1 Agenda AGENDA: 09:30 Registration and coffee 10:00 welcoming - - PowerPoint PPT Presentation

▶
1 agenda
SMART_READER_LITE
LIVE PREVIEW

1 Agenda AGENDA: 09:30 Registration and coffee 10:00 welcoming - - PowerPoint PPT Presentation

Sep 02, 2023 135 likes •534 views

1 Agenda AGENDA: 09:30 Registration and coffee 10:00 welcoming remarks by our host (Eunice Chan, CEO , MayBank Trustee Berhad) 10:10 Update on global and regional activities (Alexandre Kech, Head of Standards APAC, SWIFT) Global

slide-1
SLIDE 1

1

slide-2
SLIDE 2

Agenda

  • AGENDA:

09:30 Registration and coffee

  • 10:00 welcoming remarks by our host (Eunice Chan, CEO , MayBank Trustee Berhad)

10:10 Update on global and regional activities (Alexandre Kech, Head of Standards APAC, SWIFT)

  • Global SMPG history and activities
  • APAC SMPG activities update

ABMF Update (TBC)

  • 11:00 Break
  • 11:15 Discussion on the NMPG in MY (facilitated by Eunice Chan and Alexandre Kech)
  • Objectives of the group

Example in other countries Use case: S&R MP for MY (Word MP and MyStandards Draft presented to the group) as an illustration of the type of work the group would work on. Objectives proposal for 2013

  • 12:15 Next steps
  • 12:30 End of the meeting.

2

slide-3
SLIDE 3

Agenda

  • AGENDA:

09:30 Registration and coffee

  • 10:00 welcoming remarks by our host (Eunice Chan, CEO , MayBank Trustee Berhad)

10:10 Update on global and regional activities (Alexandre Kech, Head of Standards APAC, SWIFT)

  • Global SMPG history and activities
  • APAC SMPG activities update

ABMF Update (TBC)

  • 11:00 Break
  • 11:15 Discussion on the NMPG in MY (facilitated by Eunice Chan and Alexandre Kech)
  • Objectives of the group

Example in other countries Use case: S&R MP for MY (Word MP and MyStandards Draft presented to the group) as an illustration of the type of work the group would work on. Objectives proposal for 2013

  • 12:15 Next steps
  • 12:30 End of the meeting.

3

slide-4
SLIDE 4

Welcome

4

slide-5
SLIDE 5

Before we start. SWIFT’s role

  • This is NOT a SWIFT user meeting
  • Participants are NOT expected to be or to become SWIFT network

users.

  • SWIFT is a cooperative with also a non for profit neutral mission of

standardisation.

– Global team of 50 building and maintaining standards that can be used on

  • r off SWIFT’s Network

– RA for ISO 15022 & 20022, 9362 BIC, 10383 MIC, 13616 IBAN, active in ISO 3166 Country Code, 4217 Currency Code and ISO 17442 LEI – Neutral facilitator/expert in market practice group across the world (SMPG, NMPGs in SG, KR, IN, US, etc. PMPG, CGI, ABMF, etc.)

5

slide-6
SLIDE 6

6

slide-7
SLIDE 7

Global SMPG role

  • Facilitate global harmonisation of market practices
  • implementation of ISO messaging in the securities space
  • But not only…
  • Bring together representatives of national market practice groups
  • approx. 40 countries, plus ICSDs (Clearstream and Euroclear)
  • two physical meetings plus conference calls
  • delegates represent their market, not their own institution
  • Identify commonalities and differences among national practices
  • Identify opportunities for further harmonisation
  • Publish agreed global market practices on www.smpg.info

7

slide-8
SLIDE 8

SMPG organisation

8

Trade/ Post Trade Settlement & Reconciliation Corporate Actions Investment Funds IF IF IF GLOBAL STEERING COMMITTEE CA CA CA S&R S&R S&R NATIONAL MARKET PRACTICE GROUPS (dormant) Settlement & Reconciliation/Corporate Actions ISO 15022/ISO 20022 Multi-asset class Process-specific Investment funds ISO 20022 only Funds only Cross-functional

slide-9
SLIDE 9

SMPG meetings

  • Frankfurt meeting last week

– 60 rep from 20 countries. HK, SG and JP representation from APAC – Updates on EMEA, APAC and Americas MP activities – IPO, DR, amounts usage (clearing fee in MY?), Event Interpretation Grid progress – SR 2014 change discussions

  • Johannesburg meeting in November 2013
  • Working Groups calls every one or two months.

