Challenges in the field of Securities Settlement Systems

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Challenges in thefield of SecuritiesSettlement
Systems

• World Bank Payments week

Andrew Douglas 11th September 2008
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What are the issues?

• Regulatory
• Integration
• Collateral
• Derivatives

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Regulatory

• In times of crisis, additional regulation often
  seems to be the answer
• We havent 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?

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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