| |
| Preface |
| Members of the Study Group on Cross-Border Securities Settlements |
| 1. Executive Summary |
| 1.1 Background |
| 1.2 Preliminary issues: definitions and data |
| 1.3 Alternative channels for effecting settlements |
| 1.4 Risks in cross-border settlements |
| 1.5 Implications for central bank policy objectives |
| 2. Preliminary Issues |
| 2.1 Scope of the study: key definitions |
| 2.2 Expansion of cross-border trading and cross-border settlements |
| 3. Alternative channels for settling Cross-border trades |
| 3.1 Overview |
| 3.2 Direct access |
| 3.3 Use of a local agent |
| 3.4 Use of a global custodian |
| 3.5 Use of an international central securities depository (ICSD) |
| 3.6 Use of a bilateral link between central securities depositories (CSDs) |
| 4. Risks in cross-border settlements |
| 4.1 Background and overview |
| 4.2 Settlement through a local agent |
| 4.3 Settlement through a global custodian |
| 4.4 Settlement through an ICSD |
| 5. Implications of cross-border settlements for central bank policy objectives |
| 5.1 Central bank policy objectives |
| 5.2 Implications for systemic risks |
| 5.3 Implications for central bank oversight |
| Annex 1: | Glossary |
| Annex 2: | Repurchase agreements and securities loans: settlement implications |
| Annex 3: | Legal issues in securities settlements |
| Annex 4: | The link between Euroclear and Cedel: the "bridge" |
| Annex 5: | The link between Euroclear and the Deutscher Kassenverein (DKV) |
| Annex 6: | Bibliography |
