
Securitiessettlement
RetailLargevalue
Operations
Oversight
Catalyst
Minimal role
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De Nederlandsche Bank Eurosysteem
Emphasis on oversight (e.g. DNB)
Securitiessettlement
RetailLargevalue
Operations
Oversight
Catalyst
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De Nederlandsche Bank Eurosysteem
Emphasis on operations (e.g. Fed)
Securitiessettlement
RetailLargevalue
Operations
Oversight
Catalyst
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De Nederlandsche Bank Eurosysteem
International developments
KEY WORDS
Globalization Consolidation Financial Sector
NEED FOR FURTHER COOPERATION National Supervisors Competition Authorities Government● International
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De Nederlandsche Bank Eurosysteem
International cooperation
Bank of International Settlements
Main CommitteesBCBS (Bazel Committee of Banking Supervisors) CPSS (Committee on Payment and Securities Settlement)CGFS (Committee on Global Financial Stability) Irving Fisher Committee on Central Bank
Statistics
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De Nederlandsche Bank Eurosysteem
NSCC
Clearnet
LondonClearingHouse
CDiCG
CCAS
JSCC
Austraclear
Euroclear
SIS
CREST
Clearstream
SCLV
Monte Titoli
OM-VPC
VPS
VP
HKSCCJasDec
Chess
CDP
CDS
CHAPS
FedWire
SIC
ELLIPSTBF/ TOP
BI REL
SLBE
LVTS
RTGSPLUS
LIPS-Gross
MEPS
BoJ-NetRITS RTGS
CLS Bank
DEBES
E/ K RIX
BoF-RTGS
APK
SWIFT-RTGS
ARTIS
OeKB
HERMES
BOGS/ CSD
SPGT
SITEMEInterbolsa
EuroCCP
DTC
Trad
ition
al Exc
hang
es
Elec
troni
c Com
mun
icatio
ns N
etwo
rks
Alte
rnat
ive Tr
adin
g Sy
stem
s
Over
The
Cou
nter
Tra
ding
STP Pr
ovid
ers
Traditional Exchanges
Electronic Comm
unications Networks
Alternative Trading Systems
Over The Counter Trading
STP Providers
Trad
ition
al Exc
hang
es
Elec
troni
c Com
mun
icatio
ns N
etwo
rks
Alte
rnat
ive Tr
adin
g Sy
stem
s
Over
The
Cou
nter
Tra
ding
Traditional Exchanges
Electronic Comm
unications Networks
Alternative Trading Systems
Over The Counter Trading
STP Providers STP Pr
ovid
ers
CCPs
CSDs
RTGS
CLS
TARGET
CSD Links
2nd wave CLS currency
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De Nederlandsche Bank Eurosysteem
Financial European integration – why?
EURO AREA: 13 National Markets
Limitations on Competition
Diseconomies of Scale
Inefficiencies wrt cross-border flows of money, securities and collateral
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De Nederlandsche Bank Eurosysteem
Financial European integration – how?
1. INSTITUTIONAL ARRANGEMENTS
2. FINANCIAL MARKETS
3. INFRASTRUCTURES →payment and securities settlement systems
INFRASTRUCTURES Essential for Financial Stability Central Banks Play Key Role
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De Nederlandsche Bank Eurosysteem
Financial European integration – how?
EURO AREA PROJECTS
TARGET 2TARGET 2 SecuritiesCCBM2SEPASECA
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De Nederlandsche Bank Eurosysteem
THNX