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THE PAYMENT SYSTEM P D Sec and T T E Euro of T O a DITOR E Yme M Rivativ Uriti

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THE PAYMENT SYSTEM P D Sec and T T E Euro of T O a DITOR E Yme M Rivativ Uriti EM T THE PAYMENT SYSTEM SYS NT YME PA HE T PAYMENTS, SECURITIES AND DERIVATIVES, AND THE ROLE OF THE NTRAL BANK E EUROsysTEM AN C E EDITOR EUROP TOM KOKKOLA ILITY B THE PAYMENT SYSTEM AND STA CE N E RG E ONV C S E R STAT BE M E U M E W E N E TH PAYMENTS, SECURITIES AND DERIVATIVES, AND THE ROLE OF THE NTRAL BANK E EUROSYSTEM AN C E EDITOR EUROP TOM KOKKOLA © European Central Bank, 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet http://www.ecb.europa.eu Fax +49 69 1344 6000 All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISBN 978-92-899-0632-6 (print) ISBN 978-92-899-0633-3 (online) CONTENTS ABBREVIATIONS 13 FOREWORD 16 ACKNOWLEDGEMENTS 18 INTRODUCTION 19 PART 1 KEY CONCEPTS IN MARKET INFRASTRUCTURE Chapter 1 Key concepts – payments 25 1 General aspects 25 1.1 Payments and the payment system 25 1.2 Life cycle of a payment 26 1.3 Types of payment 27 1.4 Payment instruments 28 1.5 Trends in the use of payment instruments 33 1.6 Communication networks 34 2 Processing (including clearing) of payments 37 2.1 In-house handling of payments 38 2.2 Correspondent banking arrangements 38 2.3 Payment systems (interbank funds transfer systems) 40 3 Settlement 43 3.1 Settlement assets 44 3.2 Settlement institutions 47 3.3 Settlement methods 47 4 Selected key issues in payment systems 48 4.1 Types of payment system 48 4.2 Card payment systems 55 4.3 Offshore systems 59 5 Cross-border and cross-currency payments 61 5.1 Issues in cross-border payments 61 5.2 Foreign exchange transactions and payment-versus-payment arrangements 62 Chapter 2 Key concepts – securities 65 1 General aspects 65 1.1 The securities market 65 1.2 Functions and institutions in the securities industry 66 1.3 Issuance and central securities depositories 68 1.4 Holding structures and the custody industry 71 3 2 Trading 74 2.1 Trading venues and parties 74 2.2 Trade confirmation and matching 75 3 Clearing 75 3.1 General concept 75 3.2 Central counterparty clearing 76 3.3 Main risks and risk management procedures of CCPs 77 3.4 CCP interoperability and links 80 4 Settlement 82 4.1 Settlement dates and intervals 82 4.2 Delivery versus payment 84 4.3 Interaction between securities and cash settlement systems 84 4.4 Embedded payment systems 87 4.5 Banking services facilitating securities settlement 87 5 Cross-border handling of securities 90 5.1 Use of custodians 90 5.2 Links between CSDs 90 Chapter 3 Key concepts – derivatives 93 1 General aspects 93 1.1 The derivatives market 93 1.2 Main types of derivative 94 1.3 The size of the OTC market 98 1.4 A stylised life cycle of a derivatives contract 100 2 Trading and post-trade services 103 2.1 Stylised evolution of products and trading modalities 103 2.2 On-exchange trading 103 2.3 Over-the-counter trading 104 2.4 Trade repositories 104 2.5 Assignment 105 3 Clearing 106 3.1 Bilateral clearing 106 3.2 CCP clearing 108 3.3 Portfolio compression 109 3.4 Recent initiatives 110 4 Settlement 112 4.1 Derivatives settled in cash 112 4.2 Derivatives settled physically 113 4 Chapter 4 Key concepts – risks 115 1 Introduction 115 2 Credit risk 115 2.1 Credit risk in payment systems 116 2.2 Foreign exchange settlement risk 117 2.3 Settlement agent risk 118 2.4 Credit risk in securities settlement systems 119 2.5 Custody risk 119 2.6 Risks in internalised securities settlement 120 2.7 Risks related to central counterparties 121 3 Liquidity risk 122 3.1 Liquidity risk in payment systems 123 3.2 Liquidity risk in securities settlement systems 124 4 Operational risk 124 4.1 General considerations 124 4.2 Operational risk management and business continuity 125 4.3 Operational risk management in payment, clearing and settlement systems 126 5 Legal risk 127 5.1 Legal risk in payment systems 127 5.2 Legal risks in securities settlement systems 128 6 Systemic risk 128 6.1 Systemic risk in payment systems 128 6.2 Role of critical participants in payment, clearing and settlement systems 129 6.3 Interdependencies of systemic relevance in the global financial market 130 Chapter 5 The most relevant economic concepts in the field of market infrastructure services 131 1 Network effects and externalities 131 2 Economies of scale and scope 132 3 Natural and quasi-monopolies 135 4 Moral hazard 136 5 Cost recovery and pricing, and public goods 137 6 Two-sided markets 139 5 Chapter 6 Some key legal concepts in market infrastructure services 143 1 A sound legal basis 143 2 Finality 144 3 Netting 146 4 Collateral 147 5 Zero-hour rules 148 6 Conflicts of law 149 7 Book-entry securities 150 Chapter 7 The role of central banks 151 1 Introduction 