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1 Lic. Narciso Muñoz Chairman National Securities Commission Argentina AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA 26 al 28 de octubre.

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Presentation on theme: "1 Lic. Narciso Muñoz Chairman National Securities Commission Argentina AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA 26 al 28 de octubre."— Presentation transcript:

1 1 Lic. Narciso Muñoz Chairman National Securities Commission Argentina AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA 26 al 28 de octubre de Punta del Este República Oriental del Uruguay

2 2INTERMEDIATIONBCBA-MVBA Regional Bourses and Markets (MAE) OTC Market Futures and Options MATBA-ROFEXNEGOTIATIONFloorSINAC On line round SIOPEL MATBA-ROFEX: Floor Electronic Negotiation CLEARING AND SETTLEMENT MVBA - Caja de Valores Argenclear/ Cryl/Caja de Valores, International Depositary and Clearing Houses MATBA: propia ROFEX: Argentina Clearing House CUSTODY Caja de Valores International Depositary and Clearing Houses

3 3

4 4 Recomendation of the Group of 30 Recomendation of the Group of 30 Report of the Committee of Payment Systems of the BIS. Report of the Committee of Payment Systems of the BIS. Recommendations of IOSCO. Recommendations of IOSCO.

5 5 Transparency: to allow the access to information immediately, i.e. at the moment when it is known or produced. Transparency: to allow the access to information immediately, i.e. at the moment when it is known or produced. Safety: to diminish or eliminate the risk inherent to a market transaction. Safety: to diminish or eliminate the risk inherent to a market transaction.

6 6 In the Markets: Price-time priority process. Price-time priority process. Bilateral negotiation. Bilateral negotiation. Recording of orders. Recording of orders. Transaction matching. Transaction matching.

7 7 In Clearing and Settlements Systems: Settlement in T + 0. Settlement in T + 0. Settlement in T + 1. Settlement in T + 1. Settlement in T + 3. Settlement in T + 3.

8 8 In the Depository Houses: The principle of know your client. The principle of know your client. Collective accounts. Collective accounts. Individual accounts. Individual accounts.

9 9 Risks: Payment Risk. Payment Risk. Liquidity Risk. Liquidity Risk. Replacement Risk. Replacement Risk.

10 10 Methods to temper risks: Delivery versus Payment (DVP). Delivery versus Payment (DVP). Central Counterparts. Central Counterparts. Guarantee margins. Guarantee margins. Accountable Net Asset Responsibility. Accountable Net Asset Responsibility. Technology Technology

11 11 STANDARD REGULATION STANDARD REGULATION SOLVENT INTERMEDIATION SOLVENT INTERMEDIATION TRUSTABLE INFRASTRUCTURE TRUSTABLE INFRASTRUCTURE FORM THE BASEMENT OF A SUCCESSFUL CAPITAL MARKET

12 12 Lic. Narciso Muñoz Chairman National Securities Commission Argentina AMERICAS´ CENTRAL SECURITIES DEPOSITORIES ASSOCIATION - ACSDA 26 al 28 de octubre de Punta del Este República Oriental del Uruguay


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