9

slide-10
SLIDE 10

10

slide-11
SLIDE 11

NMPG role

  • Open to all securities market participants
  • IMIs, broker / dealers, custodian banks, central securities depositories,

regulators…

  • Discuss, agree on, and publish local harmonised market practices (in

line with global practices)

  • Comment on or propose SMPG global market practice working

documents (eg, IN with IPO, KR with DR, etc.)

  • Send representation to the 2 global SMPG meetings

11

slide-12
SLIDE 12

APAC RMPG

  • Establishment
  • June 2012
  • Purpose
  • increase the engagement of the APAC community in global and regional market

practice and standards discussion

  • support the creation of National Market Practice Groups (NMPG) in as many APAC

countries as possible and provide assistance to the existing ones.

  • Organisation
  • Light structure facilitated by SWIFT Standards Singapore (no chair)
  • One physical meeting / year (next in KL June 4th), conference calls
  • Exchange of information and network building in all APAC countries
  • Minutes, documents posted on www.smpg.info in APAC RMPG folder

12

slide-13
SLIDE 13

APAC RMPG founding members

13

slide-14
SLIDE 14

APAC CA WG

  • to share information about CA issues in the APAC region

and mutually look at ways to solve them

  • to promote ISO standards towards exchanges, CSD and
  • ther local parties looking at changing/STPing their CA

processes

  • to discuss and establish informal CA market practices for

APAC countries where there is no NMPG CA Working group (waiting for those countries to have a NMPG CA WG to endorse the work done)

14

slide-15
SLIDE 15

APAC CA WG structure

  • Inclusive working group
  • CA Experts from exchanges/CSD, custodians, market data

and software providers, brokers, investment managers, etc.

  • No chairs
  • Facilitation by SWIFT Standards
  • Bi-monthly WebEx/conference call
  • One physical meeting per year
  • Minutes, documents posted on www.smpg.info in APAC

RMPG folder

15

slide-16
SLIDE 16

Collaboration with ABMF

  • Two SMPG Steering Committee members as international experts on

ABMF SF2

  • SWIFT Standards as international experts on ABMF SF2
  • ABMF updates at global SMPG meetings
  • ABMF support to SMPG for creation of NMPGs in ASEAN + 3
  • ABMF participation to APAC RMPG and maybe global SMPG in the

future

  • Etc.

16

slide-17
SLIDE 17

SMPG (NMPG) Working Groups

  • Settlement & Reconciliation
  • Corporate Action
  • Investment Funds

17

slide-18
SLIDE 18

SRWG achievements

  • Global Market Practices:
  • 26 global market practices published including: Common Element listing of values

for Settlement, Statement of Holdings and Transactions, Block Trades

  • See www.smpg.info for more information
  • Local Market Practices for 35 Countries:
  • Specify specifics for the plain vanilla settlement instruction per country
  • Settlement Instruction Summary sheet
  • Regional Groups: ESES (Euroclear Settlement of Euronext-zone Securities),
  • Nordics (Denmark, Finland, Iceland, Norway and Sweden), South-America

18

slide-19
SLIDE 19

SRWG on going and future developments

  • Reviewing MPs
  • Financial Instrument Identification
  • Securities Settlement Transaction Pending Report
  • Basic Securities Lending/Borrowing
  • Book Transfer/Portfolio Transfer Customer to Customer Communication
  • Repo
  • Stamp duty
  • 2013 CR reviews

19

slide-20
SLIDE 20

SRWG on going and future developments

  • New Subjects
  • Securities Financing: Process Redesign related to ISO20022
  • Post Trade Flows (CCP / Bilateral Clearing)
  • MyStandards
  • Any other MP that needs to be described/revised
  • Consultation with PMPG
  • Creation of MP of Securities related Cash / FX Processes
  • Work Closely with NMPGs to harmonise Local SR MP’s
  • Potential changes to MPs under T2S umbrella

20

slide-21
SLIDE 21

21

CAWG in figures

  • 27 member countries (NMPGs) from 3 regions (EMEA, Americas,

Japan/Asia)

  • 2 industry groups :

ICSDs, MDPUG – Market Data Provider User Group)

  • Monthly conference calls
  • 2 physical meetings / year
  • 19 active countries contributing to MPs creation
  • 17 local MP documents published on web sites
  • WG active since 2000
  • About 270 open items discussed/solved since 2006
slide-22
SLIDE 22

22

CAWG achievements

  • Global MPs documents cover:
  • 60+ corporate action events & 5 ISO 15022 MT messages
  • All CA business processes / Events flows
  • Detailed MPs on:
  • Messages contents (MT 56x) and fields usage
  • Particular Events (e.g. Rights issues)
  • Special processes (Preliminary Advice, Market Claims, Proxy Voting basics)
  • "Event Interpretation Grid +" Table
  • Recommended main options and data fields provided for 132 types of events (as

