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Mohamed Abdel Salam MCDR Chairman & Managing Director.

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Presentation on theme: "Mohamed Abdel Salam MCDR Chairman & Managing Director."— Presentation transcript:

1 Mohamed Abdel Salam MCDR Chairman & Managing Director

2 What is Technology Sharing Benefits of Technology Sharing to AMEDA Members Barriers to Technology Sharing (the Giovannini AMEDA barriers) Resolutions and recommendation for Technology Sharing within AMEDA How is MCDR progressing within such a framework Recomendations

3 What is Technology Sharing Benefits of Technology Sharing to AMEDA Members Barriers to Technology Sharing (the Giovannini AMEDA barriers) Resolutions and recommendation for Technology Sharing within AMEDA How is MCDR progressing within such a framework Recommendations

4 Simplify the process of searching for and locating technologies that are essential to CSD interoperability; Cut the costs and complexity of negotiating access to technologies;

5 Promote an environment of sharing pre- competitive, upstream or platform technologies; Facilitate access to and diffusion of technology to emerging markets.

6 What is Technology Sharing Benefits of Technology Sharing to AMEDA Members Barriers to Technology Sharing (the Giovannini AMEDA barriers) Resolutions and recommendation for Technology Sharing within AMEDA How is MCDR progressing within such a framework Recommendations

7 Synergy Reduction of Risks Combining Technological Skills Market Access Product Diversification Economies of Scale

8 What is Technology Sharing Benefits of Technology Sharing to AMEDA Members Barriers to Technology Sharing (the Giovannini AMEDA barriers) Resolutions and recommendation for Technology Sharing within AMEDA How is MCDR progressing within such a framework Recommendations

9 1: National differences in information technology and interfaces 2: National clearing and settlement restrictions that require the use of multiple systems. 3: Differences in national rules relating to corporate actions, beneficial ownership and custody.

10 4: Absence of intra-day settlement finality 5: Practical impediments to remote access to national clearing and settlement systems 6: National differences in settlement periods 7: National differences in operating hours/settlement deadlines

11 8: National differences in securities issuance practice 9: National restrictions on the location of securities 10: National restrictions on the activity of primary dealers and market makers

12 11: Domestic withholding tax regulations serving to disadvantage foreign intermediaries 12: Transaction taxes collected through a functionality integrated into a local settlement system 13: The absence of an AMEDA-wide framework for the treatment of interests in securities

13 14: National differences in the legal treatment of bilateral netting for financial transactions 15: Uneven application of national conflict of law rules

14 What is Technology Sharing Benefits of Technology Sharing to AMEDA Members Barriers to Technology Sharing (the Giovannini AMEDA barriers) Resolutions and recommendation for Technology Sharing within AMEDA How is MCDR progressing within such a framework Recommendations

15 Usage of ISO standards where available Such as but not limited to: ISO Country Codes ISO Currency codes ISO ISIN ISO Date/time format ISO BIC ISO MIC ISO CFI

16 W3C UN/CEFACT e-bMoU OMG ISO/TC68 FIX ISITC-IOA ISSA SMPG SIA FISD/MDDL G30 Giovannini TC68/SC4 WG8 & WG11 EPC/ECBS ISTH IFX RosettaNet/PMP OAGi X12 BMA EACT FpML ISDA IFSA OASIS Bolero ICC TC68/SC6&7 CEFACT/ TBG5 IIBLP UNCITRAL IFSA Securities Trade Finance Acord TC68/SC4&7 Payments Treasury EAN/UCC Insurance UNIFI - ISO CEFACT/ TBG15 TWIST Fedwire CHIPS TCH NACHA IFSA IGTA

17 Settlement Services (in Central Bank Money) Settlement Services (in Central Bank Money) Basic Asset Services (Custody / Corporate Actions / Tax Services) Basic Asset Services (Custody / Corporate Actions / Tax Services) Shareholder Services (Services on General Meetings e.g. Proxy services) Shareholder Services (Services on General Meetings e.g. Proxy services) Liquidity Management Support (Forecasts of Cash and Securities positions) Liquidity Management Support (Forecasts of Cash and Securities positions) Reporting (Regulatory Reporting, Market Guides, Documentation) Reporting (Regulatory Reporting, Market Guides, Documentation) CORE Services (for all assets and transaction types) CORE Services (for all assets and transaction types) Further leverage of joint service portfolio in line with market demand Further leverage of joint service portfolio in line with market demand Courtesy of LINK UP MARKETS

18 AMEDA Member National Format AMEDA MEMBERS Sharing Platform AMEDA Member National Format Client: Single account relation with Investor CSD to access AMEDA markets Cross-border DvP settlement Payment via cash correspondent Basic settlement and asset services Use existing systems/interfaces No adaptation nor sunk costs Client: Single account relation with Investor CSD to access AMEDA markets Cross-border DvP settlement Payment via cash correspondent Basic settlement and asset services Use existing systems/interfaces No adaptation nor sunk costs Investor CSD: Settlement on accounts in each Issuer CSD (omnibus or segregated) Handling of corporate actions, income payments and tax services on individual customer accounts Investor CSD: Settlement on accounts in each Issuer CSD (omnibus or segregated) Handling of corporate actions, income payments and tax services on individual customer accounts Issuer CSD: Settlement on Investor CSD accounts Support to Investor CSD for corporate actions, income payments and tax services Support to Investor CSD for market specific services, market advocacy, etc. Issuer CSD: Settlement on Investor CSD accounts Support to Investor CSD for corporate actions, income payments and tax services Support to Investor CSD for market specific services, market advocacy, etc.

19 Streamline market access through single window Reduce complexity of cross-border business Harmonize processes across markets Leverage existing local efficient CSD infrastructure Minimize adaptations to infrastructure developments Increase trading activities driven by market integration

20 What is Technology Sharing Benefits of Technology Sharing to AMEDA Members Barriers to Technology Sharing (the Giovannini AMEDA barriers) Resolutions and recommendation for Technology Sharing within AMEDA How is MCDR progressing within such a framework Recommendations

21 The NMPG is the governing body under SWIFT and MCDR supervision and all the key market players whether broker/dealer or banks that are working on regulating the Egyptian Securities Market infrastructure

22 MCDR is currently enabling the complete automation of STP through the integration of its Systems with SWIFT on a multi Phased Project Phase I MT 103, MT 202 on the payments side 540, 541, 542, 543, 544, 545,546, 548 on the securities side 940, 950 Statement Messages

23 What is Technology Sharing Benefits of Technology Sharing to AMEDA Members Barriers to Technology Sharing (the Giovannini AMEDA barriers) Resolutions and recommendation for Technology Sharing within AMEDA How is MCDR progressing within such a framework Recommendations

24 To initiate a Task Force / Workgroup to study the barriers of technology sharing and how to mitigate them Initiate and enable STP and standardization to all AMEDA members

25 Establish a workgroup with all AMEDA members participation to conduct and host the necessary applications at a cost sharing structure, to serve all AMEDA members Design a relevant questionnaire to pin point and identify the barriers Distribute and collect feedback from AMEDA members

26 Initiate an AMEDA market standardization group Identify AMEDA members training needs to achieve the desired technological strides and business spectrum

27

28 SWIFT Team Title Mobile Mohamed HazemNMPG Chairman Ahmed El NakibSWIFT / Technical Manager Sherif A. RazekMarketing


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