DTCC, 구조화증권(structured securities)의 업무처리 자동화를 위한 제안 발표
DTCC는 9월 13일 발간한 백서에서 구조화증권시장(structured securities market)의 추가적인 업무처리 자동화를 제안했음. 동 시장의 업무처리자동화를 이루는 경우 증권산업에 수백만 달러의 비용 절감과 노동 절약 및 업무에러를 방지할 수 있음.
“Transforming Structured Securities Processing”로 명명된 동 백서는 P&I(principal and interest rates)의 지급 지연과 P&I 지급후 정정되는 건수를 줄임으로써 실질적인 비용 및 시간을 절감할 것을 요구하고 있음.
‘06년 DTCC의 자회사인 DTC를 통해 처리된 구조화증권에 대한 P&I 지급액은 약 1 조 달러(950조원)에 달했음. 이들 구조화증권에는 모기지담보부증권(CMO : collateralized mortgage obligations) 및 자산담보부증권(ABS : asset-backed securities)을 포함하고 있음.
DTCC는 동 백서를 통해 구조화증권의 추가적인 업무처리 자동화를 위해 4가지 사항을 제안했음. ① 구조화증권에 대한 지급정보(payment information)의 제출시한을 연장할 것, ② DTC 적격(DTC-eligible) 구조화증권을 ‘conforming’과 ‘non-conforming’ 2개 군으로 분류할 것, ③ ‘non-conforming’군으로 분류되는 증권에 대해서는 “예외적 업무처리수수료(exception processing fee)”를 부과할 것, ④ 규모가 가장 커다란 지급대리인(paying agent)의 업무처리 성과를 추적할 수 있는 새로운 “지급대리인 보고서 카드(paying agent report card)”를 산업에 배포할 것. (DTCC, 9/13)
국제증권 자산서비스에 대한 산업표준 설정을 위해 국제증권시장 자문그룹 결성
Clearstream과 Euroclear는 유로채와 ICSD를 통해 발행된 구조화상품(structured products) 을 포함한 국제증권의 발행과 자산서비스(asset servicing)를 위한 추가적인 표준을 설정하기 위하여 새롭게 결성된 국제증권시장 자문그룹(ISMAG : International Securities Market Advisory Group)에 힘을 합치고 있음. 국제증권시장 자문그룹은 여러 기관들, 즉 발행기관, agent bank, ICSD 및 거래관련기관(AGC, ICMA, ICMSA)의 대표자로 구성되어 있음.
동 그룹은 증권발행 관행, 정보공표, 발행회사 사무(corporate actions), 원리금 배당금 지급업무의 표준화를 통한 업무처리 효율성 증진과 STP 달성을 목표로 한 3개년 변화 프로그램의 이행을 감시할 예정임. 이러한 시장관행(market practices)을 위한 산업 전체적인 표준화 달성은 2010년으로 목표 설정되어 있음.
한편 ICSD를 통해 발행되어 예탁된 총 증권수량은 ‘07년 6월에 7조 3천억 유로에 달하며, 동 증권수량은 매년 20% 이상 성장하고 있음. ’06년의 경우 Clearstream과 Euroclear 2개의 ICSD를 통해 20만개 이상의 증권이 신규로 발행되었으며, 25만건 이상의 발행회사 사무(corporate actions)가 발생하였음. 그러나 발행회사 사무 정보의 10% 미만이 STP 포맷을 통해 전달되고 있는 상태임.(Global Custodian, 9/27)
Clearstream, Euroclear Collaborate on Asset Servicing Standards
October 1, 2007
By Chris Kentouris
International depositories Clearstream and Euroclear are teaming with a new industry group to raise straight-through processing (STP) rates by establishing standards for the issuance and servicing of international securities such as Eurobonds and structured products issued through the rival settlement houses. The three organizations are targeting 2010 for the release of the industrywide best practices.The newly created International Securities Market Advisory Group (Ismag), which will oversee the three-year initiative, met on Sept. 26 in London to set short-term objectives. The STP project aims to standardize the dissemination of information on public offerings and processing of corporate actions. Common terminology will be established for the processing roles and responsibilities of industry participants.
There are still too many manual processes and a lack of standardized market practices in the international securities business,” said John Gubert, chairman of Ismag and a London-based industry consultant, in a statement. “Back-office costs are too high, risks are growing in line with increasing volume and complexity and critical information is often misinterpreted.”
Ismag is comprised of 18 representatives from the custodian bank, broker-dealer, asset manager and institutional investor communities, as well as the Association of Global Custodians (AGC). Two of the custodian banks–JP Morgan Chase & Co. and Deutsche Bank–are among the largest common depositary banks and paying agents for international debt instruments; both are members of Clearstream and Euroclear.
“The goal of the Ismag is not to promote one particular message type or network but to ensure that issuers and the international securities industry at large agree upon workflow methods, terminology and documentation,” Yves Poullet, CEO of Euroclear Bank and Euroclear’s representative in Ismag, told Securities Industry News.
Too often, said Poullet, calculation agents–typically part of the underwriting team–do not tabulate and change interest rates on floating debt instruments until the date the payment must be made. When that occurs, the paying
agents–banks responsible for making income payments, who are also common depositaries–need an additional two days to convert the payment from the currency in which it was made to the currency of the end investor.“Ideally the payment calculation should be made two days prior to the payment date, which would give the financial intermediary enough time to do a standard foreign exchange transaction,” said Mark Gem, head of business management at Clearstream in Luxembourg, who is also an Ismag member.
Clearstream and Euroclear offer an array of asset servicing functions such as notifying their members about new securities issues and making them depository-eligible, crediting accounts with income payments, notifying participants of corporate action announcements and crediting their accounts with the entitlements. The international depositories are considered the largest processing agents for Eurobonds and other international debt instruments. In 2006, Euroclear and Clearstream–which jointly select common depositary banks to help with the asset servicing work–both processed over 250,000 corporate actions on international securities.
While many financial intermediaries and their clients are increasingly using International Organization for Standardization (ISO) 15022 messages through the Swift network to communicate information on corporate action events, there are plenty of bottlenecks at the source–the issuer level. Issuers are still not providing sufficient, clear information on their public offerings and corporate actions in time for depositories such as Clearstream and Euroclear to notify their financial intermediaries appropriately. And not all banks and brokerages interpret the ISO 15022 messages the same way, which can lead to further errors in the notification of end investors.
A number of organizations in recent years have addressed the standardization of corporate action information. In June, the AGC issued a white paper recommending the adoption of an international messaging standard to automate the exchange of information among custodian banks, their agent banks and asset manager clients. The AGC–its members are Bank of New York Mellon Corp., Brown Brothers Harriman, Citigroup, HSBC, JP Morgan Chase & Co., Northern Trust Co., RBC Dexia and State Street Corp.–also urged banks to promote the use of standard messaging formats upstream by issuers and infrastructure organizations such as exchanges and depositories.
Although the AGC did not endorse a communications network, ISO 15022 messages are common on the Swift network. Last year, the Asset Managers Forum also recommended the use of ISO 15022 messages as did the Group of Thirty in 2003. Also in 2003, the European Commission-sponsored Giovannini Group recommended a single uniform communications protocol within the European Union, and the European Central Securities Depositories Association in 2005 called for the use of ISO standards for automating corporate actions.
