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Summary of CDSs International Linkages ACSDA Senior Summit – December 6, 2013.

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Presentation on theme: "Summary of CDSs International Linkages ACSDA Senior Summit – December 6, 2013."— Presentation transcript:

1 Summary of CDSs International Linkages ACSDA Senior Summit – December 6, 2013

2 2 CDS has established a number of international linkages over its history DTCC 1980, 1984, 1997 JASDEC 1985 Euroclear France 1988 Skandinaviska Enskilda Banken AB (SEB) 2001

3 Settlement Linkages with DTCC DTC Direct Link (DDL) was established in 1980, the New York Link (NYL) service was established in 1984 CDS is a member of NSCC as well as DTC and subscribers to the services are provided with CDS sponsored accounts at DTC and NSCC (NYL) or DTC (DDL) The service provides subscribers with access to the products/services offered by NSCC, DTC and OMGEO that are available to their domestic U.S. members and allows subscribers to interact directly with NSCC/DTC members Over 40 participants currently subscribe to these services and some have multiple CDS sponsored accounts at NSCC and DTC to separate lines of business Approximately 150,000 trades per day are conducted by the subscribers to the New York Link Service (i.e. cleared/settled by NSCC/DTC) 3

4 CDS/DTC Cross-border movement service The CDS/DTC Cross-border movement service was established in concert with the implementation of the DTC Direct Link service Initially this bilateral link (omnibus accounts at CDS and DTC) allowed for the movement of security positions as well as funds (USD) between CDS and DTC but the movement of funds was discontinued in 2007 due to risk related concerns, the cost of mitigating those risks and to a low volume of activity Facilitates deliveries of security positions to or from accounts at DTC and CDS (U.S. and Canadian securities that are eligible at both DTC and CDS) Delivery instructions are exchanged between CDS and DTC using SWIFT- like messages over a dedicated network Used for inventory movements and to facilitate the settlement of trades The service is available to all CDS and DTC participants On a daily basis approximately 3,000 security positions are moved between CDS and DTC 4

5 Other international linkages Euroclear-France Link Service implemented in 1988 (Sicovam) – Facilitates deliveries of eligible French securities between CDS and Euroclear- France Skandinaviska Enskilda Banken AB (SEB) Link implemented in 2001 – Allowed a widely held security to continue to be eligible at CDS when the company was taken over by Swedish company and since then other Swedish securities have been made eligible for this link – Facilitates deliveries of eligible Swedish securities between CDS and SEB JASDEC Link implemented in 1985 – Implemented with JSCC to support dually-listed Canadian securities – Facilitates deliveries of eligible Canadian securities between CDS and JASDEC Low volume of activity in these linkages Instructions/Information are/is exchanged between CDS and other linked organizations via SWIFT messages over the SWIFT network Unilateral custody links 5

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