Forum für Wissenschaft, Industrie und Wirtschaft

Hauptsponsoren:     3M 
Datenbankrecherche:

 

Launch of a Central Counterparty for securities traded on the order book oft he Irish Stock Exchange

07.12.2005


Media Release by the Irish Stock Exchange, Deutsche Börse and CRESTCo Ltd

... mehr zu:
»CCP »CRESTCo »ISE

A key new development for the trading of Irish equities was launched on 5th December 2005 by the Irish Stock Exchange (ISE) in partnership with Deutsche Börse (DBAG) and CRESTCo Limited, part of the Euroclear group. The Central Counterparty (CCP) for securities traded on the order book of the ISE is the culmination of a joint initiative which commenced in February of this year.

Experience in other markets internationally has shown that CCP arrangements enhance liquidity for investors, reduce risks (such as counterparty credit risk) for participants in the market and provide increased efficiencies in post-trade processing and treasury management. In particular, post-trade anonymity means that all order-book transactions remain anonymous, even during settlement.


The ISE and its partners have delivered an efficient and cost effective CCP service for the Irish market. To this end, the existing market infrastructure is being utilised as much as possible in order to minimise operational and cost impacts on market participants. Deutsche Börse has been hosting the ISE’s electronic trading system, ISE Xetra, since 2000. CRESTCo is the central securities depository for Irish and UK equities, and has provided settlement services to the Irish equity market since 1996.

Deutsche Börse, through its subsidiary Eurex Clearing (ECAG), now functions as the counterparty for all ISE Xetra order-book transactions and each execution confirmation indicates Eurex Clearing as the buyer to every seller and as the seller to every buyer. Eurex Clearing, which offers the full CCP services for the Frankfurt Stock Exchange (FWB), and the world’s leading derivatives exchange Eurex perform risk management for transactions in the ISE Xetra electronic order book. The clearing and settlement services offered by CRESTCo are similar to those currently supplied by it for both London Stock Exchange and virt-x trades.

With the introduction of the CCP there are now four entities with significant international experience offering clearing services in the Irish market. The four entities which have become clearing members of the Irish Stock Exchange are: Pershing Securities Limited, Man Financial Limited, BNP Paribas Securities Services SA and KAS Bank NV.

While the introduction of the CCP for the Irish market builds upon existing infrastructure and expertise, a number of necessary legislative amendments in relation to the Irish Uncertificated Securities Regulations (USRs) and procedural changes in relation to Stamp Duty were facilitated by the Department of Enterprise, Trade and Employment (DETE) and the Irish Revenue.

The Irish Stock Exchange’s Director of Trading and Regulation, Brian Healy, commented: “The partnerships with Deutsche Börse and CRESTCo have served the Irish equity market well, specifically with strong and sustained growth in trading volumes, increased international participation in the market, and the provision of an efficient and cost-effective market infrastructure. The launch of a central counterparty for the Irish equity market is a further major development of our market infrastructure and positions the market well for further sustained growth. In particular, the introduction of post-trade anonymity will further enhance price formation.”

Rudolf Ferscha, member of the Executive Board of Deutsche Börse said: “We are pleased to expand our business relationship with the ISE beyond the insourcing of the ISE Xetra trading platform to also include clearing services. We are happy to contribute to this significant further enhancement to the Irish equity market.”

Tim May, Chief Executive Officer, CRESTCo, commented: “As a user-owned and user-governed service provider, our top priority is to always respond to our clients’ needs. The development of a CCP for the Irish market is a prime example of this commitment, and we look forward to continuing our collaboration with the ISE and Eurex to ensure the new service is a complete success.”

Background Information:

  • A central counterparty (CCP) is a well capitalised entity that becomes buyer to every sale and seller to every buy for eligible trades in a particular market.
  • The CCP for the Irish market is Eurex Clearing AG, a subsidiary of Deutsche Börse.
  • Only trades executed on the ISE Xetra order book in Irish securities and Exchange Traded Funds (ETFs) will be eligible for the CCP.
  • A CCP introduces post-trade anonymity because the member firm submitting an order will be unaware of the identity of the counterparty on the other side of the trade as all trades will be settled against the CCP. This has repeatedly been shown in other markets served by a CCP to enhance liquidity in those markets (these include the UK and German markets in recent years).
  • A CCP also delivers reduced counterparty risk as participants have reduced exposure to counterparty default as the CCP is effectively guaranteeing the settlement of all eligible trades. It also provides opportunities to increase the efficiency of market participants’ post-trade processing of transactions.

