Delivery and Settlement Processes

General framework
  • Markets: classification and impacts on delivery and settlement
  • Listed/OTC markets
  • Primary, grey and secondary markets, ...
  • Financial instruments: stocks, bonds, short-term debt instruments, funds
  • Safekeeping of securities: dematerialized or physical securities, registered or bearer form
  • Instrument codification (ISIN)
  • Settlement modes (DVP, Free of payment), impacts in terms of risks
  • Date of conveyance
  • Settlement delays
Key players
  • Regulators
  • Exchanges and multi-trading facilities
  • Clearing houses : products, missions
  • Brokers, custodians
  • Central Securities Depositories and International Central Securities Depositories
Settlement and delivery infrastructures and systems
  • ESES
  • Scope
  • Sub-systems (SBI, SLAB, settlement),stock market orders, OTC trades, repos, transfers etc.
  • Links with cash systems: target2
  • International vs domestic systems
  • Custody: local / regional / global custodian
  • SWIFT, instruction messages and reporting (MT 54X,MT535)
  • Focus on: CREST (Euroclear UK & Ireland), EXPRESS II (Monte Titoli), SIS SegaInterSettle, DTC
  • ICSD (Euroclear Bank, Clearstream Banking Luxembourg)
  • Euro-issues (EMTN, ECD, ECP), domestic securities
  • Missions and services: automatic repos, tripartite repo
  • Creationonline, Euclid
  • International links between ESES other central depositaries (ICSD)
  • Practical workshop
  • Study of a SWIFT message
Developments in market professions and projects
  • Euroclear Single Platform, Link-up Markets, Target 2 Securities

  • Understand the role of the various key players in delivery and settlement: clearing house, custodians, account keepers, depositaries
  • Know the different flow channels at a domestic and international level
  • Apprehend the operational risks linked to the delivery and settlement process
  • Know the new European and international developments
  • Understand the implications of institutional strategies within a highly competitive context
  • Numerous studies and examples of practical applications
  • Back and middle office staff
  • Internal organizers
  • IT staff
  • Internal controls, audit
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