SMPG Global MPs) and also for 23 countries (as local MPs)

  • Additional Events Interpretation tables for:
  • Complex events, Redemption events and Return of Capital events
  • CA Templates document: 67 events message samples fully illustrated
  • COAF (Official CA Events reference) Usage Guidelines and

Registration

  • Yearly CRs submission to ISO15022 maintenance
  • Involved in ISO20022 CA Reverse Engineering effort
slide-23
SLIDE 23

23

CAWG on going and future developments

  • 3 new CA market practices subgroups on:
  • Tax: clarify tax rates usages and related issues)
  • ISO 20022 CA: make the CA MPs ISO15022 syntax-independent and covers

specificities of ISO20022 messages

  • Proxy Voting: covers ISO 20022 proxy voting messages
  • Posting CA MPs on MyStandards Web-based collaborative platform
  • Capture Investment Funds requirements for CA (in collaboration with

the SMPG IF WG).

slide-24
SLIDE 24

24

IFWG scope and participation

Terms of reference

  • ISO 20022 only
  • "Traditional" funds and operating models
  • not hedge funds (specific complexities)
  • not exchange-traded funds (trade/settle alongside equities)
  • Cross-functional
  • trading, settlement, corporation actions etc.
  • starting/ending with Transfer Agent
  • Discussion and liason with other groups engaged in fund

processing standardization

  • Efama FPSG, US ICI IOAC, Lux. Findel groups

Active participants

  • Countries: BR, CH, DE, DK, ES, FR, GB, IE, IT, LU, NL, NO, SE
  • ICSDs: Clearstream, Euroclear
slide-25
SLIDE 25

25

IFWG activity

  • Global Market Practice Orders & Settlement (Sept 2011 final)
  • Transfers (initiated May 2009)
  • message mappings drafted, awaiting further input
  • consolidated process document to be re-drafted and split:

(a) portfolio level (b) stock level – TA markets (c) stock level – CSD markets

  • planned completion August 2011
  • Account management (initiated April 2010)
  • process document/message mappings under review
  • planned completion August 2011
  • Statements
  • planned completion December 2011
  • work to commence with joint S&RWG discussion April 2011
  • Corporate actions
  • exploratory discussion with CAWG April 2011
slide-26
SLIDE 26

Regional cooperation and market integration

under ASEAN+3 Bond Market Forum (ABMF)

NMPG Kick-off Meeting 8 May 2013, Kuala Lumpur, Malaysia Seung Jae LEE, Advisor, OREI, ADB

slide-27
SLIDE 27

27

Establishment of ABMF in 2010

 Harmonizing bond market standards and practices has been a long standing issue of Asian Bond Market Initiative (ABMI) of ASEAN+3 since 2003  No easy solution and tardy progress despite heavy discussion among government and central bank officials  To foster the discussion, Finance Ministers endorsed the establishment of ASEAN+3 Bond Market Forum in May 2010  As a common platform for harmonization in the region  To provide (non-binding) policy recommendations to ASEAN+3 officials and policy authorities

slide-28
SLIDE 28

28

AMBF activities during 2010-2011 (Phase 1)

 Produced comprehensive Market Guide in Apr 2012

  • The first guide endorsed by

ASEAN+3 officials

  • Comprehensive market

information with 1,532 pages

  • Product of the collaborative

efforts of ABMF members

  • Benefit bond markets in the

region by enhancing investors’ understanding of the markets

  • Base material for next ABMF

activity (Phase 2)

slide-29
SLIDE 29

29

AMBF activities during 2012-2013 (Phase 2)

<Sub-Forum 1 (SF1)>  Based on the findings during Phase 1, to develop regionally standardized bond issuance program  By focusing on professional markets which waive full disclosure requirements  Develop a framework that allows bond issuers in any participating economies to issue bonds in any participating locations with one set of standardized documentation and information disclosure requirements, when possible. AMBIF: Asian Multi-currency Bond Issuance Framework

slide-30
SLIDE 30

30

AMBF activities during 2012-2013 (Phase 2)

<Sub-Forum 2 (SF2)>  Continue identification of transaction flows, messaging and market practices.  DVP flows and procedures for government bonds (phase 1)  DVP flows and procedures for corporate bonds  Interest payment and redemption of government bonds  Interest payment and redemption of corporate bonds  ISO 20022 Fit-and-gap analysis Propose a roadmap and policy recommendations to standardize and harmonize transaction flows, and to enhance STP in the region

slide-31
SLIDE 31

The progress and work plan

 23-24 Apr 2013 : 12th ABMF meeting in Jakarta, Indonesia

  • Finalized interim report of SF1 and SF2
  • The report have been submitted to ABMI TF3 for

endorsement by the Ministers and Governors in early May  2nd half 2013 : 13th and 14th ABMF meetings

