CSDR的结算纪律制度可能会使亚洲公司在与欧盟交易对手的交易中面临结算失败的处罚, writes 存’s 马特•约翰逊.
The Central Securities Depositories Regulation (CSDR) entered into force in 2014, 旨在协调整个欧盟对中央证券存管机构(CSDs)的授权和监督，并改善CSDs运营的证券结算系统的结算纪律.
Come February 2021, 然而, when the 结算 Discipline Regime (SDR) component of CSDR is due to go live, some firms in Asia and other regions will come into scope as well. 这包括那些与欧盟公司进行交易的公司，以及那些以欧盟为注册地的证券进行交易的公司. 特别提款权主要影响在亚洲非欧盟/欧洲经济区注册的贸易实体，如投资和资产管理公司, 对冲基金, banks and broker-dealers.
SDR旨在提高结算效率，并将包括对贸易失败的现金处罚. 这意味着，cds将不得不把失败交易的罚款费用转嫁给它们的参与者——托管人或经纪交易商. 同时, 强制买进意味着，如果交易在一段特定时期内失败，公司现在有法律义务买进失败的一方.
In the coming months, 重要的是，亚洲公司应评估其对特别提款权的敞口，并为实施特别提款权做好准备. 这包括评估它们在欧洲市场的资产集中度，评估强制性买入的影响，同时牢记esma颁布的CSDR与亚洲传统上严格的结算纪律文化之间的背景差异.
Asia’s strict culture of settlement discipline
Before examining the factors that influence the exposure of Asian buy-side firms to SDR, 深入研究SDR将如何使亚洲买方公司受益，以及SDR的实施将与该地区现有的结算纪律文化有何不同，是有益的.
CSDR的非官方但明显的目标是将结算利率从目前的97%提高到97%.5%, to more than 99%. 这将使欧洲更接近亚洲的通行利率，在亚洲，失败几乎闻所未闻. By raising these rates, 与欧盟交易对手进行交易或交易在欧盟注册证券的亚洲公司将从更高的结算效率中获益.
To maximise these benefits, 然而, it is necessary for these firms to keep in mind that CSDR emphasises self-regulation.
这实际上意味着，亚洲公司将不得不依赖欧洲的交易对手来完全遵守SDR，如果不这样做，他们在亚洲的投资可能会面临结算失败的处罚. This contrasts with what Asian firms are used to in their own markets, where domestic CSDs or stock exchanges typically take ownership of processing buy-ins.
强制性的买入
CSDR对任何在预定结算日之后的规定期限内未交付的金融工具规定了强制性买入程序. In the event of a settlement fail, the buy-in process mandates the buyer to source the securities elsewhere, cancel the original instruction(s) and settle with the new counterparty. 原始交易和买入交易的净成本产生的任何差额将转嫁给原始失败方.
Under CSDR, firms (or purchasing counterparties) cannot rely on the infrastructure (i.e. a CSD or stock exchange) to handle buy-ins for them. Rather, they will have to execute buy-ins through an execution or buy-in agent. In effect, CSDR pushes the buy-in obligation on to the trade participants.
尽管买入生效前有不同的延长期限(非流动性工具为7至15天，流动性工具为4天)，但买入对手方必须通过买入执行代理人买入卖出对手方.
这对亚洲基金经理等各方意味着，通过交易一种以欧洲CSD结算的证券, 由于卖方交易对手未能结算交易，他们可能需要参与买入.
由于目前欧洲只有一家执行代理，亚洲公司将面临巨大的集中风险, especially considering that there are 2,500 to 3,000 buy-side firms in Europe that would also be relying on the same agent. That aside, there are also potential complications arising from time differences.
Understanding exposure to Europe
For an Asian asset management firm trading in EU-domiciled instruments, the 帖子-trade network for the firm can vary in complexity. The firm might potentially rely on: 1) a single custodian; or 2) a network of sub-agents that report into a single custodian for compliance with SDR.
例如, 东京的一家资产管理公司可能依赖一家全球托管人来处理股票交易，但该托管人可能没有在欧洲开展业务所需的许可. As such, the firm would have to turn to a sub-agent to handle the final settlement. Each time an additional party is involved, it’s an additional spoke in the wheel that adds greater complexity, potential delay and points of failure to settlements.
With just a few months to go, 因此, 对亚洲公司来说，研究一下它们目前的不良率是一个有用的练习, 确定与欧盟交易对手的失败发生在哪里，并确定这些失败的责任是否在于他们或他们的欧洲交易对手. 这种方式, 公司应该能够评估特别提款权上线后面临的风险和潜在罚款和处罚.
Technical readiness cannot be ignored
而, 到目前为止, 运营准备情况——只要了解公司自身的结算效率, 该规例的基本规定，以及该规例对公司运作的影响，均已概述, technical readiness is another area in which firms have to consider.
CSDR的技术准备意味着确保其IT系统具备处理SDR要求的能力, 包括能够接受为支持新法规而实施的SWIFT消息和报告要求的变化.
最终，如果一家公司能够防止交易失败，它就无需担心SDR. 许多机构贸易处理和自动化工具可以帮助优化清算和结算并防止故障, 现在是探索这些工具的最佳时机——距离SDR预期的实施还有几个月的时间.