A key new development for the trading of Irish equities was launched on 5th December 2005 by the Irish Stock Exchange (ISE) in partnership with Deutsche Börse (DBAG) and CRESTCo Limited, part of the Euroclear group. The Central Counterparty (CCP) for securities traded on the order book of the ISE is the culmination of a joint initiative which commenced in February of this year.

Experience in other markets internationally has shown that CCP arrangements enhance liquidity for investors, reduce risks (such as counterparty credit risk) for participants in the market and provide increased efficiencies in post-trade processing and treasury management. In particular, post-trade anonymity means that all order-book transactions remain anonymous, even during settlement.

The ISE and its partners have delivered an efficient and cost effective CCP service for the Irish market. To this end, the existing market infrastructure is being utilised as much as possible in order to minimise operational and cost impacts on market participants. Deutsche Börse has been hosting the ISE’s electronic trading system, ISE Xetra, since 2000. CRESTCo is the central securities depository for Irish and UK equities, and has provided settlement services to the Irish equity market since 1996.

Deutsche Börse, through its subsidiary Eurex Clearing (ECAG), now functions as the counterparty for all ISE Xetra order-book transactions and each execution confirmation indicates Eurex Clearing as the buyer to every seller and as the seller to every buyer. Eurex Clearing, which offers the full CCP services for the Frankfurt Stock Exchange (FWB), and the world’s leading derivatives exchange Eurex perform risk management for transactions in the ISE Xetra electronic order book. The clearing and settlement services offered by CRESTCo are similar to those currently supplied by it for both London Stock Exchange and virt-x trades.

With the introduction of the CCP there are now four entities with significant international experience offering clearing services in the Irish market. The four entities which have become clearing members of the Irish Stock Exchange are: Pershing Securities Limited, Man Financial Limited, BNP Paribas Securities Services SA and KAS Bank NV.

While the introduction of the CCP for the Irish market builds upon existing infrastructure and expertise, a number of necessary legislative amendments in relation to the Irish Uncertificated Securities Regulations (USRs) and procedural changes in relation to Stamp Duty were facilitated by the Department of Enterprise, Trade and Employment (DETE) and the Irish Revenue.

The Irish Stock Exchange’s Director of Trading and Regulation, Brian Healy, commented: “The partnerships with Deutsche Börse and CRESTCo have served the Irish equity market well, specifically with strong and sustained growth in trading volumes, increased international participation in the market, and the provision of an efficient and cost-effective market infrastructure. The launch of a central counterparty for the Irish equity market is a further major development of our market infrastructure and positions the market well for further sustained growth. In particular, the introduction of post-trade anonymity will further enhance price formation.”

Rudolf Ferscha, member of the Executive Board of Deutsche Börse said: “We are pleased to expand our business relationship with the ISE beyond the insourcing of the ISE Xetra trading platform to also include clearing services. We are happy to contribute to this significant further enhancement to the Irish equity market.”

Tim May, Chief Executive Officer, CRESTCo, commented: “As a user-owned and user-governed service provider, our top priority is to always respond to our clients’ needs. The development of a CCP for the Irish market is a prime example of this commitment, and we look forward to continuing our collaboration with the ISE and Eurex to ensure the new service is a complete success.”

Background Information:

  • A central counterparty (CCP) is a well capitalised entity that becomes buyer to every sale and seller to every buy for eligible trades in a particular market.
  • The CCP for the Irish market is Eurex Clearing AG, a subsidiary of Deutsche Börse.
  • Only trades executed on the ISE Xetra order book in Irish securities and Exchange Traded Funds (ETFs) will be eligible for the CCP.
  • A CCP introduces post-trade anonymity because the member firm submitting an order will be unaware of the identity of the counterparty on the other side of the trade as all trades will be settled against the CCP. This has repeatedly been shown in other markets served by a CCP to enhance liquidity in those markets (these include the UK and German markets in recent years).
  • A CCP also delivers reduced counterparty risk as participants have reduced exposure to counterparty default as the CCP is effectively guaranteeing the settlement of all eligible trades. It also provides opportunities to increase the efficiency of market participants’ post-trade processing of transactions.