151 2 Rationale for central bank involvement 151 2.1 Historical reasons 151 2.2 Links with monetary policy and financial stability 153 2.3 Addressing potential failures by infrastructures 155 3 Potential roles of central banks 156 3.1 Objectives and roles of a central bank 156 3.2 The central bank as operator 158 3.3 The central bank as oversight authority 160 3.4 The central bank as catalyst 164 4 Trends affecting the role of the central bank 165 4.1 Innovation and technological progress 166 4.2 Interdependencies 167 4.3 Delocation 167 4.4 Concentration 168 PART 2 THE EURO AREA LANDSCAPE FOR PAYMENTS, SECURITIES AND DERIVATIVES Chapter 8 The payment market landscape in the euro area 173 1 Introduction 173 2 Payment instruments 174 2.1 Cash 174 2.2 Non-cash payment instruments 175 3 Large-value payment systems operating in euro 177 3.1 TARGET2 178 3.2 EURO1 180 3.3 Continuous Linked Settlement system 183 3.4 Other large-value systems operating in euro 186 6 4 Retail payment arrangements in euro 187 4.1 The Single Euro Payments Area project 187 4.2 Euro area-wide retail payment systems 193 4.3 National retail payment systems 194 4.4 Interoperability between retail payment systems 196 4.5 Card payment schemes 198 5 Correspondent banking arrangements 201 Chapter 9 The securities and derivatives market landscape in the euro area 205 1 Introduction 205 2 Initiatives to increase the efficiency and safety of euro area (and EU) trading and post-trading services 207 3 Securities and derivatives trading in the euro area 211 3.1 Equities 213 3.2 Debt instruments 214 3.3 Derivatives 215 4 Central counterparty clearing in the euro area 218 4.1 An evolving landscape 218 4.2 Equities and debt instruments 219 4.3 Derivatives 221 5 Securities settlement infrastructure 222 5.1 CSDs and SSSs 222 5.2 Links and the cross-border settlement of collateral 229 6 Custody 230 Chapter 10 Key legal acts of the European Union 231 1 Towards greater harmonisation and legal certainty 231 2 Areas and issues covered by existing legislation 232 3 Legal acts concerning payments, clearing and settlement 233 3.1 E-Money Directive 233 3.2 Regulation on cross-border payments in the Community 233 3.3 Regulation on information on the payer accompanying transfers of funds 234 3.4 Payment Services Directive 235 3.5 Settlement Finality Directive 236 3.6 Financial Collateral Directive 237 3.7 MiFID 238 3.8 Directive on the reorganisation and winding up of credit institutions 238 4 Legislative initiatives 239 7 PART 3 THE ROLE OF THE EUROSYSTEM Chapter 11 The Eurosystem’s operational role 243 1 Introduction 243 2 TARGET2 245 2.1 The backbone for the settlement of payments in euro 245 2.2 Historical background 246 2.3 TARGET2 properties 248 2.4 Liquidity and its management 251 2.5 Access and pricing 253 2.6 Operational risk management 255 2.7 Some figures 256 3 The correspondent central banking model 259 3.1 The euro area-wide use of collateral 259 3.2 The current model 262 3.3 CCBM2 – the next generation of Eurosystem collateral management 263 4 TARGET2-Securities 265 4.1 Integration of securities infrastructures 265 4.2 The basic concept of T2S 266 4.3 Major project milestones 268 4.4 Governance and organisation 269 Chapter 12 The Eurosystem’s oversight role 271 1 Oversight is a central bank function 271 2 The rationale for the Eurosystem’s involvement in the oversight of payment and settlement systems 272 3 Oversight responsibilities 273 4 Scope of oversight 273 4.1 Payment systems 275 4.2 Payment instruments 279 4.3 Securities clearing and settlement systems 279 4.4 Correspondent banks and custodian banks 281 4.5 Third-party service providers 281 5 Oversight methods 282 6 Organisational set-up and allocation of roles within the Eurosystem 284 7 Cooperative oversight 286 7.1 Interdependencies and location of payment and settlement systems 286 7.2 Cooperative oversight arrangements 288 7.3 Cooperation with other authorities 290 8 Chapter 13 The Eurosystem’s catalyst role 291 1 A catalyst for market efficiency and integration 291 2 Leadership and coordination 293 3 Areas of involvement 295 3.1 Integration of retail payment markets 295 3.2 Integration of securities infrastructures 302 4 Developing and sharing the Eurosystem’s expertise 306 Chapter 14 Legal basis and cooperation framework 309 1 The legal basis for Eurosystem involvement 309 1.1 Introduction 309 1.2 The Eurosystem’s powers in the area of payments, clearing and settlement 310 1.3 The Eurosystem’s interest in the clearing and settlement of financial instruments 312 1.4 The ECB’s legal acts and instruments 315 2 The Eurosystem’s cooperation framework 318 2.1 The need for interaction 318 2.2 The European level – cooperation and interaction with other authorities 319 2.3 The European level – interaction with market
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