  • Prepare full report for Phase 2
  • Update Phase 1 report – ASEAN+3 Bond Market Guide
  • Discuss topics of next (Phase 3) activities

 2014: Quarterly ABMF meetings (15th – 18th)

  • Implementation of AMBIF including pilot issuance
  • Starting Phase 3 activities

31

slide-32
SLIDE 32

32

Thank you

http://asean3abmf.adb.org

http://asianbondsonline.adb.org

For further information

  • Dr. Seung Jae Lee, Advisor: sjlee@adb.org
  • Mr. Shinji Kawai, Senior Financial Sector Specialist: skawai@adb.org
slide-33
SLIDE 33

Agenda

  • AGENDA:

09:30 Registration and coffee

  • 10:00 welcoming remarks by our host (Eunice Chan, CEO , MayBank Trustee Berhad)

10:10 Update on global and regional activities (Alexandre Kech, Head of Standards APAC, SWIFT)

  • Global SMPG history and activities
  • APAC SMPG activities update

ABMF Update (TBC)

  • 11:00 Break
  • 11:15 Discussion on the NMPG in MY (facilitated by Eunice Chan and Alexandre Kech)
  • Objectives of the group

Example in other countries Use case: S&R MP for MY (Word MP and MyStandards Draft presented to the group) as an illustration of the type of work the group would work on. Objectives proposal for 2013

  • 12:15 Next steps
  • 12:30 End of the meeting.

33

slide-34
SLIDE 34

NMPG role reminder

  • Open to all securities market participants
  • IMIs, broker / dealers, custodian banks, central securities depositories,

regulators…

  • Discuss, agree on, and publish local harmonised market practices (in

line with global practices)

  • Comment on or propose SMPG global market practice working

documents

  • Send representation to the 2 global SMPG meetings

34

slide-35
SLIDE 35

NMPG examples

  • ISITC US is the US NMPG

– One Executive committee of a dozen people – 10 working groups with 3 co-chairs (S&R, CA, Regulations, Custodian forum, broker forum, etc…) – Quarterly 3 day meetings with parallel working groups – Weekly working group calls – 150+ participants (IM, Brokers, CSD, Custodians, Vendors, etc.) – www.isitc.org

  • Most markets, for example FR, SG, UK

– One or 2 co-chairs – 2 or 3 working groups (CA, S&R + Funds) – Bi-yearly to quarterly 1-2 hours meetings – Sometime with additional calls when necessary – 30 + participants (custodians, CSD, brokers, sometimes IM, sometimes vendors)

35

slide-36
SLIDE 36

MY NMPG proposal

  • One or 2 co-chairs
  • 2 working groups (CA, S&R)
  • Quarterly 1-2 hours meetings facilitated by SWIFT Standards
  • 30 + participants (custodians, CSD, brokers, etc. anybody interested

in contributing)

  • Agenda 2013-2014 proposal

– Finalisation of the MY S&R MP in draft form based on work with custodians – CA Event Interpretation Grid MY column – Any subjects that you want this group to discuss?

  • Follow-up meeting proposed 4th of June at SWIFT KL office

– Morning meeting followed by lunch – For those interested, possibility to attend the APAC RMPG meeting in the afternoon followed by happy hour cocktail sponsored by SCB

36

slide-37
SLIDE 37

Discussion

  • Questions?
  • Feedback from participants (can be done by

survey after meeting)

  • Agreement on next steps

37

slide-38
SLIDE 38

Agenda

  • AGENDA:

09:30 Registration and coffee

  • 10:00 welcoming remarks by our host (Eunice Chan, CEO , MayBank Trustee Berhad)

10:10 Update on global and regional activities (Alexandre Kech, Head of Standards APAC, SWIFT)

  • Global SMPG history and activities
  • APAC SMPG activities update

ABMF Update (TBC)

  • 11:00 Break
  • 11:15 Discussion on the NMPG in MY (facilitated by Eunice Chan and Alexandre Kech)
  • Objectives of the group

Example in other countries Use case: S&R MP for MY (Word MP and MyStandards Draft presented to the group) as an illustration of the type of work the group would work on. Objectives proposal for 2013

  • 12:15 Next steps
  • 12:30 End of the meeting.

38