Media Relations | Deutsche Boerse Group
Weitere Informationen:
http://www.deutsche-boerse.com

Weitere Berichte zu: CCP CRESTCo ISE

Weitere Nachrichten aus der Kategorie Wirtschaft Finanzen:

nachricht RWI/ISL-Containerumschlag-Index: Containerumschlag unverändert
23.01.2018 | RWI – Leibniz-Institut für Wirtschaftsforschung

nachricht Rezessionsgefahr nahe null - IMK-Indikator: Deutsche Wirtschaft auf dem Weg in die Hochkonjunktur
16.01.2018 | Hans-Böckler-Stiftung

Alle Nachrichten aus der Kategorie: Wirtschaft Finanzen >>>

Die aktuellsten Pressemeldungen zum Suchbegriff Innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Optisches Nanoskop ermöglicht Abbildung von Quantenpunkten

Physiker haben eine lichtmikroskopische Technik entwickelt, mit der sich Atome auf der Nanoskala abbilden lassen. Das neue Verfahren ermöglicht insbesondere, Quantenpunkte in einem Halbleiter-Chip bildlich darzustellen. Dies berichten die Wissenschaftler des Departements Physik und des Swiss Nanoscience Institute der Universität Basel zusammen mit Kollegen der Universität Bochum in «Nature Photonics».

Mikroskope machen Strukturen sichtbar, die dem menschlichen Auge sonst verborgen blieben. Einzelne Moleküle und Atome, die nur Bruchteile eines Nanometers...

Im Focus: Optical Nanoscope Allows Imaging of Quantum Dots

Physicists have developed a technique based on optical microscopy that can be used to create images of atoms on the nanoscale. In particular, the new method allows the imaging of quantum dots in a semiconductor chip. Together with colleagues from the University of Bochum, scientists from the University of Basel’s Department of Physics and the Swiss Nanoscience Institute reported the findings in the journal Nature Photonics.

Microscopes allow us to see structures that are otherwise invisible to the human eye. However, conventional optical microscopes cannot be used to image...

Im Focus: Vollmond-Dreierlei am 31. Januar 2018

Am 31. Januar 2018 fallen zum ersten Mal seit dem 30. Dezember 1982 "Supermond" (ein Vollmond in Erdnähe), "Blutmond" (eine totale Mondfinsternis) und "Blue Moon" (ein zweiter Vollmond im Kalendermonat) zusammen - Beobachter im deutschen Sprachraum verpassen allerdings die sichtbaren Phasen der Mondfinsternis.

Nach den letzten drei Vollmonden am 4. November 2017, 3. Dezember 2017 und 2. Januar 2018 ist auch der bevorstehende Vollmond am 31. Januar 2018 ein...

Im Focus: Maschinelles Lernen im Quantenlabor

Auf dem Weg zum intelligenten Labor präsentieren Physiker der Universitäten Innsbruck und Wien ein lernfähiges Programm, das eigenständig Quantenexperimente entwirft. In ersten Versuchen hat das System selbständig experimentelle Techniken (wieder)entdeckt, die heute in modernen quantenoptischen Labors Standard sind. Dies zeigt, dass Maschinen in Zukunft auch eine kreativ unterstützende Rolle in der Forschung einnehmen könnten.

In unseren Taschen stecken Smartphones, auf den Straßen fahren intelligente Autos, Experimente im Forschungslabor aber werden immer noch ausschließlich von...

Im Focus: Artificial agent designs quantum experiments

On the way to an intelligent laboratory, physicists from Innsbruck and Vienna present an artificial agent that autonomously designs quantum experiments. In initial experiments, the system has independently (re)discovered experimental techniques that are nowadays standard in modern quantum optical laboratories. This shows how machines could play a more creative role in research in the future.

We carry smartphones in our pockets, the streets are dotted with semi-autonomous cars, but in the research laboratory experiments are still being designed by...

Alle Focus-News des Innovations-reports >>>

Anzeige

Anzeige

VideoLinks Industrie & Wirtschaft
Veranstaltungen

15. BF21-Jahrestagung „Mobilität & Kfz-Versicherung im Fokus“

23.01.2018 | Veranstaltungen

Gemeinsam innovativ werden

23.01.2018 | Veranstaltungen

Leichtbau zu Ende gedacht – Herausforderung Recycling

23.01.2018 | Veranstaltungen

VideoLinks Wissenschaft & Forschung
Weitere VideoLinks im Überblick >>>
 
Aktuelle Beiträge

Lebensrettende Mikrobläschen

23.01.2018 | Biowissenschaften Chemie

3D-Druck von Metallen: Neue Legierung ermöglicht Druck von sicheren Stahl-Produkten

23.01.2018 | Maschinenbau

CHP1-Mutation verursacht zerebelläre Ataxie

23.01.2018 | Biowissenschaften Chemie

Weitere B2B-VideoLinks
IHR
JOB & KARRIERE
SERVICE
im innovations-report
in Kooperation mit academics