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DTCC testifies to Congress on opportunities to advance financial markets

資料來源:Securities Finance Times, 2024/6/6

Nadine Chakar, managing director and global head of DTCC Digital Assets, has testified before the House Financial Services Subcommittee on Digital Assets.

Chakar talked about the potential for tokenisation to transform today’s financial markets through further automation, increased efficiency and lower costs.

In the hearing, titled ‘Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets, Chakar testified to benefits that could be offered by employing digital ledger technology in transaction processing and lifecycle management of real-world financial assets, such as tokenised securities in the US markets.

The challenges inherent in developing an integrated digital assets platform for the industry were also discussed, noting that “technology on its own will not change the markets — it will require collaboration and coordination among all stakeholders, and it needs to be measured and thoughtful.”

DTCC and Cboe Clear Europe introduce new clearing workflow

資料來源:Securities Finance Times, 2024/6/12

DTCC has collaborated with Cboe Clear Europe, aiming to deliver an enhanced post-trade workflow for over-the-counter (OTC) cash equities trades and help increase settlement efficiencies across UK and European markets.

The companies say the offering will increase post-trade efficiencies while providing clients with the benefits of an established risk management counterparty.

They further highlight that the service will bring OTC cash equities trades into Cboe Clear Europe’s cleared environment, which can then be netted against on-exchange transactions for settlement purposes, delivering potentially significant efficiencies.

Val Wotton, managing director and general manager at DTCC Institutional Trade Processing, says: “We are pleased to be working with Cboe Clear Europe on this important initiative to bring greater post-trade efficiencies to the industry as the global markets look to accelerate to a T+1 settlement cycle.

“Cboe Clear Europe’s extensive venue coverage combined with CTM’s large client base will deliver increased operational efficiency and netting opportunities across European trading venues.”

Vikesh Patel, president at Cboe Clear Europe, comments: “This joint solution enables us to bring greater efficiencies to our clients, helping to optimise their current post-trade workflows and operational processes as the global financial markets look to accelerate settlement cycles.”

SEC Chair Gensler Says UK, Other Markets Should Move to Faster Currency Settlement

資料來源:Bloomberg, 2024/6/20

The head of the Securities and Exchange Commission is encouraging the UK and others to shorten the settlement time for currency trading to better align their markets with those in Asia and North America.

The UK is debating a transition to next-day settlement, known as T+1, for securities transactions, with its Treasury calling for the shift by the end of 2027. But SEC Chair Gary Gensler is nudging the UK to go bigger by adding more asset classes for shorter settlement.

The US, Canada, Mexico and other countries already pressed ahead. In late May, they made the transition to halve the settlement time for securities from the current T+2 cycle.

The shift has placed significant pressure on global currency traders, particularly those in the UK, who turned to a variety of measures to juggle trading across time zones and countries to meet the new requirements for the US market.

“We should start to engage now in conversations, along with central banks, about the possibility of shortening the currency trading settlement cycle,” Gensler said in a speech Thursday at a UK conference on accelerated settlement.

That transition in the US was largely successful, lowering the amount of margin required to be posted at clearinghouses in case of financial instability by about $3 billion, or about 25%, he said. Faster settlement lowers risk, boosts liquidity and bolsters the ability for markets to weather systemic stress, Gensler said.

ESAs propose improvements to SFDR

ESAs propose improvements to SFDR

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR).

The ESAs have called for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR.

The ESAs focus on ways to introduce simple and clear categories for financial products. The simplifications consist of two voluntary product categories, ‘sustainable’ and ‘transition’, that financial market participants should use to ensure consumers understand the purpose of the products.

The ESAs recommended that the European Commission consider the introduction of a sustainability indicator that would grade financial products such as investment funds, life insurance, and pension products.

The opinion also called for improvements to the definition of sustainable investments and simplification to the way disclosures are presented to investors, along with many more.

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