slide 1 challenges in the field of securities settlement systems world bank payments week andrew...

Slide 1 Challenges in the Challenges in the field of Securities field of Securities Settlement Systems Settlement Systems World Bank Payments week Andrew Douglas 11 th September 2008

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Slide 1

Challenges in theChallenges in thefield of Securitiesfield of SecuritiesSettlement SystemsSettlement Systems

World Bank Payments weekAndrew Douglas

11th September 2008

Slide 2

What are the issues?

Regulatory

Integration

Collateral

Derivatives

Page 3: Slide 1 Challenges in the field of Securities Settlement Systems World Bank Payments week Andrew Douglas 11 th September 2008

Slide 3

Regulatory

In times of crisis, additional regulation often seems to be the answer

We haven’t finished what is already on our regulatory plate

Self regulatory activity – Code of Conduct

Are regulators in synch with market capability? Potential for regulatory overload?

Page 4: Slide 1 Challenges in the field of Securities Settlement Systems World Bank Payments week Andrew Douglas 11 th September 2008

Slide 4

Integration

Barrier 1 adoption is the foundation of portable integration

– T2S– CCBM2– Euroclear

….or is it? What about a translation layer?– But extra layers = extra complexity = extra cost

Is adoption by infrastructures more important than adoption by financial institutions?

Importance of market practice to support technical integration

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