The benefits of T2S for Collateral Management. Jean-Robert Wilkin Global Securities Financing Head of Product Management

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1 The benefits of T2S for Collateral Management Jean-Robert Wilkin Global Securities Financing Head of Product Management

2 2

3 23 European s migrating to T2S, a securities settlement platform, powered by ECB Wave 1 22 June 2015 Wave 2 29 March 2016 Wave 3 12 September 2016 Wave 4 6 February 2017 BOGS - Greece Depozitarul Central S.A. - Romania Malta Stock Exchange - Malta Monte Titoli -Italy SIX SIS Ltd - Switzerland NBB -Belgium Euroclear ESES - Belgium, France, Netherlands Interbolsa -Portugal CBF -Germany Lux -Luxembourg OeKB -Austria VP Securities - Denmark VP Lux -Luxembourg Keler -Hungary Iberclear -Spain Euroclear -Finland CDCP -Slovakia EVK -Estonia LCD -Latvia LCVPD -Lithuania KDD -Slovenia T2S was initially announced by the ECB in Summer % of Central Bank Money Settlement in EUR Equities, Debts, Funds 3

4 The European financial industry stands in the middle of a large change process Wave 1 Wave 2 Wave 3 Wave 4 T2S timeline 5 s 5 s 6s 7 s Basel III timeline Basel III Capital Basel III LCR Minimum ratios raised gradually until 2019 EMIR mandatory clearing Basel III Leverage Ratio Basel III NSFR Phased approachfor different asset classes Timeline of other regulations AIFMD Continuing guidance UCITS V BCBS-IOSCO IM rules Optimization timeline of banks Planning/ decision Today Specification Implementation Go-live 4

5 Let s hide? 5

6 T2S will trigger change on two levels Mandatory change Optional change Dramatic for s Relevant for direct clients of s Limited for indirect clients of s An option awarded to market participants by the ECB The opportunity to reengineer cash and securities networks The possibility to: Pool and centralize cash and securities in fewer accounts Access infrastructure for cash and securities directly 6

7 T2S enables new options for market access: Consolidation and direct access Historic post-trade model Emerging post-trade model Bank / Global Custodian / I Bank / Global Custodian / I Agent Agent Agent Agent Agent Agent Agent Agent Agent Agent Agent Agent (s) T2S NCB acc NCB acc NCB acc NCB acc NCB acc NCB acc NCB acc NCB acc NCB acc NCB acc NCB acc NCB acc NCB account Exposure to variety of banking counterparties Cash account and collateral fragmentation Limited settlement netting potential Complex network of operations Exposure to & central bank infrastructure Consolidation of cash and collateral Improved settlement netting Single point(s) of access 7

8 Market participants can optimize posttrade economics along 4 efficiency levers Key elements Cost & risk impact 1 Delayer settlement-related exposures Direct holding of securities at / infrastructure level Increase use of central bank money for settlements Reduced commercial bank exposure and capital consumption Reduced operational risk due to less intermediaries / direct holdings 2 Pool settlement collateral Consolidate cash and securities holdings, overcoming collateral fragmentation Reduced funding & collateral needs Reducedbalance sheet and capital consumption Reducedfees for settlement lines 3 Net settlements Optimize netting of payment and settlement flows Reduced funding & collateral needs Reduced balance sheet and capital consumption and market risk Reducedfees for settlement lines 4 Simplify operations Single point(s) of access to a range of markets Standardized settlement, payment and custody processes/messages Reducedoperational costs and fees Reduced operational risks Source: Oliver Wyman analysis 8

9 Clearstream T2S solutions: Network strategy and eligible securities T2S-in markets OneClearstream Customer Direct links to all T2S in s Access to 54 Markets Clearstream Banking Frankfurt Issuer for German Securities CeBM Settlement Clearstream Banking Luxembourg Issuer for International Securities CoBM Settlement Domestic links T2S-out markets / Global Markets By consolidating holdings in one location, clients will be able to significantly reduce their credit and liquidity consumption CBL will consolidate holdings in T2S-in securities in a CBF account for settlement via T2S CBF will consolidate client holdings in T2S out securities in a CBL account for settlement in CBL and in domestic markets Clearstreamwill make a range of T2S-out securities, both Eurobonds and domestic securities, T2S eligible CBF plans to establish links to all other In-s to which it currently does not have a link after its migration to T2S in wave 3. 9

10 : Clearstream T2S solutions: I Your window to T2S and markets worldwide The I solution Clearstream Banking Luxembourg (CBL): T2S markets Global markets Centralised access point to T2S and global markets (55 markets and 43 currencies) Tested model with limited migration costs Best-in-class Asset Servicing provided in partnership with leading local agents Leading global collateral management Safety and regulatory compliance of a primary market infrastructure provider with Securities Settlement System ( SSS ) status and regulated by CSSF and BAFIN Based in Luxembourg, a AAA rated country, CBL has close links with Banque Centrale de Luxembourg CBL and CBFI give harmonised access to all T2S-in markets with payment in commercial bank money 10

11 Clearstream I markets access A single gateway to all T2S and global markets through Clearstream s I solution Customer Clearstream Banking Luxembourg (CBL) Clearstream investor model CBF CBL leverages Clearstream s unique investor model with close to markets deadlines to allow customers to reduce the complexity and costs of their market connections: Customers can hold T2S-in and out securities on one single account at CBL CBL centralises all T2S-in holdings in one account in the CBF investor International market Global markets n Z Y X Issuer s TARGET2-Securities CBF acts as an investor with an account at each in- Cash pooling in single commercial bank money account at CBL 11

12 with T2S, for liquidity and collateral get ready for the big dive 12

13 The Global Liquidity Hub since 2009 You Global Liquidity Hub Securities Lending Lenders Borrowers Collateral Management Collateral Takers Collateral Givers 13

14 Bringing together multiple asset classes You Global Liquidity Hub Cash Debt Equities Funds 14

15 from fragmentation You Global Liquidity Hub I - CBL German market French market Italian market Spanish market Dutc h mark et Aust rian mark et Lots of other mark ets 15

16 to harmonisation You OneClearstream Global Liquidity Hub I for CoBM settlement CBL CBF for CeBM settlement Lux International Markets European T2S Markets 16

17 for optimal management You OneClearstream Global Liquidity Hub Repo Sellers Buyers One Clearstream Sec Lending OTC Collateral Borrowers Lenders Givers Takers 17

18 Let s go together for the bigger pool You OneClearstream Global Liquidity Hub 18

19 19

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