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Domestic CSDs Working Group

Purpose

The Working Group’s purpose is to research the key challenges and issues that impact the Domestic CSDs i.e. those who mainly serve their local market and international flows into that market. The aim will be to provide ideas and best practice guidance which may be applicable to the local market. Each market has unique regulations and all the guidance must be tailored into practical steps for the market. Through the adoption of the best practices, and the resulting improvements, the Domestic CSDs Working Group can assist the Securities Services industry in improving the client outcomes, reducing the risk and increasing the efficiency of the local markets.

Scope

Current in scope topics for 2024 include:

  • Remote Network Due Diligence (including signing physical documentation)
  • Best practices for local markets on how (where relevant) to open up efficiently to foreign investors and the processes they need to have in place.

Key Deliverables

Remote Network Due Diligence

  • Engage with AFME, WFC and ACG on potential collaboration to drive the changes identified in the ISSA 2023 paper.

Opening markets to Foreign Investors

  • Outline the key challenges that currently exist in relation to access to foreign entities.
  • Write a paper highlighting the key challenges and recommending how to move forward.

Key Outcomes

Key outcomes will be:

  • Due diligence – work with AFME, WFC and AGC on the preparation of an appropriate CSD specific DDQ.
  • Drafting a document outlining the opportunities and work required for foreign institutional investors.

Publications

  • Article ” Domestic – CSD- Due Diligence”, August 2023 > PDF
  • Article on “The Domestic CSD and Resilience”, March 2022 > PDF
  • Article on “The Domestic CSD and Remote Working”, March 2022 > PDF

Working Group Chair

  • Dale Connock, Strate (Pty) Ltd
  • Catherine Tinavapi, Standard Chartered Bank

Executive Sponsor

  • James Fok, CMU

Institutions represented by Experts in the Working Group

  • ABN AMRO
  • Americas’ Central Securities Depositories Association ACSDA
  • B3 Brazilian Exchange and OTC
  • BNY
  • Central Securities Clearing System, Nigeria
  • Central Securities Depository, Ghana Limited
  • Central Securities Depository Joint-Stock Company Kazakhstan
  • Datos Insights
  • Deposito Central de Valores, (DCV)
  • Depozitarul Central S.A.
  • Deutsche Bank AG
  • Deutsche Börse Group
  • Euronext N.V
  • Hong Kong Exchanges and Clearing Limited
  • Macao Central Securities Depository and Clearing Limited
  • Nasdaq Inc.
  • NSDL Group
  • Standard Chartered Bank
  • Strate (Pty) Ltd
  • The Central Moneymarkets Unit of the Hong Kong Monetary Authority
  • The Standard Bank of South Africa
  • The Stock Exchange of Thailand
  • UBS Group AG